S&P500 Expert Lounge Update – May 17, 2016

Good morning everyone,

These are key timing for today:  10:30AMEST,  2:30PMEST

These are key MA levels:  5EMA 2060, 10SMA 2060, 20SMA 2072, 50SMA 2058

These are key primary and intermediate levels:  2040(minor) 2060(minor), 2072(major),

Here is today's market look at the S&P 500 for  Tuesday, May 17th, 2016

RSI cycle Ends and breakdown of support are hinting at weakness coming into the cash session.  Industrial Production numbers hit the tape just prior to market open at 9:15AMEST so that is likely to cause an uptick in volatility right before the open.  288 cycle resistance triggered at the overnight high along with the 135 existing resistance which marginally exceeded yesterday's highs, so that will be an important area going forward.  Ultimately we are simply in a range between 2040 and 2080 so don't read too much into anything until one of those levels are taken out.  Trade safe and have a good day.

MSP

MSP

Primary and Intermediate Levels

Primary and Intermediate Levels

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