Good morning everyone,
These are key timing for today: 9:30AMEST, 2:00PMEST
These are key MA levels: 100SMA 2038, 200SMA 2022
These are key Fib Levels: 2015, 1998
These are key primary and intermediate levels: 2040(major), 2020/21(primary/intermediate minor), 2004(primary major)
Here is today's market look at the S&P 500 for Monday, June 27, 2016
Although the cash chart will show another gap down on open the S&P futures are just a retrace of the initial drop from the Brexit vote last week which requires some management of expectations. Our two primary data points for today are the Non Manufacturing PMI at 9:45AMEST, and the Dallas Fed Manufacturing Survey at 10:30AMEST. We've put in a 3rd End on the 15min cycles chart which hints that a near term bottom could be in place. Coupled that with the 2nd End on the 288 and End on the 480, both of which have LRE's in the same general vicinity which makes this area of great importance. Capitulation bars on both the YM and ES daily cycle charts and LRE's at the overnight lows on the weekly charts solidify the notion that this area is a battle ground for market direction and its vying participants. Good luck today and profitable trading.