S&P500 Expert Lounge Update – March 1, 2018

Good morning everyone,

These are key MA levels:  5EMA 2737, 10DMA 2726,  20DMA 2711, 50DMA 2736, 100DMA 2663, 200DMA 2558

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 March 1, 2018

We have a respectable amount of data set to hit the tape this morning in way of PMI Manufacturing Index and Bloomberg Consumer Comfort Index at 9:45AMEST, ISM Manufacturing Index and Construction Spending at 10:00AMEST, and the EIA Natural Gas Report at 10:30AMEST.  Buyers are going to have their work cut out for them as we knifed through to the very lower bound of the stacked daily moving averages and the 2727 intermediate minor level.  The overnight pushed through to the upper 2600's but has since recovered and looks set to open the cash market at roughly flat.  As emphasized yesterday, a failure of this area is going to produce a rapid descent down to broadening resistance, the 100DMA, and the intermediate minor level at 2650 area.  If buyers can manage a recover back above the 50DMA and establish a base there, then and only then would the perceived downside move be called into question.  Good luck today!

Primary and Intermediate Levels Detail

 

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