Good morning everyone,
These are key MA levels: 5EMA 2830, 10DMA 2841, 20DMA 2830, 50DMA 2791, 100DMA 2735, 200DMA 2713
These are key Fib Levels: 2850, 2822
Here is today's market look at the S&P 500 for Friday, August 17, 2018
Data for the last session of the week is moderate with Consumer Sentiment, E commerce Retail Sales and Leading indicators at 10:00AMEST and the Baker Hughes Rig Count coming in at 1:00PMEST. Even with yesterday's substantial rally, we still have yet to put in an intermediate pivot marker which continues to give buyers a slight advantage. Buyers will be looking to maintain rising support and the 20DMA in an attempt to overtake the primary pivot at 2863 but will first need to work their way through declining resistance that is currently cutting through the 2850's. Sellers have some a few things going for them as they have managed to reject price from the upper end of the range we have been in since early July and also the intermediate minor level at 2849. Their primary target going forward is to get price back below the stack of moving averages and go after the intermediate minor level at 2813 while attempting to sustain price below the newly formed rising supports in the 2810 region. Good luck today and have a great weekend!