S&P500 Expert Lounge Update – May 10, 2018

Good morning everyone,

These are key MA levels:  5EMA 2667, 10DMA 2661,  20DMA 2661, 50DMA 2676, 100DMA 2705, 200DMA 2619

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 Thursday, May 10, 2018

Today's remaining data is dispersed through the trading session with the Bloomberg Consumer Comfort Index at 9:45AMEST,  EIA Natural Gas Report at 10:30AMEST, and the Treasury Budget at 2:00PMEST.  After wrestling with the 2682 intermediate minor level for the early part of the session yesterday and successfully basing buyers pushed the price up to the declining resistance down from the all time high and the 2696 intermediate minor level.  We are currently set to open marginally higher and stand a good chance of testing the underside of the 100DMA which is the only thing that sellers have to defend before a test of the previous intermediate pivot high at 2718.  Should sellers be able to turn the price action in their favor their first obstacle is going to be  rising support near the 2690 and very formidable support at the intermediate minor level at 2681.  Good luck today!

Primary and Intermediate Levels Detail

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