Good morning everyone,
These are key MA levels: 5EMA 2706, 10DMA 2720, 20DMA 2699, 50DMA 2737, 100DMA 2670, 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 Wednesday, March 7, 2018
The overnight price action was a sellers delight with price dropping over 40 points in less than an hours time. The implications on the cash chart are going to have us breaking the rising support after multiple failed attempts at the intermediate minor level at 2727. We are currently set to open between the 5DEMA and the 20DMA and have a intermediate minor level just underneath at 2695. We'll need to look for some confirmation by way of an intermediate pivot marker upon open at yestarday's highs. Should sellers be able to push price below rising support and the 100DMA at 2670 then a much more severe decline becomes a high probability. Good luck today!