Good morning everyone,
These are key timing for today: 8:30AMEST, 10:30AMEST, 1:45PMEST
These are key MA levels: 5EMA 2272, 10DMA 2271, 20DMA 2264, 50DMA 2228, 100DMA 2188, 200DMA 2150
These are key Fib Levels: 2302, 2184, 2152
These are key primary and intermediate: 2275(intermediate minor), 2254(intermediate minor)
Here is today's market look at the S&P 500 for Tuesday, January 17, 2017
The continuous decline throughout the overnight suggests either white or cyan for today's MSP so be mindful of any attempt to bottom around 8:30AMEST. Data is very light today with only the Empire State Manufacturing Survey at 8:30AMEST.
Nothing bearish about the technical picture, at best we'll call it a consolidation with what appears to be a lower high in place, but not lower swing low. We have yet to be able to sustain trade under the 5DEMA so momentum still favors buyers at present. A positive for the sellers is the Primary and Intermediate markers at the all time high which suggests this run is wearing itself out and will be due a more sizeable pullback soon. Good luck today!