S&P500 Expert Lounge Update – February 9, 2018

Good morning everyone,

These are key MA levels:  5EMA 2673, 10DMA 2756,  20DMA 2782, 50DMA 2719, 100DMA 2638, 200DMA 2538

These are key Fib Levels:   2448

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 Friday, February 9,  2018

Data to close out the week is light with only Wholesale Trade at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  The technical picture saw more weakness present itself yesterday as sellers stepped back into the fray.  Fibonacci points to a symmetry zone all the way down at 2448 which also coincides with a 23.6% retrace of the rally from the 2011 lows.  There is a good deal of potential for choppiness in this general area as a result of the intermediate minor levels stacked together, of which we tested the second layer of yesterday.  Overhead we now have established two declining resistance levels and a potential for a wedging pattern although that doesn't seem very probable given the symmetry target, but it is something to be mindful of in the event the structure is skewed upward as a result of buying pressures.  Good luck today and have an outstanding weekend everyone!