The simple reason why SPX 1300 is important is because that's where we bounced from today. Two more things I'd like to point out however, that give 1300 a little more resiliency. One, 1300 served as resistance in mid March and two, it's also between the 38.2% and the 50% Fibonacci retracement level.
Good Morning Again! Here are the levels I am watching on the S&P500, the Russell 2000, and the Dow Transports ETF (IYT). SPX Support: 1320, 50 day moving average (yellow line), 1310, 1300. SPX Resistance: 1340, 1345. I still see a potential final SPX upside target somewhere between 1380 and 1450. RUT Support: […]
Support Levels: 1329, 1325, 1320 Resistance Levels: 1336 – 1338, 1345