Good morning everyone,
These are key timing for today: 1:00PMEST
These are key MA levels: 5EMA 2207, 10DMA 2200, 20DMA 2173, 50DMA 2156, 100DMA 2162, 200DMA 2113
These are key Fib Levels: 2213.5
These are key primary and intermediate 2194(intermediate minor), 2177 (intermediate minor), 2157 (intermediate minor), 2144 (intermediate minor),
Here is today's market look at the S&P 500 for Wednesday, November 30, 2016
With both magenta and red MSP's the most probable based off present price action look for a moderately positive bias coupled with a healthy dose of chop for today. The last hour will be the deciding factor as to which ultimately plays out where red falls off rather dramatically. We also have a rather full economic data set today with the MBA Mortgage Index at 7:00AMEST, ADP Employment Change at 8:15AMEST, Personal Income, Personal Spending, Core PCE Price Index at 8:30AMEST, Chicago PMI at 9:45AMEST, Pending Home Sales at 10:00AMEST, Crude Oil Inventories at 10:30AMEST, and the Fed Beige Book at 2:00PMEST. Also tucked in amongst all this is the announcement from the OPEC and others on a production agreement around the 11:00AMEST hour.
The technical picture hasn't changed that much since yesterday. Momentum is still in the buyers favor while we maintain the 5DEMA, but the price action is becoming sloppy around it which hints that the upward trend is weakening. 2194 intermediate minor level remains the first area of interest on any decline with the 10DEMA and rising support also residing in that general vicinity as we push deeper into our timing turn zone. Good luck today.