Potential Market Support Level

On Friday, the S&P 500 gapped down and declined, but closed strong in the last hour. But the late day bounce was likely short covering going into the weekend. The day's gap was not filled. The RSI-4 is pointed down during this short-term decline. 

A study of S&P volume still shows the bears are in control. This is reflected in the RSI-20 which still weak at 32. Retracements tend to end when RSI-20 hits 25, and we're not there yet on this swing down. A hold at (or undercut of) 2,856 might begin another rebound attempt.

The effect of coronavirus on the economy is still evolving and unpredictable. The majority of stocks are still falling, but some opportunities are developing. But first, we need a sign that the bulls want to step up to the plate.