S&P500 Expert Lounge Update – May 15, 2018

Good morning everyone,

These are key MA levels:  5EMA 2710, 10DMA 2680,  20DMA 2675, 50DMA 2678, 100DMA 2707, 200DMA 2622

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 Tuesday, May 15, 2018

We have a few data points of interest to start the day with Retail Sales and the Empire State Manufacturing Index at 8:30AMEST, Feds Redbook at 8:55AMEST, and Business Inventories and Housing Market Index at 10:00AMEST.  We say some technical weakness yesterday after gapping up over the primary minor level at 2734.  Sellers will have their work cut out for them today with rising support coming in almost immediately around the 2725 level then the intermediate minor level and the 5DEMA and 100DMA that will come into play between 2720 and 2710.  Should buyers be able to get a foothold at any of the aforementioned levels the will be looking to target the symmetry level at 2758 at the very least and have a good probability of pushing it up through the levels void to challenge the 2767 intermediate minor level.  Good luck today!

Primary and Intermediate Levels Detail

 

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