Good morning everyone,
These are key MA levels: 5EMA 2809, 10DMA 2803, 20DMA 2770, 50DMA 2754, 100DMA 2716, 200DMA 2690
These are key Fib Levels: 2929, 2797, 2777, 2760, 2744
Here is today's market look at the S&P 500 for Wednesday, July 25th, 2018
Data is light today with only MBA Mortgage Applications at 7:00AMEST, New Home Sales at 10:00AMEST, and the EIA Petroleum Status Report at 10:30AMEST. Price action yesterday played out to the letter of the lounge update with tagging the broadening resistance and sellers stepping in to reverse the market sharply. While there was a quality reversal, sellers have yet to close the market under the 5DEMA so momentum is still in the hands of the buyers and fighting the trend is a losing proposition. Current overnight price action has us opening roughly flat at present and sellers will be looking, at the very least, to push price back below the intermediate minor level at 2811 and make a solid challenge of rising support, the 10DMA, and primary minor level at 2801. Buyers will be looking to maintain the 2801 level in an effort to create another base and maintain the currently established price channel. There are no remaining levels between yesterday's close and the all time high so some caution needs to be exercised because price could traverse this area rather rapidly. Good luck today!