S&P500 Expert Lounge Update – May 16, 2018

Good morning everyone,

These are key MA levels:  5EMA 2718, 10DMA 2686,  20DMA 2675, 50DMA 2678, 100DMA 2707, 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 Wednesday, May 16, 2018

Today's trading session has a decent amount of data on the front end with Housing Starts at 8:30AMEST, Industrial Production at 9:15AMEST, Atlanta Fed Business Inflation Expectations at 10:00AMEST, and EIA Petroleum Status Report at 10:30AMEST.  Price moved swiftly yesterday after a failure of the 2733 primary minor level and fell into the 2700 to 2695 mentioned support level in yesterday's expert lounge chat.  Overnight price action has made little headway in either direction as we are currently set to open marginally lower but still within yesterday's buyers attempt to build a base at the 100DMA.  Near term declining resistance will be the first challenge for buyers along the the 5DEMA and 100DMA all in the 2710 area along with an intermediate minor level just overhead at 2715.  If buyers should be able to clear 2715 they have a clear run at the next level at 2729.  Sellers near term targets are going to be the 50,10, and 20DMA's along with intermediate minor support in the 2680 area.  Good luck today!

Primary and Intermediate Levels Detail

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