Good morning everyone,
These are key MA levels: 5EMA 2722, 10DMA 2695, 20DMA 2676, 50DMA 2678, 100DMA 2708, 200DMA 2625
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 Thursday, May 17, 2018
Data for today is abundant with Jobless Claims and the Philadelphia Fed Business Outlook Survey at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, E-Commerce Retail Sales and Leading Indicators at 10:00AMEST, and EIA Natural Gas Report at 10:30AMEST. The overnight price action up to this point has been marginally weak but nothing too ugly. Buyers were able to close the day out on the 5DEMA which is keeping the momentum traders on their side for the time being. Rising support comes into play immediately when the market opens today as to whether it will be a gap below or support reestablished will need to be judged at 9:30AMEST. Sellers ability to gap the rising support gives them a shot at the 100DMA again at 2710 and then a clear path below 2700 to the next intermediate minor level at 2795. Buyers will be looking to hold the rising support and to challenge the intermediate minor level and primary minor level around 2730. After that they have a clean shot at the intermediate and primary pivot above 2740. Good luck today!