Good morning everyone,
These are key timing for today: 9:30AMEST, 2:30PMEST
These are key MA levels: 5EMA 2048, 10SMA 2056, 20SMA 2063, 50SMA 2061
These are key primary and intermediate levels: 2020(minor) 2021(minor primary) 2040(minor) 2060(minor), 2072(major),
Here is today's market look at the S&P 500 for Monday, May 23rd, 2016
A choppy overnight session has left little in the way of clues as to near term market direction. Key timing at 9:30AMEST coupled with the PMI Manufacturing release at 9:45AMEST makes for an area of interest first thing in the cash session. SPX was solidly rejected with a backtest of the 50SMA and then found support at the 5EMA as momentum traders came into the market. This will define a near term range especially taking into account the 3rd end on the 60min cycles charts warns of a full bullish cycle completion. Trade safe and best of luck.