Good morning everyone,
These are key MA levels: 5EMA 2742, 10DMA 2758, 20DMA 2756, 50DMA 2710, 100DMA 2702, 200DMA 2664
These are key Fib Levels: 2731, 2739
Here is today's market look at the S&P 500 for Wednesday, June 27, 2018
There is a decent amount of data this morning with Durable Goods, International Trade, and Wholesale Inventories at 8:30AMEST, Pending Home Sales at 10:00AMEST, and the EIA Petroleum Status Report at 10:30AMEST. The technical side of the house saw a semi decent day for buyers yesterday as they were able to push price back up to the primary minor level at 2733 before losing some ground to the sellers. While there was some weakness in the overnight, buyers have been able to rally and take back all the lost ground and we are currently set to open back up right around yesterday's close. Any follow through by the buy side will be looking to push price up towards the intermediate minor level at 2743 and the first of declining resistance. Sellers will be looking to defend yesterday's pivot high and the primary minor level at 2733 and make a run back at the 50DMA and intermediate minor level at 2716. Below that gives them breathing room all the way to the 100DMA, intermediate minor level at 2698 and rising support cutting through the lower 2700 zone. Good luck today!