Good morning everyone,
These are key timing for today: 10:00AMEST, 1:00PMEST
These are key MA levels: 5EMA 2461, 10DMA 2453, 20DMA 2452, 50DMA 2253, 100DMA 2427, 200DMA 2363
These are key Fib Levels: 2489, 2466, 2401, 2389
These are key primary and intermediate levels: 2491(intermediate minor), 2457(intermediate minor), 2440(intermediate minor), 2424(intermediate minor), 2410(intermediate minor), 2404 (intermediate minor), 2384(intermediate)
Here is today's market look at the S&P 500 for Wednesday, September 6 2017
With current price action favoring the magenta MSP thus far we look set to be in for a net flat day with weakness in the morning and strength through the latter portion of the afternoon. Data wise we have the Fed's Redbook at 8:55AMEST, PMI Services Index at 9:45AMEST, ISM Non-Manufacturing Index at 10:00AMEST and the Fed's Beige Book at 2:00PMEST.
The technical picture currently has us working our way through the early stages of a compression pattern with a wide range for price to race through. Sustained trade above the intermediate minor level of 2457 most likely leads to another run at declining resistance at the very least. Below, the 2440 area should provide near term support on a break of the nearest rising support. Good luck today!