S&P 500: Upper-1830’s 1st Near-Term Support Level of Significance

Key short-term Fibonacci Retracement lines from the October and February lows, the 50-day SMA and the pivot level between the December-January tops and the February-March lows make the upper-1830’s the first real near-term support level of significance in the cash S&P 500 index.

As always, especially with the major, most heavily followed indices, keep an eye out for a temporary breakdown of the level and subsequent recovery. That could set up a decent short-term bounce.