S&P500 Expert Lounge Update – August 31, 2018

Good morning everyone,

These are key MA levels:  5EMA 2896, 10DMA 2877,  20DMA 2859, 50DMA 2711, 100DMA 2761, 200DMA 2728

These are key Fib Levels: 2929, 2859, 2846

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

Happy Friday everyone!  We have three items on the data docket today in the form of Chicago PMI at 9:45AMEST, Consumer Sentiment at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  Sellers finally got their act together yesterday and were able to pull the market back to the upper bound of the broadening formation and 5DMEA.  It will be important for the to get a technical break of both those and rising support if they hope to find the 10DMA and primary minor level back down at 2873.  The present area will also be where buyers will be looking to establish a new base, so keep an eye out for a new intermediate pivot marker in the event of any continued weakness through today's session.  Declining resistance currently cutting through 2910 will be buyers prime target for today's session to establish a broken bearish flagging pattern and continue this leg higher towards the 2929 fib level.  Good luck today and have a great weekend.

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 30, 2018

Good morning everyone,

These are key MA levels:  5EMA 2887, 10DMA 2871,  20DMA 2855, 50DMA 2708, 100DMA 2758, 200DMA 2726

These are key Fib Levels: 2929, 2859, 2846

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

Data for today is light with the big ticket items coming in before market open with Jobless Claims and Personal Income and Outlays at 8:30AMEST followed by the EIA Natural Gas Report at 10:30AMEST.  Buyers did exactly what they needed to yesterday after basing atop the broadening pattern and then shoving price higher into uncharted territory while tagging the upper bound of the trend channel.  With little else overhead other then the steep broadening resistance and round number psychology, this trend can continue much longer then what most would consider to be 'reasonable'.  Sellers brave enough to try and grab a rocket in hopes of a reentry to earth do have a reasonably decent downside prospect with the next lower primary minor level and primary pivot being all the way back at the 2873 level.  While a savory target, they will need to bust through both the 5DEMA, 10DMA, and rising support to achieve that.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – August 29, 2018

Good morning everyone,

These are key MA levels:  5EMA 2877, 10DMA 2861,  20DMA 2850, 50DMA 2705, 100DMA 2755, 200DMA 2725

These are key Fib Levels: 2929, 2853, 2841

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

We have a few items of interest this morning after having a respectable GDP report.  Pending Home Sales come in at 10:00AMEST along with the State Street Investor Confidence Index.  The EIA Petroleum Status report is at 10:30AMEST followed by Farm Prices at 3:00PMEST.  We are roughly flat this morning with price having a minimal reaction to GDP.  While we have a head and shoulders pattern off the all time highs, we are also basing atop the broadening formation at present and around the 2900 level which could produce a new leg higher if sellers aren't able to push price down soon.  The touch of broadening resistance yesterday should produce a consolidation at the very least and typically comes in the form of a test of the lower bound rising support of the trend channel which is currently cutting through the 2870's where the 5DEMA and primary minor level reside.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 28, 2018

Good morning everyone,

These are key MA levels:  5EMA 2870, 10DMA 2855,  20DMA 2846, 50DMA 2703, 100DMA 2752, 200DMA 2723

These are key Fib Levels: 2929, 2850, 2840

Here is today's market look at the S&P 500 for Tuesday, August 28, 2018

Data for the remainder of the day is centered around the 10:00AMEST hour with Consumer Confidence, the Richmond Fed Manufacturing Index, and the State Street Investor Confidence Index.  Yesterday's session saw buyers come out in force and break out to a new closing all time high and above the upper bound of the broadening formation that we've been tracking over the past month.  This is a dangerous spot for sellers if they can't reverse this soon because it lends itself to a breakaway run that could tack on tons of S&P points in a very short time frame.  The only thing buyers have to contend with at this point is steep broadening resistance from the upper trend channel and round number psychology in the form of the 2900 level.  Sellers can put together a decent drop before finding any kind of real support as this run has extended us a good distance from any sort of technical support with the primary minor level back down at 2873 along with the 5DEMA and rising support.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 24, 2018

Good morning everyone,

These are key MA levels:  5EMA 2857, 10DMA 2844,  20DMA 2839, 50DMA 2799, 100DMA 2748, 200DMA 2720

These are key Fib Levels: 2929, 2850, 2840

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

Happy Friday Everyone!  We only have a couple items today with Durable goods at 8:30AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  There was essentially no change from yesterday's update as both buyers and sellers could only manage to push price around the intermediate minor level at 2865 again ultimately closing the day marginally lower and right on the 5DEMA.  Sellers are still looking to open up some downside potentials with a challenge of the 10 and 20DMA stack, intermediate minor level, and rising support in the mid 2840 zone which then opens into a void down to the intermediate minor level at 2813.  Buyers will be looking to sustain the rising support in the same 2840 region in an attempt to put in fresh new closing all time highs and challenge the upper bound of the broadening formation crossing through 2890.  Good luck today and have a phenomenal weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 23, 2018

