Good morning everyone,
These are key MA levels: 5EMA 2778, 10DMA 2755, 20DMA 2737, 50DMA 2693, 100DMA 2709, 200DMA 2650
These are key Fib Levels: 2822, 2775, 2771, 2747, 2734
Here is today's market look at the S&P 500 for Wednesday, June 13, 2018
The big focus for today will be on the FOMC announcement this afternoon, but we do have some data for the start of the session with the Atlanta Business Inflation Expectations, EIA Petroleum Status Report, the all important FOMC Meeting Announcement and FOMC Forecasts at 2:00PMEST, followed by the Fed Chair Press Conference at 2:30PMEST. The technical picture extended the sideways price action yesterday and is currently set to open marginally higher to flat at present. Sellers will be looking to make another run at the primary minor level at 2779 as a near term target where as buyers have broadening resistance and declining resistance to contend with in and around the intermediate minor level at 2790. Given the afternoon Fed festivities, the largest moves are likely to be concentrated in the latter portion of the session. Good luck today!