S&P500 Expert Lounge Update –July 20, 2016

Good morning everyone,

These are key timing for today: 7:30AMEST, 1:00AMEST

These are key MA levels:  5EMA 2165, 10DMA 2149, 20DMA 2112, 50DMA 2094

These are key Fib Levels:  2179, 2150, 2138

These are key primary and intermediate levels:  2130(minor), 2126(primary major), 2116(major)

Here is today's market look at the S&P 500 for Wednesday, July 20,  2016

The range racing continues in the overnight as we run from lower bound back to the upper bound.  Another light economic day is in store with only MBA Mortgage Applications at 7:00AMEST, and EIA Petroleum Status Report at 10:00AMEST.  The daily cycles did confirm yesterday's 2nd End, so some caution is warranted on the long side.  The 288 cycle chart finally put in it's Bullish Retrace marker and can begin its impulse unwind process.  Keep in mind that impulse unwinds can happen at or below the BR level.  They do not need to continue in the direction of the prevailing impulse.  Good luck today and trade safe.

MSP

MSP

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