S&P 500 closes at highest since early March as Facebook and Amazon hit records, Dow up 300 points cnbc.com/2020/05/19/sto…
It's getting ready to test it's 200 day moving avg....this chart looks very good. Notice that for the month of Apr it's been trading in a range between about 2800-2900. It's powered above that resistance. Now It has to get above the 200 DMA. 
IF it does on good volume. We will be seeing a new trading range where resistance of the 2900ish level turns into support...and a new resistance level of around 3100 will form. More than likely that range of 2900-3100 will be a new trading range until more info comes out.
this is a quick back of the envelope look at the chart and shouldn't be used for anything but a starting point to look at things more in-depth but those are the points I'll be paying attention too. Of course the move upward could fail and it could drop back to the trading range..
seen for the last 6 weeks and retest the 2800 level if the news is bad or fear grows of a slow recovery. If it moves below that support level there's a possibility of retesting march lows. Just remember that support and resistance is more a function of emotion than anything else.
BUT a lot of computer programs are programmed to buy and sell off of these emotional levels and thus you get break-outs and breakdowns and self-fulfilling reactions. Confirmation bias is front and center when you use charts to predict something. You tend to bring your own POV
...to the chart and everyone will see things differently. A person that is bearish on the market could look at that same chart and see it as a troubling sign. Either way ladies and gentleman step right up and place your bets. The race will resume tomorrow at 9:30 am.