Good morning everyone,

These are key MA levels:  5EMA 2854, 10DMA 2843,  20DMA 2838, 50DMA 2797, 100DMA 2745, 200DMA 2719

These are key Fib Levels: 2929, 2850, 2840

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

Today's data is abound with Jobless Claims at 8:30AMEST, FHFA House Price Index at 9:00AMEST, PMI Composite Flash at 9:45AMEST, New Home Sales at 10:00AMEST, EIA Natural Gas Report at 10:30AMEST, and the Kansas City Fed Manufacturing Index at 11:00AMEST.  Yesterday's session saw us bottom out from the first initial decline from the the new intraday all time highs of the year which then chopped around for the remainder of the session at the intermediate minor level at 2863.  As noted in yesterday's update, sellers will continue to target the intermediate minor level at 2848, rising support, and stack of moving averages as their first initial target.  If successful, that opens up a levels and a price gap void all the way back down into the 2820's which should see very little resistance to price movement.  Buyers are going to look to build a new base at the same 2848 level in an attempt to establish a new closing all time high, primary and intermediate pivot, and also to challenge the upper bound of the broadening formation which is currently cutting through the mid 2880's.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 22, 2018

Good morning everyone,

These are key MA levels:  5EMA 2845, 10DMA 2843,  20DMA 2837, 50DMA 2795, 100DMA 2742, 200DMA 2718

These are key Fib Levels: 2929, 2829, 2821

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

There are a few items today for the tape to wrestle with as we have Existing Home Sales at 10:00AMEST, the EIA Petroleum Status Report at 10:30AMEST, and the FOMC Minutes at 2:00PMEST.  The technical side of the house saw a new intraday all time high get put in place as the larger structure carves out a  broadening formation via the intermediate pivots.  Should sellers be able to get some momentum going today their first target will be the moving average stack, rising support and the intermediate minor level at 2848.  That area will also be where buyers are going to look to build a new base in an attempt to begin to set fourth on a string of new closing all time highs.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 21, 2018

Good morning everyone,

These are key MA levels:  5EMA 2841, 10DMA 2843,  20DMA 2835, 50DMA 2794, 100DMA 2740, 200DMA 2716

These are key Fib Levels: 2929, 2829, 2821

Here is today's market look at the S&P 500 for Tuesday, August 21, 2018

Data is light today with only the Fed's Redbook release at 8:55AMEST.  Yesterday's session closed out on the last of declining resistance from the primary and intermediate pivot at 2863 and present price is currently set to marginally gap above it and challenge the pivot highs.  Buyers will be targeting the primary minor level at 2872 and new all time highs should they be able to sustain the present price level.  Sellers first order of business is to push price back below the intermediate minor level at 2848 which opens up a clear run in the levels to challenge rising support in the 2820's.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 17, 2018

Good morning everyone,

These are key MA levels:  5EMA 2830, 10DMA 2841,  20DMA 2830, 50DMA 2791, 100DMA 2735, 200DMA 2713

These are key Fib Levels: 2850, 2822

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

Data for the last session of the week is moderate with Consumer Sentiment, E commerce Retail Sales and Leading indicators at 10:00AMEST and the Baker Hughes Rig Count coming in at 1:00PMEST.  Even with yesterday's substantial rally, we still have yet to put in an intermediate pivot marker which continues to give buyers a slight advantage.  Buyers will be looking to maintain rising support and the 20DMA in an attempt to overtake the primary pivot at 2863 but will first need to work their way through declining resistance that is currently cutting through the 2850's.  Sellers have some a few things going for them as they have managed to reject price from the upper end of the range we have been in since early July and also the intermediate minor level at 2849.  Their primary target going forward is to get price back below the stack of moving averages and go after the intermediate minor level at 2813 while attempting to sustain price below the newly formed rising supports in the 2810 region.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 16, 2018

Good morning everyone,

These are key MA levels:  5EMA 2833, 10DMA 2840,  20DMA 2828, 50DMA 2789, 100DMA 2733, 200DMA 2712

These are key Fib Levels: 2929, 2832, 2799

Here is today's market look at the S&P 500 for Thursday, August 16, 2018

Most of today's data will be prior to the session open and consists of Housing Starts, Jobless Claims, and the Philadelphia Fed Business Outlook Survey at 8:30AMEST followed by the EIA Natural Gas Report at 10:30AMEST.  Yesterday saw us bottom early in the session after hitting the primary minor level at 2803 and we are currently set to open up at declining resistance and near the 5DEMA, and the 10DMA  in the lower 2830's.  Sellers will be looking to hold the morning gap up in this vicinity in an attempt to make a run at the intermediate major level at 2793 and the 50DMA.  Good luck today!

Primary and Intermediate Levels Detail