Well, another week on the books and much is still left undecided. Â The equity markets have been in retreat and quite choppy, closing negative for the day and week. That said, key Fibonacci technical levels have created a ping-pong type atmosphere, giving investors a bit of whiplash. It’s notable, though, that major support around 1595-1600 still remains in tact. And that is one of the key technical levels that I will be watching next week.
Below is an updated short-term view of the S&P 500 (SPX). Â As you can see, the initial drop to 1597 found support (61.8 fib), ushering in a strong bounce back to the 61.8 Fib “up” retrace around 1650. Â Note that is were the market pivoted lower on Monday. Â On the downside, I am watching 1610 as a cluster of support. If broken, that would be a warning that 1595-1600 was about to be challenged again. Bears want to take out 1595, while the bulls want to take out 1650. Those are the bigger short-term levels to watch.
Trade safe, trade disciplined.
S&P 500 Technical Levels to Watch – SPX Chart
Twitter:  @andrewnyquist and  @seeitmarket
No position in any of the mentioned securities at the time of publication.
