Good morning everyone,
These are key MA levels: 5EMA 2841, 10DMA 2839, 20DMA 2828, 50DMA 2788, 100DMA 2731, 200DMA 2711
These are key Fib Levels: 2929, 2821
Here is today's market look at the S&P 500 for Wednesday, August 15, 2018
There are a few remaining items of note for today's session in the form of Industrial Production at 9:15AMEST, Atlanta Fed Business Inflation Expectations, Business Inventories, and Housing Market index at 10:00AMEST, and the EIIA Petroleum Status Report at 10:30AMEST. Buyers pushed the market hard yesterday while whipsawing the downtrend line along with breaking out over steep declining resistance, but failed to reclaim the 5DEMA. The overnight session has seen sellers take back over and we are currently set to open up back down near the pivot lows in the lower 2820's. We have traversed this area multiple times so moves are going to be fast between the 2840's and 20's which will require a good deal of caution if one is looking to enter a position in this area. The moving averages haven't supplied much in the way of support or resistance in the past few trading sessions so using the levels will be the best approach for near term analysis. The targets remain the same as they have been for the past few trading sessions with buyers looking to go after the 2848 intermediate minor level and sellers shooting for the 2813 intermediate minor level. Good luck today!