Good morning everyone,
These are key MA levels: 5EMA 2852, 10DMA 2833, 20DMA 2824, 50DMA 2782, 100DMA 2727, 200DMA 2707
These are key Fib Levels: 2929, 2829, 2821
Here is today's market look at the S&P 500 for Friday, August 10, 2018
Happy Friday everyone! We have three items for the last trading session of the week that will give traders and investors something to ponder with regards to the economic health of the country. We have the Consumer Price Index at 8:30AMEST, Baker Hughes Rig Count at 1:00PMEST, and the Treasury Budget at 2:00PMEST. The shallow declining resistance held yet again yesterday and we closed the session on a very weak note as buyers begin to lock in gains and sellers see an opportunity arising for a reversal trade after hitting broadening resistance. Given present price levels of the overnight session we are set to start the day off roughly 12 points lower then the close yesterday. A gap down open will be important if it is below the intermediate minor level at 2848 because that would then serve as solid resistance on any subsequent near term bounce. Primary targets remain the same for both sides of the tape as sellers look to do some technical damage on a long standing rising support level that currently is located in the 2830 area along with some close proximity moving averages. Buyers will first need to reclaim the 2848 intermediate minor level and 5DEMA in an attempt to challenge the shallow declining resistance level that is cutting through the 2860 mark if they have any hopes of overtaking the all time highs and primary minor level at 2872. Good luck today and have a great weekend!