S&P500 Expert Lounge Update – August 17, 2018

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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!

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S&P500 Expert Lounge Update – August 16, 2018

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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!

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S&P500 Expert Lounge Update – August 15, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2841, 10DMA 2839,  20DMA 2828, 50DMA 2788, 100DMA 2731, 200DMA 2711

These are key Fib Levels: 2929, 2821

Here is today's market look at the S&P 500 for Wednesday, August 15, 2018

There are a few remaining items of note for today's session in the form of Industrial Production at 9:15AMEST, Atlanta Fed Business Inflation Expectations, Business Inventories, and Housing Market index at 10:00AMEST, and the EIIA Petroleum Status Report at 10:30AMEST.  Buyers pushed the market hard yesterday while whipsawing the downtrend line along with breaking out over steep declining resistance, but failed to reclaim the 5DEMA.  The overnight session has seen sellers take back over and we are currently set to open up back down near the pivot lows in the lower 2820's.  We have traversed this area multiple times so moves are going to be fast between the 2840's and 20's which will require a good deal of caution if one is looking to enter a position in this area.  The moving averages haven't supplied much in the way of support or resistance in the past few trading sessions so using the levels will be the best approach for near term analysis.  The targets remain the same as they have been for the past few trading sessions with buyers looking to go after the 2848 intermediate minor level and sellers shooting for the 2813 intermediate minor level.  Good luck today!

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S&P500 Expert Lounge Update – August 14, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2844, 10DMA 2837,  20DMA 2826, 50DMA 2786, 100DMA 2729, 200DMA 2710

These are key Fib Levels: 2929, 2829, 2821

Here is today's market look at the S&P 500 for Tuesday, August 14, 2018

There are a couple premarket items to be aware of in the form of Import and Export prices at 8:30AMEST, and the Feds Redbook at 8:55AMEST.  As noted yesterday a technical breach of rising support would be important for sellers to accomplish if they wanted to attempt any sort of a larger push to the downside, and that is exactly what we got.  With that came a successful rejection from the underside of rising support along with the 10DMA.  This mornings current price will open around the 10DMA at present but could easily turn into a gift for sellers upon another rejection and run straight down to the intermediate minor level at 2813 at which point we should be on the look out for a new intermediate pivot marker.  Buyers have their work cut out for them if they hope to whipsaw and undo the technical support breach which is going to serve as broadening resistance going forward.  Their best hope at present is to maintain the 20DMA and push price sideways out past the steep declining resistance that is currently cutting through the lower 2830's, and then they can focus on the intermediate minor level at 2848.  Good luck today!

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S&P500 Expert Lounge Update – August 13, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2850, 10DMA 2835,  20DMA 2825, 50DMA 2784, 100DMA 2728, 200DMA 2708

These are key Fib Levels: 2929, 2829, 2821

Here is today's market look at the S&P 500 for Monday, August 13, 2018

With no economic releases, today will be strictly technical and a very important one at that as Friday's session saw us bounce off the long standing rising support.  We are still lacking an intermediate pivot marker which will need to be looked out for on any new lows that could potentially arise from today's session.  Below the rising support and 20DMA, sellers have a very clear shot at the 2813 intermediate minor level but more likely a test of the primary minor level at 2802 would be in store.  Buyers will be looking to maintain rising support and build a base on that and the 10DMA to set up a run at the intermediate minor level at 2848 and 5DEMA.  Good luck today!

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http://mcm-ct.com/blog/sp500-expert-lounge-update-august-10-2018/

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Good morning everyone,

These are key MA levels:  5EMA 2852, 10DMA 2833,  20DMA 2824, 50DMA 2782, 100DMA 2727, 200DMA 2707

These are key Fib Levels:  2929, 2829, 2821

Here is today's market look at the S&P 500 for Friday, August 10, 2018

Happy Friday everyone!  We have three items for the last trading session of the week that will give traders and investors something to ponder with regards to the economic health of the country.  We have the Consumer Price Index at 8:30AMEST, Baker Hughes Rig Count at 1:00PMEST, and the Treasury Budget at 2:00PMEST.  The shallow declining resistance held yet again yesterday and we closed the session on a very weak note as buyers begin to lock in gains and sellers see an opportunity arising for a reversal trade after hitting broadening resistance.  Given present price levels of the overnight session we are set to start the day off roughly 12 points lower then the close yesterday.  A gap down open will be important if it is below the intermediate minor level at 2848 because that would then serve as solid resistance on any subsequent near term bounce.  Primary targets remain the same for both sides of the tape as sellers look to do some technical damage on a long standing rising support level that currently is located in the 2830 area along with some close proximity moving averages.  Buyers will first need to reclaim the 2848 intermediate minor level and 5DEMA in an attempt to challenge the shallow declining resistance level that is cutting through the 2860 mark if they have any hopes of overtaking the all time highs and primary minor level at 2872.  Good luck today and have a great weekend!

