Good morning everyone,
These are key timing for today: 9:30AMEST, 3:00PMEST
These are key MA levels: 5EMA 2158, 10DMA 2163, 20DMA 2173, 50DMA 2167, 100DMA 2122
These are key Fib Levels: 2142, 2135
These are key primary and intermediate levels: 2176(intermediate minor), 2155 (intermediate minor), 2131(intermediate minor), 2126(primary major)
Here is today's market look at the S&P 500 for Tuesday, September 13, 2016:
Consolidation looks set to continue through the day session from the overnight with the magenta and cyan MSP best representing the price action up to the time of this writing. Price action at the open should be the deciding factor as to which path is most probable, so be wary of the 9:30AMEST timing window. Another quiet day with regards to economic data with only the Redbook release at 8:55AMEST.
The historical extreme's chart worked wonders again as we reentered the void and raced all the way back up to the newly formed levels up near the all time highs where it found resistance again. Please be cautious with positions in the empty zone because as we've seen over the past two days, price has the ability to traverse this area in a very relentless fashion.
As noted yesterday, the Primary Major level was overshot before catching a massive bid off the 100DMA. This overshoot serves as a warning that price has a good chance of retesting levels below there in the not too distant future. We are still in the early stages of the seasonally weak period which adds weight to the notion of potentially lower prices. Good luck today and keep an eye on market open timing.