S&P500 Expert Lounge Update – July 31, 2018

Good morning everyone,

These are key MA levels:  5EMA 2825, 10DMA 2816,  20DMA 2792, 50DMA 2763, 100DMA 2720, 200DMA 2696

These are key Fib Levels: 2823, 2788

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

There are a few items of interest remaining this morning on the economics front with the Chicago PMI at 9:45AMEST and Consumer Confidence and State Street Investor Confidence Index at 10:00AMEST.  Sellers have managed to push price back down to the primary minor level at 2802 which has so far provided support albeit sloppily which indicates there is potential for more weakness to follow.  Sellers key focus is to attempt to break the intermediate minor level and 20DMA at 2789 in an attempt to challenge rising support which is currently crossing through the lower 2780's.  Buyers first objective is is to reclaim the 10DMA and intermediate minor level at 2812 in an attempt to create a base to attack declining resistance and make another run at the primary and intermediate pivot.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 27, 2018

Good morning everyone,

These are key MA levels:  5EMA 2822, 10DMA 2814,  20DMA 2783, 50DMA 2759, 100DMA 2718, 200DMA 2693

These are key Fib Levels:   2929, 2859, 2867, 2832, 2824

Here is today's market look at the S&P 500 for Friday, July 27, 2018

Happy Friday everyone!  The big number for today is the GDP at 8:30AMEST  followed by Consumer Sentiment at 10:00AMEST and the Baker Hughes Rig Count at 1:00PMEST.  The technical picture hasn't changed a lot since yesterday but we must note at present that the upper bound of the rising wedge structure has sustained price up to this point which can have wildly bullish implication should we break out over the intermediate and primary pivot.  That would put good odds on a continued run up to the final primary minor level at the all time high.  However, any push to the downside can gain momentum quickly as rising wedge structures have a tendency to retrace themselves very quick upon a failure as buyers bail out and sellers pile in.  Given that, the minimum target for such a move would challenge the intermediate minor level at 2810 along with the 5DEMA and to 10DMA.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 26, 2018

Good morning everyone,

These are key MA levels:  5EMA 2815, 10DMA 2810,  20DMA 2776, 50DMA 2757, 100DMA 2717, 200DMA 2692

These are key Fib Levels:   2929, 2859, 2867, 2829, 2825

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

We have copious amounts of data today all centered on the 8:30AMEST hour with Durable Goods, International Trade in Goods, Jobless Claims, Retail Inventories, and Wholesale Inventories followed by the EIA Natural Gas Report at 10:30AMEST, and the Kansas City Fed Manufacturing Index at 11:00AMEST.  The technical picture saw us push into the levels void yesterday after cleanly testing the 5DEMA and intermediate minor level at 2812.  As was mentioned in the previous updates this week, there is little resistance in this zone as a lack of levels and price has the ability to move freely and dramatically through it towards the primary minor level at the all time highs which yesterdays closing move demonstrated quite well.  The important test of today's session will be to see if sellers are able to shove price back down through the rising wedge that broke to the upside yesterday.  Any basing atop the upper bound of this structure should be a clear warning to sellers that this move has just begun and has the potential to last much longer than many would consider to be reasonable.  On the flip side of this, if sellers push price back down through the structures upper bound, there is a high probability that the primary minor level at 2802 and 10DMA will be tested at a minimum in a very short period of time.  This is a crucial point for both sides of the tape in the next few trading sessions.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 25, 2018

Good morning everyone,

These are key MA levels:  5EMA 2809, 10DMA 2803,  20DMA 2770, 50DMA 2754, 100DMA 2716, 200DMA 2690

These are key Fib Levels:   2929, 2797, 2777, 2760, 2744

Here is today's market look at the S&P 500 for Wednesday, July 25th, 2018

Data is light today with only MBA Mortgage Applications at 7:00AMEST, New Home Sales at 10:00AMEST, and the EIA Petroleum Status Report at 10:30AMEST.  Price action yesterday played out to the letter of the lounge update with tagging the broadening resistance and sellers stepping in to reverse the market sharply.  While there was a quality reversal, sellers have yet to close the market under the 5DEMA so momentum is still in the hands of the buyers and fighting the trend is a losing proposition.  Current overnight price action has us opening roughly flat at present and sellers will be looking, at the very least, to push price back below the intermediate minor level at 2811 and make a solid challenge of rising support, the 10DMA, and primary minor level at 2801.  Buyers will be looking to maintain the 2801 level in an effort to create another base and maintain the currently established price channel.  There are no remaining levels between yesterday's close and the all time high so some caution needs to be exercised because price could traverse this area rather rapidly.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 24, 2018

Good morning everyone,

These are key MA levels:  5EMA 2807, 10DMA 2800,  20DMA 2764, 50DMA 2753, 100DMA 2714, 200DMA 2689

