Good morning everyone,
These are key MA levels: 5EMA 2824, 10DMA 2817, 20DMA 2796, 50DMA 2765, 100DMA 2721, 200DMA 2697
These are key Fib Levels: 2823, 2788
Here is today's market look at the S&P 500 for Wednesday, August 1, 2018
Happy August everyone! We have a decent amount of data today but the vast majority of the focus will be on this afternoons FOMC Meeting Announcement at 2:00PMEST. Outside of that we have the PMI Manufacturing Index at 9:45AMEST, ISM Manufacturing and Construction Spending at 10:00AMEST, and the EIA Petroleum Status Report at 10:30AMEST. The technical picture produced early session strength into a weak afternoon backdrop but overall positive on the day and settling on the intermediate minor level at 2812 before a closing bell bounce. We have both a Head and shoulders pattern forming from July 17 to present which targets 2748 should sellers be able to trigger the current neckline at 2798. On the shorter time frame we have the makings of a smaller inverted head and shoulders for the buyers to work with should they be able to break price above yesterday's pivot high and through declining resistance. That structure targets the lower 2840's. Price is currently set to open roughly flat and given that it is a Fed announcement day, any real price movement wouldn't be expected till this afternoon. Good luck today and be patient.