S&P500 Expert Lounge Update – May 15, 2018

Good morning everyone,

These are key MA levels:  5EMA 2710, 10DMA 2680,  20DMA 2675, 50DMA 2678, 100DMA 2707, 200DMA 2622

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 Tuesday, May 15, 2018

We have a few data points of interest to start the day with Retail Sales and the Empire State Manufacturing Index at 8:30AMEST, Feds Redbook at 8:55AMEST, and Business Inventories and Housing Market Index at 10:00AMEST.  We say some technical weakness yesterday after gapping up over the primary minor level at 2734.  Sellers will have their work cut out for them today with rising support coming in almost immediately around the 2725 level then the intermediate minor level and the 5DEMA and 100DMA that will come into play between 2720 and 2710.  Should buyers be able to get a foothold at any of the aforementioned levels the will be looking to target the symmetry level at 2758 at the very least and have a good probability of pushing it up through the levels void to challenge the 2767 intermediate minor level.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – May 14, 2018

Good morning everyone,

These are key MA levels:  5EMA 2698, 10DMA 2672,  20DMA 2673, 50DMA 2678, 100DMA 2706, 200DMA 2621

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 14, 2018

With no data to speak of today there is only the technical picture to focus on.  The near term target of 2758 mentioned last week is the most probable area before sellers would have the potential to put in a more meaningful pivot, but there currently is a primary and intermediate pivot marker tracking the present rally which hints that we are nearing a pivot.  Out over the pivot high and it is clear sailing for buyers to get to the next intermediate minor level at 2765.  Below there is rising support and the 100DMA at the 2709 area.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 11, 2018

Good morning everyone,

These are key MA levels:  5EMA 2692, 10DMA 2666,  20DMA 2669, 50DMA 2675, 100DMA 2706, 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 Friday, May 11,  2018

We have a couple items of interest for the last trading day of the week with Consumer Sentiment at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  Yesterday's open had us gap declining resistance from the all time high and open up on the 100DMA before extending gains further into the session.  Buyers have now cleared all daily moving average obstacles and only have an intermediate minor level to clear at 2730 before entering an extremely large void of levels all the way up to the 2780 region.  Symmetry for this leg of the move relative to the leg up from the primary pivot low (yellow -8.9) resides at 2759.  This would be the minimum expected target for the present move from a harmonic standpoint.  Sellers have a number of near term areas to target should they be able to gain some footing with the 100DMA at 2708 and rising support coming up through the lower 2700 to 2710 region.  After that is broadening support and the intermediate minor level at 2697.  Any basing in these areas should be considered the buyers attempt to regain control and make a run for the 2759 harmonic price target.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 10, 2018

Good morning everyone,

These are key MA levels:  5EMA 2667, 10DMA 2661,  20DMA 2661, 50DMA 2676, 100DMA 2705, 200DMA 2619

These are key Fib Levels:   2905, 2774, 2649, 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 10, 2018

Today's remaining data is dispersed through the trading session with the Bloomberg Consumer Comfort Index at 9:45AMEST,  EIA Natural Gas Report at 10:30AMEST, and the Treasury Budget at 2:00PMEST.  After wrestling with the 2682 intermediate minor level for the early part of the session yesterday and successfully basing buyers pushed the price up to the declining resistance down from the all time high and the 2696 intermediate minor level.  We are currently set to open marginally higher and stand a good chance of testing the underside of the 100DMA which is the only thing that sellers have to defend before a test of the previous intermediate pivot high at 2718.  Should sellers be able to turn the price action in their favor their first obstacle is going to be  rising support near the 2690 and very formidable support at the intermediate minor level at 2681.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 9, 2018

Good morning everyone,

These are key MA levels:  5EMA 2654, 10DMA 2655,  20DMA 2663, 50DMA 2677, 100DMA 2705, 200DMA 2617

These are key Fib Levels:   2905, 2774, 2649, 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 9, 2018

Data is front end loaded for the session today with MBA Mortgage Applications 7:00AMEST, Producer Price Index 8:30AMEST, Wholesale Trade at 10:00AMEST, and EIA Petroleum Status Report at 10:30AMEST.  Overnight price action has been positive up to this point and we are currently set to open back on, or above, declining resistance in the 2677 area.  The most positive outcome upon open for buyers would be to have an opening gap over both the intermediate minor level and 50DMA at 2682.  If that doesn't transpire then that 2682 area should prove to be a reasonable resistance area for sellers to defend.  Above that the intermediate minor level at 2697 will be the next area of interest for sellers.  A failure after a gap over 2682 would be catastrophic for buyers and would likely lead to a swift decline back down to test the primary minor level and 10DMA at 2650.  Should buyers fail to maintain that level and the 2642 intermediate minor level the massive void of levels down to the lower 2600's will most likely be swiftly traversed and a test of the 200DMA would be a minimum expectation in such an event.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – May 8, 2018

Good morning everyone,

These are key MA levels:  5EMA 2651, 10DMA 2651,  20DMA 2663, 50DMA 2679, 100DMA 2705, 200DMA 2616

These are key Fib Levels:   2905, 2774, 2649, 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 Tuesday, May 8, 2018

