Good morning everyone,
These are key timing for today: 10:00AMEST, 1:30PMEST
These are key MA levels: 5EMA 2096, 10SMA 2100, 20SMA 2087, 50SMA 2077
These are key Fib Levels: 2063
These are key primary and intermediate levels: 2059(minor), 2073(major), 2086(major), 2099(minor)
Here is today's market look at the S&P 500 for Tuesday, June 14, 2016
On the data front everyone is casting their attention to the FOMC announcement tomorrow afternoon so we'll likely be in for some jockeying volatility as the big players place their bets on the outcome. Today we have Business Inventories at 10:00AMEST which coincides with timing and will likely set the tone for most of the session with regards to MSP. Cycle wise we have the 15min unwinding into a likely 2nd end while a few of the longer term charts are likely to need a bounce for a BR so be on the lookout for a reversal of some kind. VIX is above the 20 level which signals normal intraday volatility in the 1-2% department, so these reversals have the ability to be rather substantial. Both HAL and RVS are long, but be mindful that they have deep pockets and a mastery of averaging and risk controls built into them. Be careful out there, take your time, and choose your entries carefully.