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S&P500 Expert Lounge Update – August 9, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2846, 10DMA 2832,  20DMA 2821, 50DMA 2779, 100DMA 2726, 200DMA 2705

These are key Fib Levels: 2929, 2829, 2821

Here is today's market look at the S&P 500 for Thursday, August 9, 2018

There is a decent amount of data today for the market to digest with Jobless Claims and the Producer Price Index at 8:30AMEST followed by Wholesale Trade at 10:00AMEST, and finally the EIA Natural Gas Report at 1030AMEST.  The sideways price action continued through yesterday's session after encountering broadening resistance during the previous day's session and created a very shallow declining resistance which will be the first area to challenge for the buyers in an attempt to attack the all time highs.  Sellers are still looking to first challenge the minor level at 2848 in an effort to get a price retrenchment going which would give them the opportunity to potentially cause some technical damage by breaking rising support which is currently moving through the mid 2820's.  Good luck today and stay out of the chop.

 

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S&P500 Expert Lounge Update – August 8, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2837, 10DMA 2831,  20DMA 2817, 50DMA 2776, 100DMA 2724, 200DMA 2704

These are key Fib Levels: 2829, 2821

Here is today's market look at the S&P 500 for Wednesday, August 8, 2018

Only one item of note today with the EIA Petroleum Status Report at 10:30AMEST.  After finding the broadening resistance during yesterday's session, price plateaued for the remainder of the day.  Buyers will most likely find this area difficult to overtake on the first attempt given the last time the all time high was seen was back in late January and there are plenty of trapped buyers just looking to get out at even.  The first target for sellers is going to be the previous intermediate pivot and intermediate minor level at 2849, but most likely a test of rising support currently cutting through the 2820's will be the key defining area.  Buyers are still left to challenge the primary minor level and all time highs at 2872.  Good luck today!

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S&P500 Expert Lounge Update – August 7, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2839, 10DMA 2827,  20DMA 2813, 50DMA 2773, 100DMA 2723, 200DMA 2703

These are key Fib Levels: 2860

Here is today's market look at the S&P 500 for Tuesday, August 8, 2018

We have three pieces of economic data to hit the tape today with the Feds Redbook at 8:55AMEST, Job Opening and Labor Turnover Survey (JOLTS) at 10:00AMEST, and Consumer Credit at 3:00PMEST.  Price extended gains during yesterday's session and finally overtook the intermediate and primary pivot while spending the majority of the afternoon session basing on the intermediate minor level at 2848.  Present price has us set to open higher yet again and we will be looking for a challenge of the broadening resistance which is cutting through the lower 2860's at present.  Sellers have a good opportunity to take control as we approach the broadening resistance and the first attempt to overtake the all time high at the primary minor level at 2872.  They also have a huge void to work with if they can push price below the current intermediate minor level at 2848 and would look to find the rising support and next intermediate minor level at 2812.  Buyers have ruled the day with this run and are running out of challenges as they are only left with broadening resistance and the all time high primary minor level to contend with.  Good luck today!

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S&P500 Expert Lounge Update – August 6, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2819, 10DMA 2822,  20DMA 2810, 50DMA 2771, 100DMA 2722, 200DMA 2701

These are key Fib Levels: 2818, 2813

Here is today's market look at the S&P 500 for Monday, August 6, 2018

The only item of interest for today's session is the TD Ameritrade Investor Movement Index at 1230PMEST.  After breaking out over declining resistance, the market has continued its climb higher closing out Friday's trading session at the day's high and nearing the intermediate and primary pivot highs in the middle of a levels void.  Present price levels in the overnight session will have the market opening roughly flat for the regular trading hours session and will have sellers looking to target the 5DEMA, 10DMA, intermediate minor level, and rising support all clustered between 2820 and 2810.  Buyers will be looking to attack the previous primary and intermediate pivot high and make another push towards the primary minor level at the all time highs along with the established broadening resistance.  Be mindful that between the two intermediate pivot markers, price has moved swiftly in both directions so resistance to pressures in either direction is going to be weak.  That in turn has the ability to create some wide range and dramatic short term price moves.  Trade accordingly and good luck today.

