Good morning everyone,
These are key MA levels: 5EMA 2643, 10DMA 2689, 20DMA 2711, 50DMA 2736, 100DMA 2692, 200DMA 2587
These are key Fib Levels: 2905, 2807, 2688, 2617, 2450
These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)
Here is today's market look at the S&P 500 for Wednesday, March 28, 2018
With an inordinate amount of data to hit today things could be a little choppy as we have GDP, International Trade Corporate Profits, Retail Inventories, and Wholesale Inventories at 8:30AMEST, Pending Home Sales at 10:00AMEST, EIA Petroleum Status Report at 10:30AMEST, and Farm Prices at 3:00PMEST. Price made a solid attempt at an initial base off of the 2650 Primary minor level before encountering the 5DEMA and a slew of momentum sellers that shoved trade all the way back down to near the 200DMA and rising support along with the intermediate minor level at 2595 which ultimately arrested the fall. The range between 2690 and 2770 is now very thin as a result of price traversing this area numerous times between the levels and price will have a tendency to move through this space swiftly as was witnessed in yesterday's decline, so be cautious when initiating trades in this area because they could go against you quickly. Anything between yesterday's highs and lows is wrought with danger so it would be best to play the edges of that range. Good luck today!