Good morning everyone,
These are key timing for today: 11:30AMEST, 2:30PMEST
These are key MA levels: 5EMA 2578, 10DMA 2582, 20DMA 2579, 50DMA 2549, 100DMA 2502, 200DMA 2442
These are key Fib Levels: 2549, 2557, 2592, 2607
These are key primary and intermediate levels: 2597(intermediate minor) 2579 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)
Here is today's market look at the S&P 500 for Tuesday, November 21, 2017
With only the cyan MSP marking a low at timing through the overnight there is potential a good potential for a reversal around mid day timing and weakness all the way through the afternoon session. Economic data today consists of the Chicago Fed National Activity Index at 8:30AMEST, the Feds Redbook at 8:55AMEST, and Existing Home Sales at 10:00AMEST.
Yesterday we found rising support at the close and sustained trade on a retest of the moving averages which has let to the overnight follow through which looks set to open well over the declining resistance level. Price action over this area will be important because a failure to maintain above the resistance has a good probability of retracing the entire rally and head towards the 50DMA. The key word is 'failure' though. Sustained trade above resistance should be considered basing for a new rally leg. Good luck today!