Good morning everyone,
These are key MA levels: 5EMA 2877, 10DMA 2861, 20DMA 2850, 50DMA 2705, 100DMA 2755, 200DMA 2725
These are key Fib Levels: 2929, 2853, 2841
Here is today's market look at the S&P 500 for Wednesday, August 29, 2018
We have a few items of interest this morning after having a respectable GDP report. Pending Home Sales come in at 10:00AMEST along with the State Street Investor Confidence Index. The EIA Petroleum Status report is at 10:30AMEST followed by Farm Prices at 3:00PMEST. We are roughly flat this morning with price having a minimal reaction to GDP. While we have a head and shoulders pattern off the all time highs, we are also basing atop the broadening formation at present and around the 2900 level which could produce a new leg higher if sellers aren't able to push price down soon. The touch of broadening resistance yesterday should produce a consolidation at the very least and typically comes in the form of a test of the lower bound rising support of the trend channel which is currently cutting through the 2870's where the 5DEMA and primary minor level reside. Good luck today!