S&P500 Expert Lounge Update – February 28, 2018

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.

Primary and Intermediate Levels Detail

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply