Good morning everyone,
These are key MA levels: 5EMA 2822, 10DMA 2814, 20DMA 2783, 50DMA 2759, 100DMA 2718, 200DMA 2693
These are key Fib Levels: 2929, 2859, 2867, 2832, 2824
Here is today's market look at the S&P 500 for Friday, July 27, 2018
Happy Friday everyone! The big number for today is the GDP at 8:30AMEST followed by Consumer Sentiment at 10:00AMEST and the Baker Hughes Rig Count at 1:00PMEST. The technical picture hasn't changed a lot since yesterday but we must note at present that the upper bound of the rising wedge structure has sustained price up to this point which can have wildly bullish implication should we break out over the intermediate and primary pivot. That would put good odds on a continued run up to the final primary minor level at the all time high. However, any push to the downside can gain momentum quickly as rising wedge structures have a tendency to retrace themselves very quick upon a failure as buyers bail out and sellers pile in. Given that, the minimum target for such a move would challenge the intermediate minor level at 2810 along with the 5DEMA and to 10DMA. Good luck today!