Good morning everyone,
These are key MA levels: 5EMA 2655, 10DMA 2658, 20DMA 2658, 50DMA 2683, 100DMA 2705, 200DMA 2614
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 Thursday, May 3, 2018
Data is abound today after the FOMC whipsaw yesterday. We start out with the Challenger Job Cut Report at 7:30AMEST, International Trade, Jobless Claims, and Productivity and Costs at 8:30AMEST, Bloomberg Consumer Comfort Index and PMI Services Index at 9:45AMEST, Factory Orders and ISM Non-Manufacturing Index at 10:00AMEST, and lastly the EIA Natural Gas Report at 10:30AMEST. The technical backdrop still remains in compression mode as we put in yet another lower high yesterday after being rejected by momentum traders at the 5DEMA. The overnight session has retested the 2625 pivot low and recovered marginally up to this point. An open below rising support this morning would open the door for sellers to make a run at the 200DMA at 2615 and the primary minor level just below that at 2605. Overhead we have a stack of moving averages bearing down on price with the 10 and 20DMA in the 2660's and the 5DEMA at 2658. Should buyers be able to put something together today their first area of interest is going to be the primary and intermediate levels between 2645 and 2650 along with the first of a declining resistance array that is cutting the two levels. Anything between the now even more compressed pivots is an odd lotter's paradise and one would be well advised to be patient until we see some directional clarity. Good luck today!