Good morning everyone,
These are key MA levels: 5EMA 2669, 10DMA 2652, 20DMA 2649, 50DMA 2685, 100DMA 2700, 200DMA 2601
These are key Fib Levels: 2905, 2777, 2749
These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)
Here is today's market look at the S&P 500 for Wednesday, April 18, 2018
Data is light today with the EIA Petroleum Status Report at 10:30AMEST and the Feds Beige Book at 2:00PMEST. Yesterday's price action squirted out of the rising wedging pattern and used the 100DMA as a basing area for today's rally continuation. As noted in previous updates, a break to the upside is going to have room to run and will most likely find the upper 2700 range before a more meaningful turn can take place. For the near term though we have a decent amount of support with both the 100 and 50DMAs under price and an intermediate minor level at 2695 splitting the difference. Once we find the upper 2720's there is potential for a reaction off of the intermediate minor level of 2729 and declining resistance. Good luck today!