S&P500 Expert Lounge Update – April 27, 2018

Good morning everyone,

These are key MA levels:  5EMA 2656, 10DMA 2672,  20DMA 2652, 50DMA 2688, 100DMA 2704, 200DMA 2610

These are key Fib Levels:   2905, 2777, 2660, 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 Friday, April 27, 2018

Happy Friday Everyone!  Data this morning is respectable with the all important GDP and Employment Cost Index at 8:30AMEST, Consumer Sentiment at 10:00AMEST, Baker Hughes Rig Count at 1:00PMEST, and Farm Prices at 3:00PMEST.  The technical picture is still showing buyers in control as of the close yesterday as we remain above the 5DEMA and absent of a intermediate pivot marker at the most recent high.  Rising support resides in the 2660 region and just below that sellers will have to contend with the 20DMA and primary minor level at 2650.  If buyers can clear the 10DMA which caused a severe reaction during yesterdays session, they have a clear shot at the 2690's and the 50DMA, declining resistance, and the intermediate minor level at 2697.  Between those two area's, mind you P's and Q's and as always, have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – April 25, 2018

Good morning everyone,

These are key MA levels:  5EMA 2675, 10DMA 2672,  20DMA 2648, 50DMA 2688, 100DMA 2704, 200DMA 2607

These are key Fib Levels:   2905, 2777, 2660, 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, April 25, 2018

The only data point for the market to contend with is the EIA Petroleum Status Report at 10:30AMEST.  The technical picture saw a weak day yesterday with a run back down towards the 200DMA.  We've established a new intermediate pivot marker at yesterday's lows which should give sellers pause and serves as a warning that a new rally may be at hand soon.  The range still remains intact and there is no indication that this decline is at present any different then the previous ones.  We are currently in a void of levels so it would be expected that we should find one of the lower intermediate or primary levels at the 2600 area.  Declining resistance near 2640 will be the target for buyers should they manage to get a foothold in the coming sessions.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – April 24, 2018

Good morning everyone,

These are key MA levels:  5EMA 2682, 10DMA 2659,  20DMA 2644, 50DMA 2687, 100DMA 2701, 200DMA 2603

These are key Fib Levels:   2905, 2777, 2749

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 Tuesday, April 24, 2018

Data is front end loaded on the day with the Core Logic Case Shiller Home Price Index and FHFA House Price Index at 9:00AMEST, New Home Sales, Consumer Confidence, Richmond Fed Manufacturing, and State Street Investor Confidence Index at 10:00AMEST.  The technical picture had us break the rising support modestly yesterday while still maintaining the 20DMA.  Below the 5DEMA and with an intermediate pivot marker in place sellers have the advantage overall and areas of interest reside in the 2700 region with declining resistance and the 100DMA and 2650 with the intermediate minor level and 20DMA.  Sustaining trade above the range of 2660 and 2580 should be considered a basing process for buyers to solidify a new push higher.  A failure back into this region would easily cause a cascading effect down to the primary minor level and 200DMA at 2600.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – April 18, 2018

Good morning everyone,

These are key MA levels:  5EMA 2669, 10DMA 2652,  20DMA 2649, 50DMA 2685, 100DMA 2700, 200DMA 2601

These are key Fib Levels:   2905, 2777, 2749

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, April 18, 2018

Data is light today with the EIA Petroleum Status Report at 10:30AMEST and the Feds Beige Book at 2:00PMEST.  Yesterday's price action squirted out of the rising wedging pattern and used the 100DMA as a basing area for today's rally continuation.  As noted in previous updates, a break to the upside is going to have room to run and will most likely find the upper 2700 range before a more meaningful turn can take place.  For the near term though we have a decent amount of support with both the 100 and 50DMAs under price and an intermediate minor level at 2695 splitting the difference.  Once we find the upper 2720's there is potential for a reaction off of the intermediate minor level of 2729 and declining resistance.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – April 16, 2018

Good morning everyone,

These are key MA levels:  5EMA 2636, 10DMA 2632,  20DMA 2653, 50DMA 2693, 100DMA 2697, 200DMA 2597

These are key Fib Levels:   2905, 2807, 2704, 2462, 2450

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 Monday, April 16, 2018

We have a couple items of note first thing today with Business Inventories and the Housing Market Index at 10:00AMEST.  While the market has broken out of the near term rising wedge that was pointed out last week, it appears to be carving out a larger fractal of the same pattern especially give today's price action.  The outcome is the same even though the timeline has shifted.  A dramatic break out or down will occur when this pattern is satisfied.  Buyers have been reclaiming the 5DEMA on a closing basis so momentum traders are betting on a rally.  We also have an intermediate pivot marker at the most recent pivot high.  Ideally for a full structure we should see another marginal pivot high possibly in a spiking format with a swift reversal if the sellers are to own this.  Otherwise get comfortable on the buy side because this is going to run.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – April 12, 2018

Good morning everyone,

These are key MA levels:  5EMA 2635, 10DMA 2626,  20DMA 2658, 50DMA 2696, 100DMA 2696, 200DMA 2596

These are key Fib Levels:   2905, 2807, 2704, 2462, 2450

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 Thursday, April 12, 2018

Today's data is front end loaded with Jobless Claims and Import/Export Prices at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, and the EIA Natural Gas Report at 10:30AMEST.  The technical side of things has yet to clarify its intentions as price continues to oscillate around the primary minor level at 2650 and buyers have been able to reclaim the 5DMA on a closing basis which gives them a slight advantage of near term momentum.  We've broken down marginally out of yesterday's rising wedge which opens up a potential run down to 2620 and the 10DMA along with the next layer of rising support.  Overhead there is a newly established declining resistance along with the 20DMA in the 2665 to 2670 region that will provide the dividing line between more consolidation and a run at the 100DMA and 2700 level.  Good luck today!

Primary and Intermediate Levels Detail