$SPX Analysis, Key Levels & Targets for Feb 18

SPX Analysis, Key Levels & Targets for Feb 18

OK - SPX - my baby.

Expected move on the day is between 6080 - 6155
Expected move on Wednesday’s contract 6065 - 6165

30 Day average is a bit wider 6050 - 6180 so might not be a bad plan to find the midpoint as well. Everything between 6165 and 6180 is extreme overbought and likewise everything between 6050 and 6065 is extreme oversold on the week.

That downtrend line that is facing down is not downward momentum. Look to the Moving averages instead.

We are just underneath ATH’s here and if we break above 6155 is the next target on the day

Underneath us we have the 35EMA and at the very bottom we have the 30min 200MA.
These two are bullish here after inflation data.