Short term support is at SPX 1814 and SPX 1800, with resistance at the 1828 and 1841 pivots. As you remember 1828 and 1841 was support for the longest time, now it is resistance.
Everything points lower in terms of the indices, but it normally doesn’t go straight down, meaning we could get a bounce soon.
The following are some support levels on a short term basis.
IWM – 107-109.50. The 107 level is the V bottom low from early Feb.
QQQ- held February support on Friday, but may need to test the 200 day moving average around 82.50.
Dow Jones- Held some lateral support Friday but lower support is around 15,750
To really get long without having to look over your shoulder, the market will need to do two things.
1-Have a big up day.
2- Have a follow through day with high volume.
That means paying up, but eliminates the propensity to try and pick a bottom.
Wednesday was a short covering rally, but we collapsed Thursday and Friday. No follow through.
Nothing is really safe here, at least for now.
Could be a good trading week on deck. See you in the morning.