Good morning everyone,
These are key MA levels: 5EMA 2735, 10DMA 2221, 20DMA 2716, 50DMA 2734, 100DMA 2662, 200DMA 2557
These are key Fib Levels: 2792, 2742, 2643, 2617, 2450
These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2727(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)
Here is today's market look at the S&P 500 for Wednesday, February 28, 2018
Data is light from this point forward today with only the Chicago PMI at 945AMEST, Pending Home Sales at 10:00AMEST, and the EIA Petroleum Status Report at 10:30AMEST. The technical picture has drawn such a clear line in the sand since we failed to maintain the primary minor level at 2779. With the intermediate minor level at 2727 and a massive confluence of daily moving averages between 2740 and 2720 coupled with rising support, a failure here is all but assured to cause a cascading effect down to the 100DMA and next primary minor level at 2650 at the very least if not more. Good luck today and be vigilant.