We have another light data day in store with only the Feds Redbook at 8:55AMEST, and Job Openings and Labor Turnover Survey at 10:00AMEST.  Yesterday found the 2684 level and 50DMA that was considered to be the most probable outcome last week given the market structure and we have since sold off and generated a new intermediate pivot marker.  The current price for the overnight has us gapping below rising support and the 20DMA.  The next target for sellers is the 10DMA and primary minor level near 2650.  Should sellers be able to break the 2650 to 2640 level it is highly probable a swift decline ensues through the levels void and to the 200DMA at the very least at 2620, but more likely a run back at the previous intermediate minor pivot at 2595.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 7, 2018

Good morning everyone,

These are key MA levels:  5EMA 2646, 10DMA 2651,  20DMA 2660, 50DMA 2681, 100DMA 2705, 200DMA 2615

These are key Fib Levels:   2905, 2774, 2684, 2674, 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 7, 2017

A couple items of note today in the mid to latter portion of trading with the TD Ameritrade Investor Movement Index at 12:30AMEST, and Consumer Credit at 3:00PMEST.  Buyers showed up on the last trading day of last week pushing price above the 20DMA and declining resistance at the 2660 level.  Buyers will want to maintain above the primary minor level at 2650 to build a base in an attempt to take a run at the 50DMA and the next intermediate declining resistance around the 2780 level.  The sellers first job with price if they are to get anything going is to cause a failure at 2650 to make a run back at the 200DMA near the 2620 level.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 4, 2018

Good morning everyone,

These are key MA levels:  5EMA 2647, 10DMA 2651,  20DMA 2657, 50DMA 2681, 100DMA 2704, 200DMA 2615

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, May 5, 2018

Data is ultra light on the last trading day of the week with only the Baker Hughes Rig Count at 1:00PMEST.  There was a lot of price movement yesterday with sellers stepping into the fray early and pushing the market down through the 200DMA and ultimately catching the intermediate minor level at 2595 before recovering to end the day essentially unchanged and backtesting broken rising support.  Being that we closed the session in a void of intermediate and primary levels, price will have the opportunity to move freely and swiftly in this area between 2645 and 2605 so any positions entered in this zone should be taken on with the utmost of care and clearly defined stops.  Buyers have their work cut out for them if they are to stage a rally with a stack of moving averages along with a primary minor level between 2650 and 2660.  Below, sellers will be looking to target the intermediate major level an most recent primary pivot at 2550 while having to negotiate layers of intermediate minor levels at 2595, 2579, and 2565.  Good luck today and from everyone here at MCM we hope you have a great weekend.

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 3, 2018

Good morning everyone,

These are key MA levels:  5EMA 2655, 10DMA 2658,  20DMA 2658, 50DMA 2683, 100DMA 2705, 200DMA 2614

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 Thursday, May 3, 2018

Data is abound today after the FOMC whipsaw yesterday.  We start out with the Challenger Job Cut Report at 7:30AMEST, International Trade, Jobless Claims, and Productivity and Costs at 8:30AMEST, Bloomberg Consumer Comfort Index and PMI Services Index at 9:45AMEST, Factory Orders and ISM Non-Manufacturing Index at 10:00AMEST, and lastly the EIA Natural Gas Report at 10:30AMEST.  The technical backdrop still remains in compression mode as we put in yet another lower high yesterday after being rejected by momentum traders at the 5DEMA.  The overnight session has retested the 2625 pivot low and recovered marginally up to this point.  An open below rising support this morning would open the door for sellers to make a run at the 200DMA at 2615 and the primary minor level just below that at 2605.  Overhead we have a stack of moving averages bearing down on price with the 10 and 20DMA in the 2660's and the 5DEMA at 2658.  Should buyers be able to put something together today their first area of interest is going to be the primary and intermediate levels between 2645 and 2650 along with the first of a declining resistance array that is cutting the two levels.  Anything between the now even more compressed pivots is an odd lotter's paradise and one would be well advised to be patient until we see some directional clarity.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 2, 2018

Good morning everyone,

These are key MA levels:  5EMA 2655, 10DMA 2665,  20DMA 2659, 50DMA 2684, 100DMA 2704, 200DMA 2613

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, May 2, 2018

Data for today all revolves around the FOMC announcement this afternoon, but we start off with the ADP Employment Report at 8:15AMEST, EIA Petroleum Status Report at 10:30AMEST, and lastly the FOMC Meeting Announcement at 2:00PMEST.  Technically speaking this morning, price found rising support above the 200DMA and took off like a rocket back up through the intermediate and primary levels in the mid 2600's and closed the at the 5DEMA.  Being that price is currently smack in the middle of the range, it would be wise to be patient in entering any sort of position to standby until price finds the edge of the most recent pivot extremes at either 2680 or 2610.  Sellers will be looking to defend the zone between 2670 to 2680 and buyers have a couple options to establish a new base at either rising support in the 2630 to 2640 zone, or just below that at the 200DMA 2615.  With our intermediate pivot marker range defined at 2715 and 2610 we are in market neutral territory where range racing is the rule, not the exception so be nimble and flexible in any entered position.  Good luck today!

Primary and Intermediate Levels Detail