S&P500 Expert Lounge Update – July 20, 2018

Good morning everyone,

These are key MA levels:  5EMA 2805, 10DMA 2793,  20DMA 2759, 50DMA 2749, 100DMA 2713, 200DMA 2686

These are key Fib Levels:   2826, 2795, 2784

Here is today's market look at the S&P 500 for Friday, July 20, 2018

Happy Friday everyone!  The only item of interest for today's session is the Baker Hughes Rig Count at 1:00PMEST.  Outside of that, it is all technical for this last trading day of the week.  We closed out yesterday's session at a dividing line at which we spent the day basing on the primary minor level at 2801, and atop the 5DEMA, rising support, and the lower bound of a rising wedge pattern.  Sellers took over in the overnight session and took the market an additional 10 points lower but has since recovered to what would currently be a roughly flat open.  The open is going to be the key to today's session.  If we open with a gap below all the previously mentioned technical levels, expect an acceleration early on down to the next lower intermediate minor level at 2780 and 10DMA.  Should price maintain and open above or at yesterday's close we could be in for a choppy grinding higher day in an attempt to put in another marginally higher primary and intermediate pivot.  Good luck today and have a great weekend everyone!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 19, 2018

Good morning everyone,

These are key MA levels:  5EMA 2804, 10DMA 2787,  20DMA 2757, 50DMA 2746, 100DMA 2713, 200DMA 2685

These are key Fib Levels:   2821, 2790, 2783

Here is today's market look at the S&P 500 for Thursday, July 19, 2018

Data for today consists of Jobless Claims and Philadelphia Fed Business Outlook Survey at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, Leading Indicators at 10:00AMEST, and the EIA Natural Gas Report at 1030AMEST.  Sellers have stepped in this morning and look set to challenge the primary minor level at 2801 along with the 5DEMA just below.  This will be the first solid breach of rising support and has the potential to create a decent amount of downward movement.  Buyers will be looking to put a floor under price near the next lower primary level at 2778 and at the 10DMA in an effort to challenge the all time highs.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 18, 2018

Good morning everyone,

These are key MA levels:  5EMA 2793, 10DMA 2768,  20DMA 2753, 50DMA 2740, 100DMA 2711, 200DMA 2682

These are key Fib Levels:   2821, 2790, 2783

Here is today's market look at the S&P 500 for Wednesday, July 18, 2018

Yesterday buyers put the floor under price right where they needed to at the 5DEMA and intermediate minor level at 2790 which hints that momentum traders are still very much active in this move.  The only level remaining above the intermediate minor level at 2813 is the primary minor level which marks the all time high at 2872.  Given the size of the void between the two levels, sellers need to put a stop to this run immediately or risk a rather large breakaway.  The first target for them is going to be rising support and the primary minor level at 2803.  After that there is the 5DEMA and intermediate minor level in the lower 2790's to contend with before they would get some breathing room down to the next primary minor level, rising support and 10DMA in the 2770's.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 17, 2018

Good morning everyone,

These are key MA levels:  5EMA 2793, 10DMA 2768,  20DMA 2753, 50DMA 2740, 100DMA 2711, 200DMA 2682

These are key Fib Levels:   2821, 2790, 2783

Here is today's market look at the S&P 500 for Tuesday, July 17, 2018

Since finding the long standing primary minor level target just north of 2800, price has been consolidating and slowly retreating towards rising support and maintaining above the 5DEMA as momentum traders lock in some gains.  Present price has us set to open on the intermediate minor level at 2791 and a broken neckline of a head and shoulders pattern that targets the lower 2780's and most likely finds the next lower primary minor level at 2777 should sellers be able to break the 2791 level.  Buyers need to clear the declining resistance level that is currently cutting through the 2790's if the are to initiate another leg higher and attempt to challenge the intermediate minor level at 2814.  Good luck today!

 

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 11, 2018

Good morning everyone,

These are key MA levels:  5EMA 2757, 10DMA 2737,  20DMA 2751, 50DMA 2728, 100DMA 2707, 200DMA 2676

These are key Fib Levels:   2821, 2764

Here is today's market look at the S&P 500 for Wednesday, July 11, 2018

We have a decent amount of data for the early portion of the session with the MBA Mortgage Applications at 7:00AMEST, Producer Price Index at 8:30AMEST, Atlanta Fed Business Inflation Expectations at 10:00AMEST along with Wholesale Trade, and lastly the EIA Petroleum Status Report at 10:30AMEST.  Yesterday's price action met expectations with a predominantly sideways day after the initial gap up.  Sellers have the ball this morning as the market has dropped roughly 23 points from yesterday's close and looks set to open up in around the 2nd rising support array line near 2770.  As noted in yesterday's update, the solid target for sellers is the primary minor level at 2763 where buyers will be looking to build a base.  The loss of this level opens up much lower levels with the intermediate minor level and next lower rising support coming in at 2745.  Ideally buyers will want to put a floor under price on this initial morning drop at the 2763 level and push it back up directly to the primary minor level at 2803.  While the opportunity presents itself rather well here, knife catching is a dangerous sport and should be approached with the utmost of care.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – July 10, 2018

