After looking at many global equity index charts today, we get a sense that stocks are staring to, or trying to rollover. U.S. markets look the strongest and Asia the weakest.
We don’t know where the markets are headed next week, but we’ll be taking our ques from these key levels.
1386.93 – Friday’s low. Even though the S&P500 made an impressive low and was able to close in the green for the day, the index made a higher low and lower high than the prior day;
1399.68– Thursday’s high. Only a couple points higher, but a close above this level will pave the way to test the 1414 recent high;
1381.13 – 20-day moving average. The S&P500 has only pierced the 20-day once since the latest leg of the rally began on December 19th.
1378.04 – February 29th high and resistance of prior trading range, which is now a support level.
1352.0 – 5o-day moving average. The last time the S&P500 closed, or was even close to, the 50-day was on December 19th.
1340.03 – The March 6th low a relatively strong area support, which was reinforced in the first few weeks of February.