Good morning everyone,
These are key MA levels: 5EMA 2692, 10DMA 2666, 20DMA 2669, 50DMA 2675, 100DMA 2706, 200DMA 2624
These are key Fib Levels: 2905, 2774, 2759, 2637, 2587
These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)
Here is today's market look at the S&P 500 for Friday, May 11, 2018
We have a couple items of interest for the last trading day of the week with Consumer Sentiment at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST. Yesterday's open had us gap declining resistance from the all time high and open up on the 100DMA before extending gains further into the session. Buyers have now cleared all daily moving average obstacles and only have an intermediate minor level to clear at 2730 before entering an extremely large void of levels all the way up to the 2780 region. Symmetry for this leg of the move relative to the leg up from the primary pivot low (yellow -8.9) resides at 2759. This would be the minimum expected target for the present move from a harmonic standpoint. Sellers have a number of near term areas to target should they be able to gain some footing with the 100DMA at 2708 and rising support coming up through the lower 2700 to 2710 region. After that is broadening support and the intermediate minor level at 2697. Any basing in these areas should be considered the buyers attempt to regain control and make a run for the 2759 harmonic price target. Good luck today and have a great weekend!