Good morning everyone,
These are key MA levels: 5EMA 2781, 10DMA 2767, 20DMA 2743, 50DMA 2699, 100DMA 2708, 200DMA 2654
These are key Fib Levels: 2822, 2783, 2766
Here is today's market look at the S&P 500 for Friday, June 15, 2018
Happy Friday everyone! There is a respectable amount of data for this last trading session of the week. We have Industrial Production at 9:15AMEST, Consumer Sentiment at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST. The technical side of the house didn't not change at all from with respect to yesterday's price action. Price remained snuggled up to the primary minor level at 2779 for the duration of the session while failing to break out over declining resistance. Given the overnight price action, buyers have lost their grasp and sellers look to rule the day with a lower open while targeting yesterday's first stated objective of the intermediate minor level at 2766 along with the 10DMA. That level will be the major key for buyers to defend or risk losing a substantial amount of ground in the levels void all the way down to rising support, 20DMA and intermediate minor level at 2743. Buyers primary goal is to stabilize price at the 2766 intermediate minor level and build a base to try and reclaim the primary minor level at 2779 and break out over the declining resistance and 5DEMA in an attempt to put in a new primary and intermediate pivot high. Good luck today and have a phenomenal weekend!