Good morning everyone,
These are key timing for today: 10:15AMEST, 3:00PMEST
These are key MA levels: 5EMA 2061, 10SMA 2057, 20SMA 2061, 50SMA 2064
These are key Fib Levels: 2091 and 2100
These are key primary and intermediate levels: 2060(minor), 2072(major), 2086(major), 2099(minor),
Here is today's market look at the S&P 500 for Wednesday, May 25th, 2016
As the rally continued through the overnight we are currently at an important opening price point for the SPX levels at 2086. Opening above this and basing on it will be a clue that price is most likely heading for the next overhead level at 2099. We currently have a freshly printed Bullish Retrace on the 15min chart which hints that more unwinding is required in the present rally. The run has been quite relentless so some consolidation/chop should be expected during the session. The 135 cycle chart has resistance in the general vicinity of the over night high which coincides with the SPX 2086 levels chart. There is also a new bearish LRE on the daily YM chart that appeared on today's price bar. Good luck today and profitable trading.