These are key Fib Levels:   2826, 2795, 2784

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

Data for today consists of the Feds Redbook at 8:55AMEST, Housing Price Index at 9:00AMEST, PMI Composite at 9:45AMEST, and the Richmond Fed Manufacturing Survey at 10:00AMEST.  Buyers showed up yesterday right where they needed to after tagging the 10DMA which signals a still relatively solid resolve to buy on weakness.  Declining resistance was broken over in the latter portion of the session and after hours trading currently has us back above the primary and intermediate pivot highs and headed for the long standing 2826 fib target should price remain firm going into the open.  Be mindful of the broadening resistance which could produce a sharp reversal from the highs if it is encountered during the session.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 23, 2018

Good morning everyone,

These are key MA levels:  5EMA 2805, 10DMA 2798,  20DMA 2762, 50DMA 2751, 100DMA 2713, 200DMA 2688

These are key Fib Levels:   2826, 2795, 2784

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

With only Existing Home Sales at 10:00AMEST, all focus is going to be on price action and the charts today.  With buyers failing to maintain the the rising wedge, primary minor level, and 5DMEA at 2800 gives sellers the opportunity to take price lower with their first target being the 10DMA at 2794 followed by the intermediate minor level at 2790.  Should buyers be able to put in a floor at the 2790 it gives sellers the opportunity to create a head and shoulders pattern that would target the next rising support, 20DMA, and primary minor level down at 2763.  Buyers first order of business is to break above the declining resistance in an effort to start a new leg higher to challenge the primary and intermediate pivot highs.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – July 20, 2018

Good morning everyone,

These are key MA levels:  5EMA 2805, 10DMA 2793,  20DMA 2759, 50DMA 2749, 100DMA 2713, 200DMA 2686

These are key Fib Levels:   2826, 2795, 2784

Here is today's market look at the S&P 500 for Friday, July 20, 2018

Happy Friday everyone!  The only item of interest for today's session is the Baker Hughes Rig Count at 1:00PMEST.  Outside of that, it is all technical for this last trading day of the week.  We closed out yesterday's session at a dividing line at which we spent the day basing on the primary minor level at 2801, and atop the 5DEMA, rising support, and the lower bound of a rising wedge pattern.  Sellers took over in the overnight session and took the market an additional 10 points lower but has since recovered to what would currently be a roughly flat open.  The open is going to be the key to today's session.  If we open with a gap below all the previously mentioned technical levels, expect an acceleration early on down to the next lower intermediate minor level at 2780 and 10DMA.  Should price maintain and open above or at yesterday's close we could be in for a choppy grinding higher day in an attempt to put in another marginally higher primary and intermediate pivot.  Good luck today and have a great weekend everyone!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 19, 2018

Good morning everyone,

These are key MA levels:  5EMA 2804, 10DMA 2787,  20DMA 2757, 50DMA 2746, 100DMA 2713, 200DMA 2685

These are key Fib Levels:   2821, 2790, 2783

Here is today's market look at the S&P 500 for Thursday, July 19, 2018

Data for today consists of Jobless Claims and Philadelphia Fed Business Outlook Survey at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, Leading Indicators at 10:00AMEST, and the EIA Natural Gas Report at 1030AMEST.  Sellers have stepped in this morning and look set to challenge the primary minor level at 2801 along with the 5DEMA just below.  This will be the first solid breach of rising support and has the potential to create a decent amount of downward movement.  Buyers will be looking to put a floor under price near the next lower primary level at 2778 and at the 10DMA in an effort to challenge the all time highs.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 18, 2018

Good morning everyone,

These are key MA levels:  5EMA 2793, 10DMA 2768,  20DMA 2753, 50DMA 2740, 100DMA 2711, 200DMA 2682

These are key Fib Levels:   2821, 2790, 2783

Here is today's market look at the S&P 500 for Wednesday, July 18, 2018

Yesterday buyers put the floor under price right where they needed to at the 5DEMA and intermediate minor level at 2790 which hints that momentum traders are still very much active in this move.  The only level remaining above the intermediate minor level at 2813 is the primary minor level which marks the all time high at 2872.  Given the size of the void between the two levels, sellers need to put a stop to this run immediately or risk a rather large breakaway.  The first target for them is going to be rising support and the primary minor level at 2803.  After that there is the 5DEMA and intermediate minor level in the lower 2790's to contend with before they would get some breathing room down to the next primary minor level, rising support and 10DMA in the 2770's.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 17, 2018

Good morning everyone,

These are key MA levels:  5EMA 2793, 10DMA 2768,  20DMA 2753, 50DMA 2740, 100DMA 2711, 200DMA 2682

These are key Fib Levels:   2821, 2790, 2783

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

Since finding the long standing primary minor level target just north of 2800, price has been consolidating and slowly retreating towards rising support and maintaining above the 5DEMA as momentum traders lock in some gains.  Present price has us set to open on the intermediate minor level at 2791 and a broken neckline of a head and shoulders pattern that targets the lower 2780's and most likely finds the next lower primary minor level at 2777 should sellers be able to break the 2791 level.  Buyers need to clear the declining resistance level that is currently cutting through the 2790's if the are to initiate another leg higher and attempt to challenge the intermediate minor level at 2814.  Good luck today!

 

Primary and Intermediate Levels Detail