Good morning everyone,
These are key MA levels: 5EMA 2714, 10DMA 2738, 20DMA 2755, 50DMA 2717, 100DMA 2702, 200DMA 2668
These are key Fib Levels: 2689, 2655
Here is today's market look at the S&P 500 for Monday, July 2, 2018
Data for today has us looking at the PMI Manufacturing index at 9:45AMEST and the ISM Manufacturing Index and Construction Spending at 10:00AMEST. After contacting the second declining resistance array, 10DMA, and intermediate minor level laid out in last weeks update, sellers stepped in and were able to shove price back down to the 50DMA and intermediate minor level before running out of time for the trading session. The overnight price action is set to continue that trend and we are currently set to open up down around the 100DMA which has been sloppily tested twice now. A third attempt here will be important for both sides of the tape as it typically marks a capitulation point for one side and a resulting larger move overall. Sellers ability to get price below rising support and the intermediate minor level at 2699 opens the door for them to take price down to the next two levels between 2670 to 2680. Buyers will be looking to put in a base at the 2700 area for another attempt at the resistance array and to reclaim the primary minor level at 2734. Good luck today!