S&P500 Expert Lounge Update –August 5, 2016

Good morning everyone,

These are key timing for today: 10:00AMEST, 1:00PMEST

These are key MA levels:  5EMA 2164, 10DMA 2168, 20DMA 2164, 50DMA 2119

These are key Fib Levels:  2191, 2171

These are key primary and intermediate levels:  2130(minor), 2126(primary major), 2116(major)

Here is today's market look at the S&P 500 for Friday, August 5,  2016

RVS is still holding 1CPM while the overnight left little to be desired directionality wise.  All eyes this morning will be focused on The Employment Situation and International Trade at 8:30AMEST.  5min cycles put in a Bullish Retrace and an End during off hours trading and the 288 chart has fired off multiple bearish LREs which hints that upward price movement may be waning.  The 480 chart has a complete impulse which adds weight to the idea of limited upside.  Ideally from a Fibonacci standpoint, the 2170/71 area would be an optimal turn zone.  Good luck today and mind your positions coming into the 8:30AMEST hour.

MSP

MSP

Primary and Intermediate Levels

Primary and Intermediate Levels

SPX

SPX