S&P500 Expert Lounge Update – June 7, 2018

Good morning everyone,

These are key MA levels:  5EMA 2741, 10DMA 2730,  20DMA 2725, 50DMA 2680, 100DMA 2710, 200DMA 2643

These are key Fib Levels:   2814, 2783, 2771

Here is today's market look at the S&P 500 for Friday, June 1, 2018

Data is distributed about the trading session today with Jobless Claims at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, Quarterly Services Survey at 10:00AMEST, EIA Natural Gas Report at 10:30AMEST, and Consumer Credit at 3:00PMEST.  After making a solid base on the 2713 level the past week, buyers have extended their run up through broadening resistance and through the 2767 intermediate minor level.  Near rising support has been flawless for this run and remains a decent way below price in the lower 2760's.  Overhead, buyers next target is just overhead at the primary minor level of 2779 followed by the intermediate minor level at 2790.  Sellers, if they can get anything going, are going to be looking to push price back down below the trifecta of broken broadening resistance, rising support and the intermediate minor level at 2767.  Below that they have a massive emptiness to work with all the way back to 2743 and a retest of the intermediate pivot level.  Good luck today!

Primary and Intermediate Levels Detail

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