SP500 SPX Scraping the Underside of the 50 Day EMA

Sep 20, 2016: 10:23 AM CST

We follow the market on an intraday basis but it’s helpful to pull the perspective up to the Daily Chart for clues.

Right now we’re seeing a clear higher timeframe range develop as the market “scrapes” the underside of a key EMA.

In simplest terms, sellers are stepping in at the underside of the 50 day EMA near 2,150.

Focus on this level as a key pivot – bullish for a breakout above, bearish beneath.

However, buyers are stepping in to support the market at the 2,120 price pivot.

Continue following along with our morning market updates of the intraday Fibonacci Levels within this context.

We’ll have the Fed Decision (hike?  not hike?) Wednesday and any surprise could be the catalyst to break us out of these focal points.

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Corey Rosenbloom, CMT

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2 Responses to “SP500 SPX Scraping the Underside of the 50 Day EMA”

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