New week highs at 2929.40.
As the week works toward the close, the S&P index is making new session highs at 2929.40. The index is still below its last week’s high at 2954.86.
The low price for the week was on Monday at 2797.85. At the low, the price remains well above the falling 50 day moving average at 2730.17. The price still remains below the converging 100 and 200 day moving averages at the 3001 area – call it 3000.
Next week, that 3000 level may be tested. Being a natural resistance level at a nice round number and also home to the 100 and 200 day moving averages, it is setting up as a key barometer not only for the near-term but long-term as well. Be aware