This morning, the global stock markets fell sharply as the investors await the high impact economic data throughout this week. The SPX has dropped -12.25 points during the early Asian session and it looks like a good opportunity to pocket the retracement.

However, we can’t take any long term position here as the market is heavily dependent on the US Consumer Confidence data which will be released today. In addition, the President Trump’s State of the Union speech looms tomorrow, whereas the Federal Reserve will deliver its monetary policy statement on Wednesday. Considering all these Let’s take a look at key trading levels.

S&P500- SPX- Trading Levels

Support     Resistance

2826.56    2876.02

2811.27    2891.31

2786.54    2916.04

Key Trading Level:    2851.29

DAX – GER30 – Trading Levels

Support     Resistance

13243.48    13529.54

13155.12    13617.9

13012.09    13760.93

Key Trading Level:    13,386.51