Good morning everyone,
These are key MA levels: 5EMA 2765, 10DMA 2745, 20DMA 2715, 50DMA 2652, 100DMA 2584, 200DMA 2401
These are key Fib Levels: 2798, 2789
These are key primary and intermediate levels: 2595(intermediate minor) 2577 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)
Here is today's market look at the S&P 500 for Wednesday, Janurary 17, 2018
Today's data is abundant with MBA Morgage Applications at 7:00AMEST, Fed's Redbook at 8:55AMEST, Industrial Production at 9:15AMEST, Housing Market Index at 10:00AMEST, and the Fed's Beige Book at 2:00PMEST. After overthrowing broadening resistance sellers stepped in and managed to completely reverse the gap on the day and pull the market back to near the 5DEMA. So long as sellers can defend the 2798 level they have the potential to build a larger decline, but while the decline was dramatic, there is no technical indications of a reversal at present especially since momentum buyers were eager to buy up the 5DEMA. Sellers next target would be to test the area between 2760 and 2750 and close for the session below the 5DEMA upon a break of yesterday's lows. Good luck today!