S&P500 Expert Lounge Update – May 23, 2016

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.

MSP

MSP

Primary and Intermediate Levels

Primary and Intermediate Levels

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.