BofAML’s Stephen Suttmeier views the 61.8% retracement of the May-Feb decline at 2010.72 as critically important. A failure to close above this retracement would send a bearish message, especially given negatively positioned and falling 100 and 200-day moving averages.
Key SPX levels: Watch that 61.8% retracement at 2010.72
S&P 500 resistance at 1990-2025 has limited the rally this week. This is a confluence of chart, 100/200-day MA, and Fibonacci levels.
Should the tactical bulls continue their winning ways (with daily momentum staying overbought on a grind higher just like it did into the early November high) the upside count of the double bottom breakout at 2085 comes into focus.
Supports remain 1963-1931 and 1902-1891, which are ahead of the 1812-1810 lows.
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