Good morning everyone,
These are key MA levels: 5EMA 2651, 10DMA 2670, 20DMA 2657, 50DMA 2686, 100DMA 2704, 200DMA 2612
These are key Fib Levels: 2905, 2777, 2660, 2647, 2638, 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 1, 2018
Happy FOMC Day everyone! Today begins the first day of gripping conversation among the various Federal Reserve heads and culminates in an announcement tomorrow afternoon. Data for today consists of the Feds Redbook at 8:55AMEST, PMI Manufacturing Index at 9:45AMEST, and the ISM Manufacturing Index along with Construction Spending at 10:00AMEST. The technical picture has pushed us yet again further into the apex of a price compression pattern and found the buyers defense zone between the primary minor level at 2650 and intermediate minor level at 2643 that was touched upon in yesterday's update. Intermediate pivot rising support comes in just below this at 2630 and below that at 2613 we have the 200DMA which has been well defended albeit a bit sloppily at times. The two intermediate pivot markers still bookend this price action so we should consider this simply a range until a new pivot marker presents itself. Overhead buyers have a dog pile of moving averages weighing down on them along with an intermediate minor level at 2673 and two declining resistance levels to contend with. Good luck today!