Good morning everyone,
These are key MA levels: 5EMA 2870, 10DMA 2855, 20DMA 2846, 50DMA 2703, 100DMA 2752, 200DMA 2723
These are key Fib Levels: 2929, 2850, 2840
Here is today's market look at the S&P 500 for Tuesday, August 28, 2018
Data for the remainder of the day is centered around the 10:00AMEST hour with Consumer Confidence, the Richmond Fed Manufacturing Index, and the State Street Investor Confidence Index. Yesterday's session saw buyers come out in force and break out to a new closing all time high and above the upper bound of the broadening formation that we've been tracking over the past month. This is a dangerous spot for sellers if they can't reverse this soon because it lends itself to a breakaway run that could tack on tons of S&P points in a very short time frame. The only thing buyers have to contend with at this point is steep broadening resistance from the upper trend channel and round number psychology in the form of the 2900 level. Sellers can put together a decent drop before finding any kind of real support as this run has extended us a good distance from any sort of technical support with the primary minor level back down at 2873 along with the 5DEMA and rising support. Good luck today!