Good morning everyone,
These are key MA levels: 5EMA 2696, 10DMA 2670, 20DMA 2750, 50DMA 2725, 100DMA 2649, 200DMA 2546
These are key Fib Levels: 2792, 2742, 2521
These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)
Here is today's market look at the S&P 500 for Tuesday, February 20, 2018
An easy start to a shortened trading week with no data points to concern ourselves with. Last weeks technical picture should put sellers on alert as we broke over the intermediate minor level at 2725, the 50DMA, and declining resistance. It will be important for sellers shove this back under these levels as quickly as possible lest risk a buyers basing process. Given the distance between intermediate minor levels a basing process has the potential to open up a quality upside move back into the lower 2800's where as a failure here has the exact opposite effect with the next lower primary minor level being in the mid 2600's. Be mindful of the round number psychology and rising support at the 2700 level and good luck today!