Good morning everyone,
These are key MA levels: 5EMA 2757, 10DMA 2737, 20DMA 2751, 50DMA 2728, 100DMA 2707, 200DMA 2676
These are key Fib Levels: 2821, 2764
Here is today's market look at the S&P 500 for Wednesday, July 11, 2018
We have a decent amount of data for the early portion of the session with the MBA Mortgage Applications at 7:00AMEST, Producer Price Index at 8:30AMEST, Atlanta Fed Business Inflation Expectations at 10:00AMEST along with Wholesale Trade, and lastly the EIA Petroleum Status Report at 10:30AMEST. Yesterday's price action met expectations with a predominantly sideways day after the initial gap up. Sellers have the ball this morning as the market has dropped roughly 23 points from yesterday's close and looks set to open up in around the 2nd rising support array line near 2770. As noted in yesterday's update, the solid target for sellers is the primary minor level at 2763 where buyers will be looking to build a base. The loss of this level opens up much lower levels with the intermediate minor level and next lower rising support coming in at 2745. Ideally buyers will want to put a floor under price on this initial morning drop at the 2763 level and push it back up directly to the primary minor level at 2803. While the opportunity presents itself rather well here, knife catching is a dangerous sport and should be approached with the utmost of care. Good luck today!