Good morning everyone,
These are key MA levels: 5EMA 2719, 10DMA 2709, 20DMA 2680, 50DMA 2677, 100DMA 2708, 200DMA 2627
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 Monday, May 21, 2018
The only item of interest for today's session is the Chicago Fed National Activity Index at 8:30AMEST. The technical picture remains predominantly constructive for buyers as they've managed to base price on the 100DMA at the intermediate minor level and previous intermediate pivot at 2715. Should sellers be able to take control with the help of momentum traders as a result of closing below the 5DEMA the first target would be 2697 and ultimately the 50 and 20DMA's at the 2680 level. Buyers will be targeting a break of near term declining resistance in the 2720 region and then the primary minor level just above 2730. Above that there is a massive gap of level resistance all the way up to to 2767 along with broadening resistance currently cutting through the 2750's. Good luck today!