Good morning everyone,
These are key MA levels: 5EMA 2636, 10DMA 2632, 20DMA 2653, 50DMA 2693, 100DMA 2697, 200DMA 2597
These are key Fib Levels: 2905, 2807, 2704, 2462, 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 Monday, April 16, 2018
We have a couple items of note first thing today with Business Inventories and the Housing Market Index at 10:00AMEST. While the market has broken out of the near term rising wedge that was pointed out last week, it appears to be carving out a larger fractal of the same pattern especially give today's price action. The outcome is the same even though the timeline has shifted. A dramatic break out or down will occur when this pattern is satisfied. Buyers have been reclaiming the 5DEMA on a closing basis so momentum traders are betting on a rally. We also have an intermediate pivot marker at the most recent pivot high. Ideally for a full structure we should see another marginal pivot high possibly in a spiking format with a swift reversal if the sellers are to own this. Otherwise get comfortable on the buy side because this is going to run. Good luck today!