S&P500 Expert Lounge Update – May 31, 2018

Good morning everyone,

These are key MA levels:  5EMA 2719, 10DMA 2719,  20DMA 2700, 50DMA 2672, 100DMA 2710, 200DMA 2635

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

Here is today's market look at the S&P 500 for Thursday, May 31, 2018

Data for the session is abound with the Challenger Job Cut Report at 7:30AMEST, Jobless Claims, Personal Incomes and Outlays at 8:30AMEST, Chicago PMI and Bloomberg Consumer Comfort Index at 9:45AMEST, Pending Home Sales at 10:00AMEST, EIA Natural Gas Report at 10:30AMEST, and lastly the EIA Petroleum Status Report at 11:00AMEST.  Yesterday's session turned into a gap and go session slicing through declining resistance and the moving averages before ultimately stalling at the intermediate minor level and just shy of the primary minor level in and around the 2730 defined as the upper bound of the range in yesterday's update.  Today's job for buyers is to create a base on what has now become broadening support and the 100DMA around 2713.  From there another run at the primary pivot just north of 2740 is highly probable.  Sellers have their work cut out for them to negate yesterday's move and would first need to fail the breakout and push price back through the 100DMA to give themselves some breathing room which opens up the 20DMA and intermediate minor level at 2698.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 30, 2018

Good morning everyone,

These are key MA levels:  5EMA 2727, 10DMA 2723,  20DMA 2698, 50DMA 2673, 100DMA 2710, 200DMA 2634

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

Here is today's market look at the S&P 500 for Wednesday, May 30, 2018

The only data we have left to hit the tape today is the Feds Beige Book at 2:00PMEST.  We also have lots of moving parts going on with the technicals as we double tapped the 50DMA yesterday with an intermediate pivot and look set to extend that double bottom rally today.  The big target for buyers is going to be the intermediate minor level at 2716 along the the 5DEMA, 10DMA, and 100DMA.  Sellers first order of business is going to be to challenge the double bottom low and 50DMA in hopes of having enough momentum to get through the intermediate minor level at 2672.  At that point it would open up the primary minor level down near 2650.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 25, 2018

Good morning everyone,

These are key MA levels:  5EMA 2724, 10DMA 2723,  20DMA 2692, 50DMA 2674, 100DMA 2710, 200DMA 2631

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

Here is today's market look at the S&P 500 for Friday, May 25, 2018

Happy Friday everyone!  We have a few items of interest today, the most important of the group is Durable Goods Orders at 8:30AMEST followed by Consumer Sentiment at 10:00AMEST and rounding out the data docket in the afternoon with the Baker Hughes Rig Count at 1:00PMEST.  Price played a game of ping pong yesterday between primary and intermediate minor levels around 2730 and the 100DMA before ultimately closing out the day sitting atop the 5DEMA and 10DMA.  Overnight price action currently has us around the primary minor level at 2732 and the 8:30AMEST Durable Goods Order has the potential to set the stage for buyers today should it be a positive number and get us over the 2732 hump and into the massive levels void that runs all the way up to near 2770 and the next intermediate minor level.  Sellers still have what seems like an impenetrable rising target in the 100DMA if they are to get anything going for themselves in and around the 2710 level.  Everything between these two areas is just more of a consolidation pattern.  Good luck today and have a great weekend and an extended one for everyone in the U.S. with Monday being a holiday!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – May 24, 2018

Good morning everyone,

These are key MA levels:  5EMA 2724, 10DMA 2723,  20DMA 2692, 50DMA 2674, 100DMA 2710, 200DMA 2631

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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

Data is abound today with Jobless Claims at 8:30AMEST, FHFA House Price Index at 9:45AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, Existing Home Sales at 10:00AMEST, EIA Natural Gas Report at 10:30AMEST, and the Kansas City Fed Manufacturing Index at 11:00AMEST.  Price remains in neutral territory as we sit between a higher high and lower low pivot after bottoming on the 100DMA.  Any consolidation process between the primary minor level at 2733 and intermediate minor level at 2730 should be taken as a hint that buyers are readying for a run at the primary and intermediate pivot and ultimately up to the intermediate minor level up at 2767.  Sellers need to break down the 100DMA at 2712 to get some momentum going and push price back down to the next lower intermediate minor level at 2696.  Good luck today and avoid the chop.

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 23, 2018

Good morning everyone,

These are key MA levels:  5EMA 2722, 10DMA 2720,  20DMA 2687, 50DMA 2675, 100DMA 2709, 200DMA 2630

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

Here is today's market look at the S&P 500 for Wednesday, May 23, 2018

Happy Fed minutes day everyone!!!  Data for this mornings portion of the session has us looking at the PMI Composite Flash at 9:45AMEST, New Home Sales at 10:00AMEST, EIA Petroleum Status Report at 10:30AMEST, and followed up in the afternoon with the FOMC Minutes release.  Yesterday's price action had us put in a marginally new primary and intermediate pivot before retreating back to the intermediate minor level and stack of moving averages around the 2717 area.  Overnight price action has us set to gap below all of this area and into the void between 2717 and 2697 where the next lower intermediate minor level resides.  This next lower level is the most probable near term target for sellers.  This will also be the first area that buyers will have to create a new base in an attempt to make a run at yesterdays new primary pivot.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – May 22, 2018

