S&P Index Showing Equilibrium on Virus Fears

Coronavirus fears are roiling the markets, but the S&P Index has shown that an equilibrium point tops out at around 3000-3020. This point was established in the summer of 2019, and again in the fall of that year. Is this a new bottom being established? The full long-term financial effects of this virus have not been established so don’t bet that this will be the new bottom. Nevertheless, it does show an area to watch as the market tries to seek its new level of valuation. 

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