Good morning everyone,
These are key timing for today: 8:30AMEST, 10:30AMEST, 2:30PMEST
These are key MA levels: 5EMA 2387, 10DMA 2381, 20DMA 2364, 50DMA 2364, 100DMA 2325, 200DMA 2245
These are key Fib Levels: 2402, 2196, 2379
These are key primary and intermediate: 2401(intermediate minor), 2379(intermediate minor), 2373 (intermediate minor), 2355(intermediate minor), 2255(intermediate minor), 2322(intermediate minor), 2255(intermediate minor)
Here is today's market look at the S&P 500 for Thursday, May 4, 2017
Present price action is favoring the magenta MSP which would indicate weakness from the 8:30AMEST timing through the opening bell and then a positive bias the remainder of the day. Data is abundant with International Trade, Jobless Claims, Productivity and Costs, and the Gallup Good Jobs Rate at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, Factory Orders at 10:00AMEST, and lastly the EIA Natural Gas Report at 10:30AMEST.
As surmised by yesterday's update, the break of near term rising support produced a break down towards the lower intermediate minor level of 2373, but was arrested by the 10DMA. Current price is set to open near the declining resistance level just overhead which will serve as a warning for sellers if trade is sustained above that and/or successfully backtested on a break above. The long standing 2379 fib level was nearly tested at yesterday's lows which serves two roles going forward. Either the failure to test the level translates to an extremely strong move higher as the correction was truncated, or the correction still requires more time and price depreciation. Good luck today and keep an eye on premarket price action with timing and the data dump at 8:30AMEST.