Good morning everyone,
These are key MA levels: 5EMA 2651, 10DMA 2651, 20DMA 2663, 50DMA 2679, 100DMA 2705, 200DMA 2616
These are key Fib Levels: 2905, 2774, 2649, 2637, 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 Tuesday, May 8, 2018
We have another light data day in store with only the Feds Redbook at 8:55AMEST, and Job Openings and Labor Turnover Survey at 10:00AMEST. Yesterday found the 2684 level and 50DMA that was considered to be the most probable outcome last week given the market structure and we have since sold off and generated a new intermediate pivot marker. The current price for the overnight has us gapping below rising support and the 20DMA. The next target for sellers is the 10DMA and primary minor level near 2650. Should sellers be able to break the 2650 to 2640 level it is highly probable a swift decline ensues through the levels void and to the 200DMA at the very least at 2620, but more likely a run back at the previous intermediate minor pivot at 2595. Good luck today!