The S&P 500 Nears Key Support

The S&P 500 has fallen in six of the last seven sessions

Sorry everyone, we’re going to keep this one short and sweet. It’s Opex week and we have a quad-witch expiration coming up, so you know it can be choppy and volatile without explanation.

The S&P 500 declined five days in a row and has slid in six of the past seven sessions. That said, it’s coming into what has been pretty solid support all week.

Let’s see if the S&P 500 can ultimately hold the 50-day moving average. Don’t forget we could have a “look below” and reclaim of this level, just as a way to run some stop-losses.

If the 50-day ultimately fails, the 21-week could be in play. Otherwise, let’s see how it handles a bounce back up to the 4480 area — where it finds the 10-day and 21-day moving averages.

The ES — the S&P 500 futures — have a similar look for those curious. So does the SPY.

Disclaimer: Charts and analysis are for discussion and education purposes only. I am not a financial advisor, do not give financial advice and am not recommending the buying or selling of any security.