S&P 500 turns higher: Three levels to watch on the weekly close

Technical Analysis

Author: Adam Button | spx

S&P 500 erases pre-market losses

S&P 500 futures pointed to a 4 point loss at the open and the index was briefly lower but it's turned 2 points higher now as it looks to cap off an exceptional week of gains.

Three levels are on my radar:

1) The 55-day moving average

It's at 2716 today and a close above would be another modest positive sign for US stocks.

2) The Feb 7 high

The spike higher on Feb 7 came before the rout to the February lows. It's at 2727, which is very close to spot. Climbing higher is a good sign but a close above this level would be even better.

3) the 61.8% retracement

If the S&P 500 can get above 2743 it would be a sparking sign, especially if it comes on a close before the long weekend. It's going to take some work but the index is already up 8 points from the opening lows.

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