Good morning everyone,
These are key MA levels: 5EMA 2793, 10DMA 2768, 20DMA 2753, 50DMA 2740, 100DMA 2711, 200DMA 2682
These are key Fib Levels: 2821, 2790, 2783
Here is today's market look at the S&P 500 for Wednesday, July 18, 2018
Yesterday buyers put the floor under price right where they needed to at the 5DEMA and intermediate minor level at 2790 which hints that momentum traders are still very much active in this move. The only level remaining above the intermediate minor level at 2813 is the primary minor level which marks the all time high at 2872. Given the size of the void between the two levels, sellers need to put a stop to this run immediately or risk a rather large breakaway. The first target for them is going to be rising support and the primary minor level at 2803. After that there is the 5DEMA and intermediate minor level in the lower 2790's to contend with before they would get some breathing room down to the next primary minor level, rising support and 10DMA in the 2770's. Good luck today!