S&P500 Expert Lounge Update –August 24, 2016

Good morning everyone,

These are key timing for today: 8:30AMEST, 11:00AMEST

These are key MA levels:  5EMA 2185, 10DMA 2184, 20DMA 2178, 50DMA 2141

These are key Fib Levels:  2194, 2161

These are key primary and intermediate levels:  2180(minor), 2155(minor), 2148(minor)

Here is today's market look at the S&P 500 for Wednesday, August 24,  2016

Today on the data docket we have the FHFA House Price Index at 9:00AMEST, Existing Home Sales at 10:00AMEST, and the EIA Petroleum Status Report at 10:30AMEST.  Yesterday's Fibonacci and Intermediate Minor level marked the high for the day as we continue to carve out yet another trading range which joins a long list from the past month and a half.  We currently have a new support cycle coming in on the 135 chart that coincides with a Bullish Retrace on the 60min that hints at higher prices before a more sustained decline, but with 2nd and 3rd Ends on the 288 and 480 charts along with  MSP at its turning window, anything from the long side should be taken with extreme caution.  Good luck today!

MSP

MSP

Primary and Intermediate Levels

Primary and Intermediate Levels