Good morning everyone,
These are key MA levels: 5EMA 2854, 10DMA 2843, 20DMA 2838, 50DMA 2797, 100DMA 2745, 200DMA 2719
These are key Fib Levels: 2929, 2850, 2840
Here is today's market look at the S&P 500 for Thursday, August 23, 2018
Today's data is abound with Jobless Claims at 8:30AMEST, FHFA House Price Index at 9:00AMEST, PMI Composite Flash at 9:45AMEST, New Home Sales at 10:00AMEST, EIA Natural Gas Report at 10:30AMEST, and the Kansas City Fed Manufacturing Index at 11:00AMEST. Yesterday's session saw us bottom out from the first initial decline from the the new intraday all time highs of the year which then chopped around for the remainder of the session at the intermediate minor level at 2863. As noted in yesterday's update, sellers will continue to target the intermediate minor level at 2848, rising support, and stack of moving averages as their first initial target. If successful, that opens up a levels and a price gap void all the way back down into the 2820's which should see very little resistance to price movement. Buyers are going to look to build a new base at the same 2848 level in an attempt to establish a new closing all time high, primary and intermediate pivot, and also to challenge the upper bound of the broadening formation which is currently cutting through the mid 2880's. Good luck today!