Good morning everyone,
These are key timing for today: 12:00PMEST
These are key MA levels: 5EMA 2422, 10DMA 2428, 20DMA 2432, 50DMA 2413, 100DMA 2386, 200DMA 2298
These are key Fib Levels: 2442, 2418, 2407, 2393
These are key primary and intermediate levels: 2454(intermediate minor), 2424(intermediate minor), 2410(intermediate minor), 2404 (intermediate minor), 2384(intermediate), 2374(intermediate minor), 2355(intermediate minor), 2344(intermediate minor)
Here is today's market look at the S&P 500 for Friday, July 7, 2017
MSP hasn't had much of a clue to work with as price has been compressed in the overnight. The 8:30AMEST spike on the Employment Release would lend confidence to the notion of the magenta MSP, so we could be in for a ride starting at market open. There are two other items of interest today with the EIA Natural Gas Report at 10:30AMEST, and the Baker Hughes Rig Count at 1:00PMEST.
The technical picture had us break below the 50DMA and rising support connecting the two most recent intermediate pivot marker lows. The current premarket rally will be important to see where it opens. If it gaps above the 50DMA and back above rising support and over declining resistance and can maintain, it has a clear shot at least to the next intermediate levels at 2323 if not to the next declining resistance and moving average stack in the upper 2420 to lower 2430 area. Again, below the intermediate 2403 level and things get slippery all the way down to 2383. Good luck today and have a great weekend!