S&P500 Technical Analysis: US Stocks dropping further on Monday as bears attack the 2,600.00 level

• The S&P500 is currently in a deep pullback below the 50, 100 and 200-day simple moving average (SMA).
• The S&P500 dropped to the 2,600.00 level and recovered some ground already, however the market remains fragile with technical indicators in negative but oversold territories. Corrections to the upside are likely going to be capped by the 2,700.00 key resistance. 
• Targets to the downside are likely located near 2,600.00 and then 2,530.75 (2018 low). 

S&P500 4-hour chart

Main trend:               Bearish
 
Resistance 1:           2,700.00 figure
Resistance 2:           2,718.75 April 17 high
Resistance 3:           2,763.50 July 11 low
Resistance 4:           2,800.00 figure
Resistance 5:           2,834.25 current October 10 low
 
Support 1:                2,647.25 March 2 low
Support 2:                2,600.00 figure
Support 3:                2,530.75, 2018 low

Additional key levels at a glance: