S&P500 Expert Lounge Update – February 8, 2018

Good morning everyone,

These are key MA levels:  5EMA 2750, 10DMA 2797,  20DMA 2794, 50DMA 2718, 100DMA 2635, 200DMA 2535

These are key Fib Levels:   2763

These are key primary and intermediate levels: 2871(intermediate minor) 2811 (intermediate minor) 2595(intermediate minor), 2577(intermediate minor), 2563(intermediate minor)

Here is today's market look at the S&P 500 for Thursday, February 8, 2018

Given the primary and intermediate levels charts are repopulating, today's update will use a regular SPX chart.  Data for today Is light with just the Bloomberg Consumer Comfort Index at 9:45AMEST, and the EIA Natural Gas Report at 10:30AMEST.  While the bounce off the lows is still corrective in nature, there hasn't been any indication of sellers reasserting themselves which lends some to the idea that the initial drop is going to take some time to consolidate itself before making another larger move direction to be determined.  An Idealized correction would find itself peaking around the 2763 to 2365 area which hosts a confluence of Fibonacci retrace and extension targets and declining resistance.  Rising support will come into play in the  in the mid 2660's.  Inside this expanded range is a bears den wrought with hazards so be nimble and flexible if you plan on playing this area.  Good luck today!

SPX

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