S&P500 Expert Lounge Update – May 8, 2017

Good morning everyone,

These are key timing for today:  9:30AMEST, 2:30PMEST

These are key MA levels:  5EMA 2391, 10DMA 2389,  20DMA 2368, 50DMA 2366, 100DMA 2328, 200DMA 2248

These are key Fib Levels:  2418, 2402, 2389, 2387

These are key primary and intermediate: 2401(intermediate minor), 2379(intermediate minor), 2373 (intermediate minor), 2355(intermediate minor), 2255(intermediate minor), 2322(intermediate minor), 2255(intermediate minor)

Here is today's market look at the S&P 500 for Monday, May 8, 2017

The overnight price action appears to be favoring the cyan MSP at present, but keep an eye on the regular trading hours open where timing causes very dramatic outcomes between them.  Data is very light today with Labor Market Conditions at 10:00AMEST and TD Ameritrade IMX at 12:30PMEST.

MSP

As noted on the board Friday, the sustained trade above the declining resistance resulted into a buying spree going into the close.  The overnight saw a spike even higher but has since returned to roughly the closing levels of Friday's trading session.  Above the all time highs and greater than 2410 is the most likely target.  The broken declining resistance in conjunction with the stack of 5DEMA, and 10DMA should provide support for buyers on any decline.  Good luck today!

Primary and Intermediate Levels

 

MSP

Primary and Intermediate Levels

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