Good morning everyone,
These are key MA levels: 5EMA 2655, 10DMA 2665, 20DMA 2659, 50DMA 2684, 100DMA 2704, 200DMA 2613
These are key Fib Levels: 2905, 2777, 2660, 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 Wednesday, May 2, 2018
Data for today all revolves around the FOMC announcement this afternoon, but we start off with the ADP Employment Report at 8:15AMEST, EIA Petroleum Status Report at 10:30AMEST, and lastly the FOMC Meeting Announcement at 2:00PMEST. Technically speaking this morning, price found rising support above the 200DMA and took off like a rocket back up through the intermediate and primary levels in the mid 2600's and closed the at the 5DEMA. Being that price is currently smack in the middle of the range, it would be wise to be patient in entering any sort of position to standby until price finds the edge of the most recent pivot extremes at either 2680 or 2610. Sellers will be looking to defend the zone between 2670 to 2680 and buyers have a couple options to establish a new base at either rising support in the 2630 to 2640 zone, or just below that at the 200DMA 2615. With our intermediate pivot marker range defined at 2715 and 2610 we are in market neutral territory where range racing is the rule, not the exception so be nimble and flexible in any entered position. Good luck today!