 

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S&P500 Expert Lounge Update – August 3, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2815, 10DMA 2819,  20DMA 2806, 50DMA 2769, 100DMA 2722, 200DMA 2700

These are key Fib Levels: 2813, 2809

Here is today's market look at the S&P 500 for Friday, August 3, 2018

Data for today consists of the PMI Services Index at 9:45AMEST, ISM Non Manufacturing Index at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  Yesterday found rising support after starting the session weak and buyers showed up in force to reverse the tide and close the day just above declining resistance.  Buyers will look to maintain the now broadening support in an effort to build a base and go after the primary and intermediate pivot high at 2849.  Sellers objective is to create a failed breakout and take another shot at the primary minor level, 20DMA and the rising support at 2802.  Good luck today and have a great weekend

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S&P500 Expert Lounge Update – August 2, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2817, 10DMA 2816,  20DMA 2801, 50DMA 2766, 100DMA 2721, 200DMA 2698

These are key Fib Levels: 2823, 2788

Here is today's market look at the S&P 500 for Thursday, August 2, 2018

We only have a couple items of interest today with Factory Orders at 10:00PMEST, and the EIA Natural Gas Report at 10:30AMEST.  Sellers stepped in during the overnight session and the market is currently positioned to open up down near rising support and the intermediate minor level at 2790.  If price remains at these levels till the open that triggers the larger head and shoulders pattern outlined in yesterday's update and targets the 2740 and intermediate minor level located there.  Be mindful of the rising support and primary minor level just under 2780 as this could cause a massive short covering rally if sellers begin to feel pressured to exit in a failed pattern reversal.  Good luck today!

 

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S&P500 Expert Lounge Update – August 1, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2824, 10DMA 2817,  20DMA 2796, 50DMA 2765, 100DMA 2721, 200DMA 2697

These are key Fib Levels: 2823, 2788

Here is today's market look at the S&P 500 for Wednesday, August 1, 2018

Happy August everyone!  We have a decent amount of data today but the vast majority of the focus will be on this afternoons FOMC Meeting Announcement at 2:00PMEST.  Outside of that we have the PMI Manufacturing Index at 9:45AMEST, ISM Manufacturing and Construction Spending at 10:00AMEST, and the EIA Petroleum Status Report at 10:30AMEST.  The technical picture produced early session strength into a weak afternoon backdrop but overall positive on the day and settling on the intermediate minor level at 2812 before a closing bell bounce.  We have both a Head and shoulders pattern forming from July 17 to present which targets 2748 should sellers be able to trigger the current neckline at 2798.  On the shorter time frame we have the makings of a smaller inverted head and shoulders for the buyers to work with should they be able to break price above yesterday's pivot high and through declining resistance.  That structure targets the lower 2840's.  Price is currently set to open roughly flat and given that it is a Fed announcement day, any real price movement wouldn't be expected till this afternoon.  Good luck today and be patient.

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S&P500 Expert Lounge Update – July 31, 2018

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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!

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S&P500 Expert Lounge Update – July 27, 2018

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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!

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S&P500 Expert Lounge Update – July 26, 2018

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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!

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S&P500 Expert Lounge Update – July 25, 2018

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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!

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S&P500 Expert Lounge Update – July 24, 2018

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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!

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S&P500 Expert Lounge Update – July 23, 2018

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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

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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

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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

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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

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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

S&P500 Expert Lounge Update – July 11, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2757, 10DMA 2737,  20DMA 2751, 50DMA 2728, 100DMA 2707, 200DMA 2676

These are key Fib Levels:   2821, 2764

Here is today's market look at the S&P 500 for Wednesday, July 11, 2018

We have a decent amount of data for the early portion of the session with the MBA Mortgage Applications at 7:00AMEST, Producer Price Index at 8:30AMEST, Atlanta Fed Business Inflation Expectations at 10:00AMEST along with Wholesale Trade, and lastly the EIA Petroleum Status Report at 10:30AMEST.  Yesterday's price action met expectations with a predominantly sideways day after the initial gap up.  Sellers have the ball this morning as the market has dropped roughly 23 points from yesterday's close and looks set to open up in around the 2nd rising support array line near 2770.  As noted in yesterday's update, the solid target for sellers is the primary minor level at 2763 where buyers will be looking to build a base.  The loss of this level opens up much lower levels with the intermediate minor level and next lower rising support coming in at 2745.  Ideally buyers will want to put a floor under price on this initial morning drop at the 2763 level and push it back up directly to the primary minor level at 2803.  While the opportunity presents itself rather well here, knife catching is a dangerous sport and should be approached with the utmost of care.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – July 10, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2744, 10DMA 2729,  20DMA 2750, 50DMA 2726, 100DMA 2707, 200DMA 2675

These are key Fib Levels:   2821, 2764

Here is today's market look at the S&P 500 for Tuesday, July 10, 2018

Data for today is light with only the Feds Redbook at 8:55AMEST, and the Job Openings and Labor Turnovers Survey (JOLTS) at 10:00AMEST.  The technical side of the house saw another solid day for buyers as we closed at the highs and after successfully breaking the primary minor level at 2777 and backtesting it.  The current overnight price action has also been positive and is currently set up to test the primary pivot at 2792, that will be the buyers goal today, to break and maintain above that level.  Given the location and relentlessness of the climb, some consolidation is likely in order so some choppiness over the coming sessions would not be at all surprising.  Given that thought, sellers will first target the primary minor level at 2777 along with the steepest of rising support in the array which is currently cutting through the 2770's.  Below that there will be some solid support at the next lower intermediate minor level at 2762.  Good luck today and watch the reversals.

