S&P500 Expert Lounge Update – June 8, 2018

Good morning everyone,

These are key MA levels:  5EMA 2754, 10DMA 2734,  20DMA 2728, 50DMA 2683, 100DMA 2709, 200DMA 2645

These are key Fib Levels:   2814, 2783, 2756, 2746

Here is today's market look at the S&P 500 for Friday, June 8, 2018

Happy Friday everyone!  There are a couple items of note for today's session with regards to economic data with Wholesale Trade at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  Price maintained rising support again yesterday after topping out at the primary minor level at 2779.  Current overnight price action will have a gap down below rising support and into the mid 2750's which will put buyers on guard with an established lower high and lower low relative to yesterday's price action.  The first area of interest for sellers to target will be the previous intermediate minor pivot down at 2744 should momentum traders fail to buy up the 5DEMA.  Buyers will be looking to consolidate some gains and attempt to make a base in the mid 2740's if they are to continue this present leg of the run.  Given the torrid pace of the rise up to this point, a few days of sideways is to be expected.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

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