S&P 500 Futures...some perspective (and the 150 dma support level is back)

Here's the bigger picture with a well defined channel.  As the market plays ping pong between the major (9,50,200) moving averages, trade accordingly.

Notice the RSI @ 32.

But the 150 dma (currently right here @ 1970 in the following chart) has been the line in the sand more often than not.  The only time it got violated in recent history was the October meltdown.

I would use this level as an opportunity for aggressive traders to get long.  The 50 dma above @ 1996 is a decent first target.

Under 1970 with conviction, however,  brings the 200 dma @ 1943 into play.  After that, the lower band is calling.