Good morning everyone,
These are key MA levels: 5EMA 2720, 10DMA 2715, 20DMA 2683, 50DMA 2676, 100DMA 2709, 200DMA 2629
These are key Fib Levels: 2905, 2774, 2759, 2637, 2587
Here is today's market look at the S&P 500 for Tuesday, May 22, 2018
There are only a couple items of economic significance today with the Feds Redbook at 8:55AMEST, and the Richmond Fed Manufacturing Index at 10:00AMEST. Yesterday had us gap up over declining resistance and oscillate around the primary minor level at 2733 while maintaining below the primary and intermediate pivot high at 2742. Present price action has us marginally higher then yesterday's close at present and gives buyers the advantage should the be able to create another gap up over 2742 and a clear path to the next intermediate minor level at 2767. Sellers primary goal today is to break down the basing process that has happened on the backtest of yesterday's declining resistance and attempt to wipe out the 100DMA, intermediate minor level, rising support, and fill the gap all in and around the 2715 level. Between these area's is a lot of noise that is best to leave untouched. Good luck today!