S&P500 Expert Lounge Update – May 18, 2018

Good morning everyone,

These are key MA levels:  5EMA 2722, 10DMA 2704,  20DMA 2678, 50DMA 2678, 100DMA 2708, 200DMA 2626

These are key Fib Levels:   2905, 2774, 2759, 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 Friday, May 18, 2018

Happy Friday everyone!  Data is light today with only the Baker Hughes Rig Count at 1:00PMEST.  Yesterday sellers were able to push price below near term rising support but failed to reclaim the 100DMA.  Current overnight price action looks set for a second attempt to challenge the 100DMA.  Should sellers be able to pull the rug out their first target with be 2695 intermediate minor level and the 10DMA.  Below that is another solid 10 point plus step down to 2682 intermediate minor level and the 50 and 20DMAs.  For buyers holding the 10DMA would be a huge accomplishment, but probablistically it seems more likely that the 2695 and 2680 levels would be better suited for a new basing process for them to build a new base from which to potentially push the market higher.  The next thing to look for on further downside would be a new intermediate pivot marker which would signal the market is hunting for a new pivot low.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

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