Good morning everyone,
These are key MA levels: 5EMA 2778, 10DMA 2760, 20DMA 2740, 50DMA 2697, 100DMA 2709, 200DMA 2652
These are key Fib Levels: 2822, 2783, 2766
Here is today's market look at the S&P 500 for Thursday, June 14, 2018
Data for today's session is front end loaded with Jobless Claims, Retail Sales, Import and Export Prices at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, Business Inventories at 10:00AMEST, and the EIA Natural Gas Report at 10:30AMEST. Sellers showed up yesterday and broke the momentum trend by closing the session below the 5DEMA and primary minor level at 2779. This move does need to see some follow through to be anything other then corrective since yesterday's close was a perfect symmetrical decline from the primary and intermediate pivot highs. The next lower level that sellers will be looking for is at 2766 and the next lower intermediate level. Below that opens up some breathing room for them with a potential brief stop at the 10DMA in the middle of the void of levels which would ultimately find price back down to the 2740 level where it would encounter rising support, the 20DMA, and intermediate minor level. Buyers will be looking to hold the yesterday's lows to continue their march higher in an attempt to first break declining resistance at 2785. Above that increases odds significantly of a run up to the primary minor level at 2800. Good luck today!