Good morning everyone,
These are key timing for today: 11:15AMEST, 3:00PMEST
These are key MA levels: 5EMA 2280, 10DMA 2283, 20DMA 2277, 50DMA 2256, 100DMA 2203, 200DMA 2163
These are key Fib Levels: 2302, 2267, 2259
These are key primary and intermediate: 2275(intermediate minor), 2254(intermediate minor)
Here is today's market look at the S&P 500 for Friday, February 3rd, 2017
Happy Friday everyone! The overnight session is continuing the range racing mess that we've been dealing with the past couple of days. The red and magenta MSPs have tracked the best overall through the overnight session, so we should see some weakness as the regular trading hours session begins. On the data front we have the Employment Situation at 8:30AMEST, PMI Services Index at 9:45AMEST, Factory Orders at 10:00AMEST, ISM Non Manufacturing Index also at 10:00AMEST, and lastly the Baker Hughes Rig Count at 1:00PMEST.
The technical side of the hous has us pushing even deeper into the apex of the compression pattern that was outlined in yesterday's update. There is a great deal of potential energy being stored in this so the directional move out of it should be a good one. Good luck today and we hope you have an outstanding weekend.