S&P500 technical analysis: Stocks retreat as trade war advances

• The Markit preliminary PMI (May) for both the EU and the US missed expectations increasing fears of a global economic slowdown led by the Sino-US trade war.
• The S&P500 takes a dive but remain above the 2,800.00 mark.

S&P500 daily chart
 
The S&P500 Index is in a bull trend above its 100 and 200-period simple moving averages (SMAs).

S&P500 4-hour chart

The market is trading below its main SMAs as the index almost reached the 2,800.00 level.

S&P500 30-minute chart

The S&P500 is trading below its main SMAs suggesting bearish momentum in the near term. Bears can still have another leg down to 2,800.00 and 2,790.00 support. Resistances are seen at 2,835 and 2,845.00 levels.

Additional key levels