Good morning everyone,

These are key MA levels:  5EMA 2744, 10DMA 2729,  20DMA 2750, 50DMA 2726, 100DMA 2707, 200DMA 2675

These are key Fib Levels:   2821, 2764

Here is today's market look at the S&P 500 for Tuesday, July 10, 2018

Data for today is light with only the Feds Redbook at 8:55AMEST, and the Job Openings and Labor Turnovers Survey (JOLTS) at 10:00AMEST.  The technical side of the house saw another solid day for buyers as we closed at the highs and after successfully breaking the primary minor level at 2777 and backtesting it.  The current overnight price action has also been positive and is currently set up to test the primary pivot at 2792, that will be the buyers goal today, to break and maintain above that level.  Given the location and relentlessness of the climb, some consolidation is likely in order so some choppiness over the coming sessions would not be at all surprising.  Given that thought, sellers will first target the primary minor level at 2777 along with the steepest of rising support in the array which is currently cutting through the 2770's.  Below that there will be some solid support at the next lower intermediate minor level at 2762.  Good luck today and watch the reversals.

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – July 9, 2018

Good morning everyone,

These are key MA levels:  5EMA 2730, 10DMA 2726,  20DMA 2750, 50DMA 2723, 100DMA 2706, 200DMA 2673

These are key Fib Levels:   2749, 2772, 2692, 2664

Here is today's market look at the S&P 500 for Monday, July 9, 2018

There are a couple of items later in the session of note with the TD Ameritrade Investor Movement Index at 12:30PMEST, and Consumer Credit at 3:00PMEST.  The technical breakout last week has led to a sizeable run for buyers and is nearing the completion target for the inverted head and shoulders pattern that built off the intermediate minor level at 2698.  We also have a new intermediate pivot marker which would indicate that some backing and filling will be coming in the near future, but ultimately this leg should see us reach the primary minor level at 2777.  There are a number of rising supports in play at this point which gives the sellers something to shoot for, but being too anxious to step in front of trending price is a fools errand so be patient and pick your spots carefully.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – July 6, 2018

Good morning everyone,

These are key MA levels:  5EMA 2722, 10DMA 2725,  20DMA 2750, 50DMA 2721, 100DMA 2705, 200DMA 2672

These are key Fib Levels:   2749, 2772, 2692, 2664

Here is today's market look at the S&P 500 for Friday, July 6, 2018

Happy Friday everyone, the only remaining data point for today is the Baker Hughes Rig Count at 1:00PMEST.  The technical picture while still a bit opaque is showing some signs of clarity with the buyers pushing through the primary minor level, the first declining resistance, and the 10DMA during yesterday's session.  We are currently sitting right at the next declining resistance and look set to open roughly flat this morning.  Sellers will need to hold this level and to keep everything together or risk triggering the inverted head and shoulders that targets the 2770's and the next primary minor level.  Ultimately buyers will need to clear the intermediate minor level at 2743 to trigger it and that will be their first target should sellers not be able to contain price below the declining resistance level we are currently at.  Good luck today and have a great weekend everyone!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 5, 2018

Good morning everyone,

These are key MA levels:  5EMA 2714, 10DMA 2728,  20DMA 2752, 50DMA 2719, 100DMA 2704, 200DMA 2671

These are key Fib Levels:   2749, 2772, 2692, 2664

Here is today's market look at the S&P 500 for Thursday, July 5, 2018

Happy post holiday trading day everyone!  We have a decent amount of data today with the Jobless Claims at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, ISM Non-Manufacturing Index at 10:00AMEST, EIA Petroleum Status Report at 11:00AMEST, and the FOMC Minutes at 2:00PMEST.  The technical side of things has us in a compression pattern presently with lower highs and higher lows and what was a weak start to the overnight session has since turned into a solid rally and we are currently set to open up on or above the first declining resistance at the intermediate and primary minor levels at 2730.  Sellers will need to hold the line there if they hope to contain this, otherwise it triggers the potential head and shoulders pattern which could have us back up to the 2770's in short order.  Good luck today!

 

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 3, 2018

Good morning everyone,

These are key MA levels:  5EMA 2716, 10DMA 2733,  20DMA 2754, 50DMA 2718, 100DMA 2702, 200DMA 2670

These are key Fib Levels:   2733, 2742

Here is today's market look at the S&P 500 for Tuesday, July 3, 2018

Data is light on the preholiday trading session with only Factory Orders at 10:00AMEST.  Yesterday buyers showed up exactly where they needed to at the 100DMA and 2700 level to build a base and make a run at the declining resistance array first level.  They have extended gains in the overnight and are currently set to open the market up on the primary minor level at 2733 and above declining resistance.  With an intermediate pivot in place down at 2690 and an inverted head and shoulders pattern formed between there and the primary minor level at 2744, a break above there has the potential to very constructive for buyers.  On the flip side, given there is a triple bottom at this point, should buyers fail to make a clean breakout in the coming sessions, it is a very high probability that the 200DMA will be tested at the very least, if not much lower.  Good luck today and see everyone on Thursday.

 

Primary and Intermediate Levels Detail