Good morning everyone,
These are key MA levels: 5EMA 2722, 10DMA 2720, 20DMA 2687, 50DMA 2675, 100DMA 2709, 200DMA 2630
These are key Fib Levels: 2905, 2774, 2759, 2637, 2587
Here is today's market look at the S&P 500 for Wednesday, May 23, 2018
Happy Fed minutes day everyone!!! Data for this mornings portion of the session has us looking at the PMI Composite Flash at 9:45AMEST, New Home Sales at 10:00AMEST, EIA Petroleum Status Report at 10:30AMEST, and followed up in the afternoon with the FOMC Minutes release. Yesterday's price action had us put in a marginally new primary and intermediate pivot before retreating back to the intermediate minor level and stack of moving averages around the 2717 area. Overnight price action has us set to gap below all of this area and into the void between 2717 and 2697 where the next lower intermediate minor level resides. This next lower level is the most probable near term target for sellers. This will also be the first area that buyers will have to create a new base in an attempt to make a run at yesterdays new primary pivot. Good luck today!