SPX: Where The Bodies Are

Sarge’s Trading Levels
            Usually, in this spot, I would lay out day trading levels for the S&P 500 and the Russell 2000. When markets make levels that tend to be seven to nine points apart ridiculous, I will simply not publish my levels as I do not think they would be helpful, and might even be harmful. Those levels are tactical in nature. Today’s charts are meant to be more strategic in nature.   
 
This is a Fibonacci Fan chart based off of the rising trend through early January as if that trend remained unbroken. Know what? The very last line of rising support really is not broken at all. The line has been pierced twice, but has held on both occasions. It sure looks like it is this line, and not the 200 day SMA (2593) that is where support is coming from, does it not?
                       If so, the S&P 500 closed darned near support on Friday, and on an upward momentum day, could sail clear up to numbers around 2660 before hitting something solid.
       
                     Now for the danger spots. Should this support that now runs (2570-ish) well below that 200 day SMA actually break, we all see that there should be some algorithmic activity in the 2530 area. On a model starting with the 2016 election, depending on momentum, and let’s face it.. the news flow.. the next line of strait Fibonacci support shows up all the way down at 2477.