Good morning everyone,
These are key MA levels: 5EMA 2719, 10DMA 2719, 20DMA 2700, 50DMA 2672, 100DMA 2710, 200DMA 2635
These are key Fib Levels: 2905, 2774, 2759, 2637, 2587
Here is today's market look at the S&P 500 for Thursday, May 31, 2018
Data for the session is abound with the Challenger Job Cut Report at 7:30AMEST, Jobless Claims, Personal Incomes and Outlays at 8:30AMEST, Chicago PMI and Bloomberg Consumer Comfort Index at 9:45AMEST, Pending Home Sales at 10:00AMEST, EIA Natural Gas Report at 10:30AMEST, and lastly the EIA Petroleum Status Report at 11:00AMEST. Yesterday's session turned into a gap and go session slicing through declining resistance and the moving averages before ultimately stalling at the intermediate minor level and just shy of the primary minor level in and around the 2730 defined as the upper bound of the range in yesterday's update. Today's job for buyers is to create a base on what has now become broadening support and the 100DMA around 2713. From there another run at the primary pivot just north of 2740 is highly probable. Sellers have their work cut out for them to negate yesterday's move and would first need to fail the breakout and push price back through the 100DMA to give themselves some breathing room which opens up the 20DMA and intermediate minor level at 2698. Good luck today!