Good morning everyone,
These are key timing for today: 12:30PMEST
These are key MA levels: 5EMA 2171, 10DMA 2172, 20DMA 2153, 50DMA 2113
These are key Fib Levels: 2191, 2186, 2156, 2145
These are key primary and intermediate levels: 2130(minor), 2126(primary major), 2116(major)
Here is today's market look at the S&P 500 for Monday, August 1, 2016
Overnight market action started as a breakout attempt but now sits back in the past two week range upper bound. There is a decent amount of potential market moving data during the morning session with PMI Manufactuing Index at 9:45AMEST, ISM Manufacturing Index, and Construction Spending at 10:00AMEST. The 480 chart has put in an unconfirmed 2nd End as of this writing which needs to be respected as a function of many of the other longer term cycles complete or near complete. Until we maintain trade outside of the biweekly defined range it still remains best policy to play the edges and don't read too much into price action between the range edges. Good luck today and trade safe.