Good morning everyone,
These are key MA levels: 5EMA 2844, 10DMA 2819, 20DMA 2777, 50DMA 2691, 100DMA 2614, 200DMA 2520
These are key Fib Levels: 2856
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 Monday, January 29, 2018
Hopefully everyone had a great weekend. Data for today is light with only Personal Income and Outlays at 8:30AMEST, and the Dallas Fed Manufacturing Survey at 10:30AMEST. Friday's vertical ascent neared broadening resistance and looks set to consolidate some of those gains this morning as we are currently positioned to open lower. The first challenge for sellers is going to be in the low 2860's to upper 2850's where they will encounter the first line of horizontal support and depending on the speed of the decline potentially the first traces of rising support. The way the 5DEMA has been respected throughout the duration of this leg has been absolutely astounding which means momentum traders are firmly entrenched in this move. With that being said, it means the opposite will hold true. When this move comes to a close, they are going to hit the exits in a hurry which is going to be scary for the uninitiated. Good luck today!