Good morning everyone,
These are key MA levels: 5EMA 2894, 10DMA 2888, 20DMA 2885, 50DMA 2846, 100DMA 2785, 200DMA 2744
These are key Fib Levels: 2929, 2855
Here is today's market look at the S&P 500 for Tuesday, September 18, 2018
We have a couple items of interest this morning with the Feds Redbook at 8:55AMEST, and the Housing Market Index at 10:00AMEST. Sellers couldn't quite push their way through the moving averages stack mentioned in last weeks update and as a result buyers have been able to recover a good chunk of yesterday's losses during the overnight session as we are currently set to open up at near term declining resistance around the 2895 zone. The lack of an intermediate pivot marker at yesterday's lows gives sellers a reasonable opportunity to retrace what buyers have managed to produce in the overnight but they will need to defend the declining resistances in the 2990 to 2995 area and maintain price below the intermediate minor level at 2910 should the resistances get breached. If they can sustain price below that and take out the rising support and moving average stack in the upper 2880's then that gives them a good probability run to the intermediate major level at 2865. Good luck today!