S&P500 Expert Lounge Update – May 30, 2018

Good morning everyone,

These are key MA levels:  5EMA 2727, 10DMA 2723,  20DMA 2698, 50DMA 2673, 100DMA 2710, 200DMA 2634

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

Here is today's market look at the S&P 500 for Wednesday, May 30, 2018

The only data we have left to hit the tape today is the Feds Beige Book at 2:00PMEST.  We also have lots of moving parts going on with the technicals as we double tapped the 50DMA yesterday with an intermediate pivot and look set to extend that double bottom rally today.  The big target for buyers is going to be the intermediate minor level at 2716 along the the 5DEMA, 10DMA, and 100DMA.  Sellers first order of business is going to be to challenge the double bottom low and 50DMA in hopes of having enough momentum to get through the intermediate minor level at 2672.  At that point it would open up the primary minor level down near 2650.  Good luck today!

Primary and Intermediate Levels Detail

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