Good morning everyone,

These are key MA levels:  5EMA 2720, 10DMA 2715,  20DMA 2683, 50DMA 2676, 100DMA 2709, 200DMA 2629

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

Here is today's market look at the S&P 500 for Tuesday, May 22, 2018

There are only a couple items of economic significance today with the Feds Redbook at 8:55AMEST, and the Richmond Fed Manufacturing Index at 10:00AMEST.  Yesterday had us gap up over declining resistance and oscillate around the primary minor level at 2733 while maintaining below the primary and intermediate pivot high at 2742.  Present price action has us marginally higher then yesterday's close at present and gives buyers the advantage should the be able to create another gap up over 2742 and a clear path to the next intermediate minor level at 2767.  Sellers primary goal today is to break down the basing process that has happened on the backtest of yesterday's declining resistance and attempt to wipe out the 100DMA, intermediate minor level, rising support, and fill the gap all in and around the 2715 level.  Between these area's is a lot of noise that is best to leave untouched.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 21, 2018

Good morning everyone,

These are key MA levels:  5EMA 2719, 10DMA 2709,  20DMA 2680, 50DMA 2677, 100DMA 2708, 200DMA 2627

These are key Fib Levels:   2905, 2774, 2759, 2637, 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 Monday, May 21, 2018

The only item of interest for today's session is the Chicago Fed National Activity Index at 8:30AMEST.   The technical picture remains predominantly constructive for buyers as they've managed to base price on the 100DMA at the intermediate minor level and previous intermediate pivot at 2715.  Should sellers be able to take control with the help of momentum traders as a result of closing below the 5DEMA the first target would be 2697 and ultimately the 50 and 20DMA's at the 2680 level.  Buyers will be targeting a break of near term declining resistance in the 2720 region and then the primary minor level just above 2730.  Above that there is a massive gap of level resistance all the way up to to 2767 along with broadening resistance currently cutting through the 2750's.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – May 18, 2018

Good morning everyone,

These are key MA levels:  5EMA 2722, 10DMA 2704,  20DMA 2678, 50DMA 2678, 100DMA 2708, 200DMA 2626

These are key Fib Levels:   2905, 2774, 2759, 2637, 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, May 18, 2018

Happy Friday everyone!  Data is light today with only the Baker Hughes Rig Count at 1:00PMEST.  Yesterday sellers were able to push price below near term rising support but failed to reclaim the 100DMA.  Current overnight price action looks set for a second attempt to challenge the 100DMA.  Should sellers be able to pull the rug out their first target with be 2695 intermediate minor level and the 10DMA.  Below that is another solid 10 point plus step down to 2682 intermediate minor level and the 50 and 20DMAs.  For buyers holding the 10DMA would be a huge accomplishment, but probablistically it seems more likely that the 2695 and 2680 levels would be better suited for a new basing process for them to build a new base from which to potentially push the market higher.  The next thing to look for on further downside would be a new intermediate pivot marker which would signal the market is hunting for a new pivot low.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 17, 2018

Good morning everyone,

These are key MA levels:  5EMA 2722, 10DMA 2695,  20DMA 2676, 50DMA 2678, 100DMA 2708, 200DMA 2625

These are key Fib Levels:   2905, 2774, 2759, 2637, 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 Thursday, May 17, 2018

Data for today is abundant with Jobless Claims and the Philadelphia Fed Business Outlook Survey at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, E-Commerce Retail Sales and Leading Indicators at 10:00AMEST, and EIA Natural Gas Report at 10:30AMEST.  The overnight price action up to this point has been marginally weak but nothing too ugly.  Buyers were able to close the day out on the 5DEMA which is keeping the momentum traders on their side for the time being.  Rising support comes into play immediately when the market opens today as to whether it will be a gap below or support reestablished will need to be judged at 9:30AMEST.  Sellers ability to gap the rising support gives them a shot at the 100DMA again at 2710 and then a clear path below 2700 to the next intermediate minor level at 2795.  Buyers will be looking to hold the rising support and to challenge the intermediate minor level and primary minor level around 2730.  After that they have a clean shot at the intermediate and primary pivot above 2740.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 16, 2018

Good morning everyone,

These are key MA levels:  5EMA 2718, 10DMA 2686,  20DMA 2675, 50DMA 2678, 100DMA 2707, 200DMA 2624

These are key Fib Levels:   2905, 2774, 2759, 2637, 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, May 16, 2018

Today's trading session has a decent amount of data on the front end with Housing Starts at 8:30AMEST, Industrial Production at 9:15AMEST, Atlanta Fed Business Inflation Expectations at 10:00AMEST, and EIA Petroleum Status Report at 10:30AMEST.  Price moved swiftly yesterday after a failure of the 2733 primary minor level and fell into the 2700 to 2695 mentioned support level in yesterday's expert lounge chat.  Overnight price action has made little headway in either direction as we are currently set to open marginally lower but still within yesterday's buyers attempt to build a base at the 100DMA.  Near term declining resistance will be the first challenge for buyers along the the 5DEMA and 100DMA all in the 2710 area along with an intermediate minor level just overhead at 2715.  If buyers should be able to clear 2715 they have a clear run at the next level at 2729.  Sellers near term targets are going to be the 50,10, and 20DMA's along with intermediate minor support in the 2680 area.  Good luck today!

Primary and Intermediate Levels Detail