S&P 500 Morning Analysis

Last week we saw a heavy battle at 108.00 and that level is going to continue to be the area of focus early this week. Below the 108 level there are several levels of prior consolidation where there is likely to be short term support found, those levels are identified on the chart. The market is below a declining 5 DMA which makes intraday rally attempts difficult to trust. The bigger level of downside focus this week may be the trendline from the August and September lows near 104.50. Also of not is the location of the rising 50 DMA (not show) at ~104.80