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 Friday, May 25, 2018
Happy Friday everyone! We have a few items of interest today, the most important of the group is Durable Goods Orders at 8:30AMEST followed by Consumer Sentiment at 10:00AMEST and rounding out the data docket in the afternoon with the Baker Hughes Rig Count at 1:00PMEST. Price played a game of ping pong yesterday between primary and intermediate minor levels around 2730 and the 100DMA before ultimately closing out the day sitting atop the 5DEMA and 10DMA. Overnight price action currently has us around the primary minor level at 2732 and the 8:30AMEST Durable Goods Order has the potential to set the stage for buyers today should it be a positive number and get us over the 2732 hump and into the massive levels void that runs all the way up to near 2770 and the next intermediate minor level. Sellers still have what seems like an impenetrable rising target in the 100DMA if they are to get anything going for themselves in and around the 2710 level. Everything between these two areas is just more of a consolidation pattern. Good luck today and have a great weekend and an extended one for everyone in the U.S. with Monday being a holiday!