Good morning everyone,
These are key MA levels: 5EMA 2724, 10DMA 2723, 20DMA 2692, 50DMA 2674, 100DMA 2710, 200DMA 2631
These are key Fib Levels: 2905, 2774, 2759, 2637, 2587
Here is today's market look at the S&P 500 for Thursday, May 24, 2018
Data is abound today with Jobless Claims at 8:30AMEST, FHFA House Price Index at 9:45AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, Existing Home Sales at 10:00AMEST, EIA Natural Gas Report at 10:30AMEST, and the Kansas City Fed Manufacturing Index at 11:00AMEST. Price remains in neutral territory as we sit between a higher high and lower low pivot after bottoming on the 100DMA. Any consolidation process between the primary minor level at 2733 and intermediate minor level at 2730 should be taken as a hint that buyers are readying for a run at the primary and intermediate pivot and ultimately up to the intermediate minor level up at 2767. Sellers need to break down the 100DMA at 2712 to get some momentum going and push price back down to the next lower intermediate minor level at 2696. Good luck today and avoid the chop.