S&P500 Expert Lounge Update – January 29, 2018

Good morning everyone,

These are key MA levels:  5EMA 2844, 10DMA 2819,  20DMA 2777, 50DMA 2691, 100DMA 2614, 200DMA 2520

These are key Fib Levels:  2856

These are key primary and intermediate levels: 2595(intermediate minor) 2577 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)

Here is today's market look at the S&P 500 for Monday, January 29, 2018

Hopefully everyone had a great weekend.  Data for today is light with only Personal Income and Outlays at 8:30AMEST, and the Dallas Fed Manufacturing Survey at 10:30AMEST.  Friday's vertical ascent neared broadening resistance and looks set to consolidate some of those gains this morning as we are currently positioned to open lower.  The first challenge for sellers is going to be in the low 2860's to upper 2850's where they will encounter the first line of horizontal support and depending on the speed of the decline potentially the first traces of rising support.  The way the 5DEMA has been respected throughout the duration of this leg has been absolutely astounding which means momentum traders are firmly entrenched in this move.  With that being said, it means the opposite will hold true.  When this move comes to a close, they are going to hit the exits in a hurry which is going to be scary for the uninitiated.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – January 26, 2018

Good morning everyone,

These are key MA levels:  5EMA 2823, 10DMA 2800,  20DMA 2754, 50DMA 2680, 100DMA 2607, 200DMA 2515

These are key Fib Levels:  2849, 2816

These are key primary and intermediate levels: 2595(intermediate minor) 2577 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)

Here is today's market look at the S&P 500 for Friday, January 26, 2018

Happy Friday everyone!  We have a few big ticket items in the economic data department today with Durable Goods Orders, GDP, and International Trade all coming in at 8:30AMEST and the Baker Hughes Rig Count at 1:00PMEST.  The technical side of the house saw a marginally weak day yesterday with a minor breach of rising support followed by momentum traders stepping in to arrest the fall just prior to the 5DEMA.  At present price is in a compression pattern which still lends an advantage to buyers so long as the previous swing lows hold.  Below the that pivot and sellers take control down to the 2800 level where buyers will be lying in wait for the next battle in price direction.  We also have a reasonably solid declining resistance in place which will serve as an early warning to sellers that the next leg higher may be getting under way if breached.  The target area for the compression pattern breakout would be in the 2880 region.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – January 24, 2018

Good morning everyone,

These are key MA levels:  5EMA 2816, 10DMA 2791,  20DMA 2747, 50DMA 2675, 100DMA 2603, 200DMA 2513

These are key Fib Levels:  2843, 2846

These are key primary and intermediate levels: 2595(intermediate minor) 2577 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)

Here is today's market look at the S&P 500 for Wednesday, January 24, 2018

We have a reasonable amount of data today with PMI Composite Flash at 9:45AMEST, Existing Home Sales at 10:00AMEST, and the EIA Petroleum Status Report at 10:30AMEST.  Price popped over broadening resistance and continued to base on it yesterday which has the potential to lead to more runaway price action.  It will be important for sellers to arrest this as soon as possible for them to have any hope.  Rising support comes into play in the 2830 to 2825 should sellers be able to put together a resistance.  Good luck today.

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – January 17, 2018

Good morning everyone,

These are key MA levels:  5EMA 2765, 10DMA 2745,  20DMA 2715, 50DMA 2652, 100DMA 2584, 200DMA 2401

These are key Fib Levels: 2798, 2789 

These are key primary and intermediate levels: 2595(intermediate minor) 2577 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)

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

Today's data is abundant with MBA Morgage Applications at 7:00AMEST, Fed's Redbook at 8:55AMEST, Industrial Production at 9:15AMEST, Housing Market Index at 10:00AMEST, and the Fed's Beige Book at 2:00PMEST.  After overthrowing broadening resistance sellers stepped in and managed to completely reverse the gap on the day and pull the market back to near the 5DEMA.  So long as sellers can defend the 2798 level they have the potential to build a larger decline, but while the decline was dramatic, there is no technical indications of a reversal at present especially since momentum buyers were eager to buy up the 5DEMA.  Sellers next target would be to test the area between 2760 and 2750 and close for the session below the 5DEMA upon a break of yesterday's lows.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – January 11, 2018

Good morning everyone,

These are key timing for today: n/a

These are key MA levels:  5EMA 2742, 10DMA 2716,  20DMA 2696, 50DMA 2640, 100DMA 2574, 200DMA 2495

These are key Fib Levels:  2756, 2741, 2736

These are key primary and intermediate levels: 2595(intermediate minor) 2577 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)

Here is today's market look at the S&P 500 for Wednesday, January 10,  2017

Today's data consists of Jobless Claims and Producer Price Index at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, EIA Natural Gas Report at 10:30AMEST, and the Treasury Budget at 2:00PMEST.  The technical picture has us up against declining resistance after cleanly bouncing off the 5DEMA as momentum players stepped back into the fray.  Given the current overnight price action we are currently marginally above the declining support but it is premature to read into that too much because price can do a lot of things between now and the opening bell.  Until a close below the 5DEMA buyers still have a firm grasp on overall market direction, and a break of the declining resistance would give more validity to that fact remaining valid.  The 2725 to 2530 zone will still be a solid area of defense for buyers should the sellers be able to push price down even further.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – January 9, 2018

Good morning everyone,

These are key timing for today: n/a

These are key MA levels:  5EMA 2724, 10DMA 2703,  20DMA 2686, 50DMA 2633, 100DMA 2568, 200DMA 2491

These are key Fib Levels:  2765

These are key primary and intermediate levels: 2595(intermediate minor) 2577 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)

Here is today's market look at the S&P 500 for Tuesday, January 9,  2017

The data flow today is again light with only the NFIB Small Business Optimism Index at 6:00AMEST, the Fed's Redbook at 8:55AMEST, nd the JOLTS Report at 10:00AMEST.  Very little has changed from yesterday's update as price continued to push up against the all time highs in a small broadening formation and continues to levitate above the broken broadening resistance now potentially support.  The first major challenge area on any pullback is going to be in the 2725 to 2730 zone with the most substantial consolidation area of this run and an accompanying gap out of it.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – January 8, 2018

Good morning everyone,

These are key timing for today: 2765

These are key MA levels:  5EMA 2709, 10DMA 2696,  20DMA 2681, 50DMA 2629, 100DMA 2565, 200DMA 2489

These are key Fib Levels:  2732

These are key primary and intermediate levels: 2595(intermediate minor) 2577 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)

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

Data is virtually nonexistent today with only the TD Ameritrade Investor Movement Index release at 12:30PMEST.  Friday's price action extended us out over broadening resistance and well above the 5DEMA which should lead to some consolidation in the near term.  Seeing what kind of reaction takes place on a retest of the now potential rising support will be important.  A failure from this level hints that a run back at the lower bound is highly probable and a quality fifty point swing at this stage back to the 2690's.  Good luck today!

Primary and Intermediate Levels Detail