Good morning everyone,
These are key MA levels: 5EMA 2846, 10DMA 2832, 20DMA 2821, 50DMA 2779, 100DMA 2726, 200DMA 2705
These are key Fib Levels: 2929, 2829, 2821
Here is today's market look at the S&P 500 for Thursday, August 9, 2018
There is a decent amount of data today for the market to digest with Jobless Claims and the Producer Price Index at 8:30AMEST followed by Wholesale Trade at 10:00AMEST, and finally the EIA Natural Gas Report at 1030AMEST. The sideways price action continued through yesterday's session after encountering broadening resistance during the previous day's session and created a very shallow declining resistance which will be the first area to challenge for the buyers in an attempt to attack the all time highs. Sellers are still looking to first challenge the minor level at 2848 in an effort to get a price retrenchment going which would give them the opportunity to potentially cause some technical damage by breaking rising support which is currently moving through the mid 2820's. Good luck today and stay out of the chop.