Good morning everyone,
These are key MA levels: 5EMA 2654, 10DMA 2655, 20DMA 2663, 50DMA 2677, 100DMA 2705, 200DMA 2617
These are key Fib Levels: 2905, 2774, 2649, 2637, 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 Wednesday, May 9, 2018
Data is front end loaded for the session today with MBA Mortgage Applications 7:00AMEST, Producer Price Index 8:30AMEST, Wholesale Trade at 10:00AMEST, and EIA Petroleum Status Report at 10:30AMEST. Overnight price action has been positive up to this point and we are currently set to open back on, or above, declining resistance in the 2677 area. The most positive outcome upon open for buyers would be to have an opening gap over both the intermediate minor level and 50DMA at 2682. If that doesn't transpire then that 2682 area should prove to be a reasonable resistance area for sellers to defend. Above that the intermediate minor level at 2697 will be the next area of interest for sellers. A failure after a gap over 2682 would be catastrophic for buyers and would likely lead to a swift decline back down to test the primary minor level and 10DMA at 2650. Should buyers fail to maintain that level and the 2642 intermediate minor level the massive void of levels down to the lower 2600's will most likely be swiftly traversed and a test of the 200DMA would be a minimum expectation in such an event. Good luck today!