Good morning everyone,
These are key MA levels: 5EMA 2721, 10DMA 2720, 20DMA 2697, 50DMA 2736, 100DMA 2666, 200DMA 2561
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 Monday, March 5, 2018
Data is light today to start out the trading week as we have PMI Services Index at 9:45AMEST, ISM Non-Manufacturing Index at 10:00AMEST, and the TD Ameritrade Investor Movement Index at 12:30AMEST. As was to be expected leading into this mornings update, buyers stepped in at the primary minor level of 2651 and put a floor under the market and would up closing it 40 points higher at the intermediate minor level just under the psychological 2700 level. The structure off the lows is a clear inverted head and shoulders pattern with the two shoulders bouncing off the 100DMA and targets the 5DEMA, 50DMA, and 10DMA stack along with the intermediate minor level in the 2720 to 2730 zone. That will be an area of high interest for both buyers and sellers. Given the intermediate pivot markers, the present structure down from the all time highs is converging into a compression pattern, and given the size, should have a very impressive resolution regardless of the direction of the break. Good luck today!