S&P500 Expert Lounge Update –August 23, 2016

Good morning everyone,

These are key timing for today: 1:30PMEST

These are key MA levels:  5EMA 2184, 10DMA 2183, 20DMA 2177, 50DMA 2139

These are key Fib Levels:  2194, 2161

These are key primary and intermediate levels:  2180(minor), 2155(minor), 2148(minor)

Here is today's market look at the S&P 500 for Tuesday, August 23,  2016

Overnight price action broke us above yesterday's trading range and opens the door to higher prices with an initial Fibonacci target of 2194.  Data wise we have the PMI Manufacturing at 9:45AMEST plus New Home Sales  and Richmond Fed Manufacturing Index at  10:00AMEST.  5min cycles have put in a Bullish Retrace and an End for the overnight leg up and the 480 charts put in a new support cycle making a very narrowly defined range between support and resistance.  We are in the LT timing window for MSP, but the daily timing (white) doesn't top out till Wednesday.  Good luck today!

MSP

Long Term MSP