Good morning everyone,
These are key timing for today: 10:30AMEST, 2:00PMEST
These are key MA levels: 5EMA 2270, 10DMA 2261, 20DMA 2262, 50DMA 2211, 100DMA 2183, 200DMA 2144
These are key Fib Levels: 2275, 2277
These are key primary and intermediate levels: 2278(intermediate minor), 2254(intermediate minor), 2214(intermediate minor), 2189(intermediate minor)
Here is today's market look at the S&P 500 for Tuesday, January 10, 2016
7:00AMEST timing marked a high via MSP which leaves a number of options available. 10:30AMEST will be key in discerning which MSP is most likely for the remainder of the day, however, weakness seems to be the general theme till later this afternoon on a whole. At 10:00AMEST we have the JOLTS release with Wholesale Trade.
On the technical side of things we broke down out of our rising wedge and successfully backetested it then found shelf support just below. It would not be surprising to see a poke under to test the stacked moving averages and then reverse back up for a larger retracement of the decline. Below the averages and things get rather thin until we find the remaining gap opening between 2245 and 2249 with potentially a brief stop at the intermediate minor level at 2254. Good luck today!