Key market levels we are watching as equities pullback from resistance
Array ( [cookie] => 0a50f6-761889-ba31af-78609b-7fcd0a [current_usage] => 16 [max_usage] => 2 [current_usage_crypto] => 3 [max_usage_crypto] => 2 [lock] => [message] => [error] => [active_member] => 0 [subscriber] => 0 [role] => [visitor_id] => 211974 [user_id] => [reason] => else [method] => ) 1 and can accesssMarket levels are going to be important in the coming week.
- A classic Bear vs Bull standoff is now in play after a 30% rebound in April followed by the S&P reversing late last week from important resistance between the 62% retracement of the Q1 decline and declining 200-dma’s.
- Technical levels are likely to be very important in the coming 2-weeks.
- Most US equity markets closed at or slightly below their short-term trends defined by 15-dma’s on Friday with the S&P futures breaking below that key short-term trend support this morning.
- Noteworthy: S&P futures have been basing since their lows at 9pm ET, and at the risk of stating the obvious, Europe’s weak trading (-2-3+%) is catch up to the US given most were closed for May Day.
- Bottom line: Key support between 50- and 1000-dma (~200-week sma) - We view the broad band of support between the 50-dma and the late March highs near the rising 200-weeks. S&P E-minins (2640-2717), S&P cash (2637-2757).
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