Good morning everyone,
These are key MA levels: 5EMA 2823, 10DMA 2800, 20DMA 2754, 50DMA 2680, 100DMA 2607, 200DMA 2515
These are key Fib Levels: 2849, 2816
These are key primary and intermediate levels: 2595(intermediate minor) 2577 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)
Here is today's market look at the S&P 500 for Friday, January 26, 2018
Happy Friday everyone! We have a few big ticket items in the economic data department today with Durable Goods Orders, GDP, and International Trade all coming in at 8:30AMEST and the Baker Hughes Rig Count at 1:00PMEST. The technical side of the house saw a marginally weak day yesterday with a minor breach of rising support followed by momentum traders stepping in to arrest the fall just prior to the 5DEMA. At present price is in a compression pattern which still lends an advantage to buyers so long as the previous swing lows hold. Below the that pivot and sellers take control down to the 2800 level where buyers will be lying in wait for the next battle in price direction. We also have a reasonably solid declining resistance in place which will serve as an early warning to sellers that the next leg higher may be getting under way if breached. The target area for the compression pattern breakout would be in the 2880 region. Good luck today and have a great weekend!