Good morning everyone,
These are key MA levels: 5EMA 2844, 10DMA 2837, 20DMA 2826, 50DMA 2786, 100DMA 2729, 200DMA 2710
These are key Fib Levels: 2929, 2829, 2821
Here is today's market look at the S&P 500 for Tuesday, August 14, 2018
There are a couple premarket items to be aware of in the form of Import and Export prices at 8:30AMEST, and the Feds Redbook at 8:55AMEST. As noted yesterday a technical breach of rising support would be important for sellers to accomplish if they wanted to attempt any sort of a larger push to the downside, and that is exactly what we got. With that came a successful rejection from the underside of rising support along with the 10DMA. This mornings current price will open around the 10DMA at present but could easily turn into a gift for sellers upon another rejection and run straight down to the intermediate minor level at 2813 at which point we should be on the look out for a new intermediate pivot marker. Buyers have their work cut out for them if they hope to whipsaw and undo the technical support breach which is going to serve as broadening resistance going forward. Their best hope at present is to maintain the 20DMA and push price sideways out past the steep declining resistance that is currently cutting through the lower 2830's, and then they can focus on the intermediate minor level at 2848. Good luck today!