S&P 500 Key Levels – March 18
The bounce could not muster enough momentum to tag the 200-day but did reach 5700 before falling back. Our priors are the index chops between 5500-5700 for a few days or maybe a week or two before breaking the recent low. Some key levels are the low at 5504.65, the first Fib retracement of this correction at 5647.29, and yesterday’s high at 5703.52.
The bounce lacked sufficient momentum to reach the 200-day moving average but managed to hit 5700 before pulling back. We suspect the index will chop between 5500 and 5700 for the next few days or possibly a couple of weeks before testing and breaking the recent low.
Key levels to watch:
- 5504.65 – Recent low and key support
- 5647.29 – First Fibonacci retracement of the correction
- 5703.52 – Yesterday’s high and near-term resistance
For now, our priors are the index will remain in a consolidation phase, with sellers capping upside moves and buyers stepping in near support. A break below 5504.65 could accelerate downside momentum, while a move above 5703.52 would indicate renewed buying strength.
Stay frosty, folks.
Source: https://global-macro-monitor.com/2025/03/18/sp-500-key-levels-march-18/
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