S&P500 Expert Lounge Update – June 5, 2018

Good morning everyone,

These are key MA levels:  5EMA 2720, 10DMA 2724,  20DMA 2716, 50DMA 2674, 100DMA 2710, 200DMA 2640

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

Here is today's market look at the S&P 500 for Saturday, June 5, 2018

Data for today is confined to the front end of the session with the Feds Redbook at 8:55AMEST, PMI Services Index at 9:45AMEST, and the ISM Non-Manufacturing Index and Job Openings and Labor Turnover Survey at 10:00AMEST.  Yesterday saw a gap over the primary minor level at 2733 and also above the primary pivot at 2743 ultimately extending marginally into the levels void and up to the psychological 2750 round number zone before pausing on the day to consolidate gains.  With little in the way of levels resistance buyers should have minimal issue pushing price up to the next intermediate minor level at 2766.  Sellers still have the benefit of having both in intermediate and Primary pivot marker present and would be looking for an initial target at rising support near 2740.  With successfully reclaiming that a run back down to the primary minor level and filling yesterday's gap opening around 2730 would be all but assured.  Below that area there is a large stack of moving averages an intermediate minor level and both rising and broadening support all in the 2720 for sellers to contend with.  Good luck today!

Primary and Intermediate Levels Detail

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