Good morning everyone,
These are key MA levels: 5EMA 2815, 10DMA 2810, 20DMA 2776, 50DMA 2757, 100DMA 2717, 200DMA 2692
These are key Fib Levels: 2929, 2859, 2867, 2829, 2825
Here is today's market look at the S&P 500 for Thursday, July 26, 2018
We have copious amounts of data today all centered on the 8:30AMEST hour with Durable Goods, International Trade in Goods, Jobless Claims, Retail Inventories, and Wholesale Inventories followed by the EIA Natural Gas Report at 10:30AMEST, and the Kansas City Fed Manufacturing Index at 11:00AMEST. The technical picture saw us push into the levels void yesterday after cleanly testing the 5DEMA and intermediate minor level at 2812. As was mentioned in the previous updates this week, there is little resistance in this zone as a lack of levels and price has the ability to move freely and dramatically through it towards the primary minor level at the all time highs which yesterdays closing move demonstrated quite well. The important test of today's session will be to see if sellers are able to shove price back down through the rising wedge that broke to the upside yesterday. Any basing atop the upper bound of this structure should be a clear warning to sellers that this move has just begun and has the potential to last much longer than many would consider to be reasonable. On the flip side of this, if sellers push price back down through the structures upper bound, there is a high probability that the primary minor level at 2802 and 10DMA will be tested at a minimum in a very short period of time. This is a crucial point for both sides of the tape in the next few trading sessions. Good luck today!