Good morning everyone,
These are key timing for today: n/a
These are key MA levels: 5EMA 2742, 10DMA 2716, 20DMA 2696, 50DMA 2640, 100DMA 2574, 200DMA 2495
These are key Fib Levels: 2756, 2741, 2736
These are key primary and intermediate levels: 2595(intermediate minor) 2577 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)
Here is today's market look at the S&P 500 for Wednesday, January 10, 2017
Today's data consists of Jobless Claims and Producer Price Index at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, EIA Natural Gas Report at 10:30AMEST, and the Treasury Budget at 2:00PMEST. The technical picture has us up against declining resistance after cleanly bouncing off the 5DEMA as momentum players stepped back into the fray. Given the current overnight price action we are currently marginally above the declining support but it is premature to read into that too much because price can do a lot of things between now and the opening bell. Until a close below the 5DEMA buyers still have a firm grasp on overall market direction, and a break of the declining resistance would give more validity to that fact remaining valid. The 2725 to 2530 zone will still be a solid area of defense for buyers should the sellers be able to push price down even further. Good luck today!