Good morning everyone,
These are key MA levels: 5EMA 2647, 10DMA 2651, 20DMA 2657, 50DMA 2681, 100DMA 2704, 200DMA 2615
These are key Fib Levels: 2905, 2777, 2660, 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 Friday, May 5, 2018
Data is ultra light on the last trading day of the week with only the Baker Hughes Rig Count at 1:00PMEST. There was a lot of price movement yesterday with sellers stepping into the fray early and pushing the market down through the 200DMA and ultimately catching the intermediate minor level at 2595 before recovering to end the day essentially unchanged and backtesting broken rising support. Being that we closed the session in a void of intermediate and primary levels, price will have the opportunity to move freely and swiftly in this area between 2645 and 2605 so any positions entered in this zone should be taken on with the utmost of care and clearly defined stops. Buyers have their work cut out for them if they are to stage a rally with a stack of moving averages along with a primary minor level between 2650 and 2660. Below, sellers will be looking to target the intermediate major level an most recent primary pivot at 2550 while having to negotiate layers of intermediate minor levels at 2595, 2579, and 2565. Good luck today and from everyone here at MCM we hope you have a great weekend.