Good morning everyone,
These are key MA levels: 5EMA 2713, 10DMA 2719, 20DMA 2707, 50DMA 2672, 100DMA 2710, 200DMA 2637
These are key Fib Levels: 2905, 2774, 2759, 2637, 2587
Here is today's market look at the S&P 500 for Friday, June 1, 2018
Happy Friday and first day of June everyone! First order of business on the day is the Employment Situation at 8:30AMEST, followed by PMI Manufacturing Index at 9:45AMEST, ISM Manufacturing Index and Construction Spending at 10:00AMEST, and lastly the Baker Hughes Rig Count at 1:00PMEST. Sellers were able to take control yesterday and push the market down through the 100DMA and keep it under but were unable to break it out below the 2698 intermediate minor level which was outlined in yesterday's post as the key to a much larger decline. Overnight price action currently has the buyers with upper hand and we are currently set to open back up near the intermediate minor level at 2717. The first area of contention for the buyers is going to be the 10DMA if they can maintain price at these levels and the declining resistance coming in around the mid 2720's. After that, they have the 2730 zone with the intermediate and primary minor levels which proved to be a massive point of failure for them. Sellers targets remain the same as yesterday, first the reclaiming of the 100DMA, then they need to be able to push price past the 20DMA and intermediate minor at 2698 to open the door to substantially lower prices. Good luck today and have a great weekend!