Good morning everyone,
These are key timing for today: 11:00AMEST, 2:45PMEST
These are key MA levels: 5EMA 2174, 10DMA 2177, 20DMA 2180, 50DMA 2152
These are key Fib Levels: 2155, 2172, 2177
These are key primary and intermediate levels: 2180(minor), 2155(minor), 2148(minor)
Here is today's market look at the S&P 500 for Thursday, September 1, 2016
Overnight continued the rally from our MSP timing low yesterday afternoon which should see the regular trading hours open on a positive note. The current tracking MSP's all lean towards weakness to the open. 11:00AMEST timing will be important to discern which we will most likely track for the remainder of the trading session. Economic calendar wise we have Jobless Claims and Productivity and Costs at 8:30AMEST, PMI Manufacturing Index and Bloomberg Consumer Comfort Index at 9:45AMEST, ISM Manufacturing and Construction Spending Indexes at 10:00AMEST, and finally at 10:30AMEST is the EIA Natural Gas Report. 15min cycles put in a Bullish Retrace at the most recent lows and the overnight high was capped with a bearish LRE and resistance cycle on the 135 chart. This will define the range on the day and a break of either likely defines direction for the near term. Trade Safe.