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – July 9, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2730, 10DMA 2726,  20DMA 2750, 50DMA 2723, 100DMA 2706, 200DMA 2673

These are key Fib Levels:   2749, 2772, 2692, 2664

Here is today's market look at the S&P 500 for Monday, July 9, 2018

There are a couple of items later in the session of note with the TD Ameritrade Investor Movement Index at 12:30PMEST, and Consumer Credit at 3:00PMEST.  The technical breakout last week has led to a sizeable run for buyers and is nearing the completion target for the inverted head and shoulders pattern that built off the intermediate minor level at 2698.  We also have a new intermediate pivot marker which would indicate that some backing and filling will be coming in the near future, but ultimately this leg should see us reach the primary minor level at 2777.  There are a number of rising supports in play at this point which gives the sellers something to shoot for, but being too anxious to step in front of trending price is a fools errand so be patient and pick your spots carefully.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – July 6, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2722, 10DMA 2725,  20DMA 2750, 50DMA 2721, 100DMA 2705, 200DMA 2672

These are key Fib Levels:   2749, 2772, 2692, 2664

Here is today's market look at the S&P 500 for Friday, July 6, 2018

Happy Friday everyone, the only remaining data point for today is the Baker Hughes Rig Count at 1:00PMEST.  The technical picture while still a bit opaque is showing some signs of clarity with the buyers pushing through the primary minor level, the first declining resistance, and the 10DMA during yesterday's session.  We are currently sitting right at the next declining resistance and look set to open roughly flat this morning.  Sellers will need to hold this level and to keep everything together or risk triggering the inverted head and shoulders that targets the 2770's and the next primary minor level.  Ultimately buyers will need to clear the intermediate minor level at 2743 to trigger it and that will be their first target should sellers not be able to contain price below the declining resistance level we are currently at.  Good luck today and have a great weekend everyone!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 5, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2714, 10DMA 2728,  20DMA 2752, 50DMA 2719, 100DMA 2704, 200DMA 2671

These are key Fib Levels:   2749, 2772, 2692, 2664

Here is today's market look at the S&P 500 for Thursday, July 5, 2018

Happy post holiday trading day everyone!  We have a decent amount of data today with the Jobless Claims at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, ISM Non-Manufacturing Index at 10:00AMEST, EIA Petroleum Status Report at 11:00AMEST, and the FOMC Minutes at 2:00PMEST.  The technical side of things has us in a compression pattern presently with lower highs and higher lows and what was a weak start to the overnight session has since turned into a solid rally and we are currently set to open up on or above the first declining resistance at the intermediate and primary minor levels at 2730.  Sellers will need to hold the line there if they hope to contain this, otherwise it triggers the potential head and shoulders pattern which could have us back up to the 2770's in short order.  Good luck today!

 

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 3, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2716, 10DMA 2733,  20DMA 2754, 50DMA 2718, 100DMA 2702, 200DMA 2670

These are key Fib Levels:   2733, 2742

Here is today's market look at the S&P 500 for Tuesday, July 3, 2018

Data is light on the preholiday trading session with only Factory Orders at 10:00AMEST.  Yesterday buyers showed up exactly where they needed to at the 100DMA and 2700 level to build a base and make a run at the declining resistance array first level.  They have extended gains in the overnight and are currently set to open the market up on the primary minor level at 2733 and above declining resistance.  With an intermediate pivot in place down at 2690 and an inverted head and shoulders pattern formed between there and the primary minor level at 2744, a break above there has the potential to very constructive for buyers.  On the flip side, given there is a triple bottom at this point, should buyers fail to make a clean breakout in the coming sessions, it is a very high probability that the 200DMA will be tested at the very least, if not much lower.  Good luck today and see everyone on Thursday.

 

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 2, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2714, 10DMA 2738,  20DMA 2755, 50DMA 2717, 100DMA 2702, 200DMA 2668

These are key Fib Levels:   2689, 2655

Here is today's market look at the S&P 500 for Monday, July 2, 2018

Data for today has us looking at the PMI Manufacturing index at 9:45AMEST and the ISM Manufacturing Index and Construction Spending at 10:00AMEST.  After contacting the second declining resistance array, 10DMA, and intermediate minor level laid out in last weeks update, sellers stepped in and were able to shove price back down to the 50DMA and intermediate minor level before running out of time for the trading session.  The overnight price action is set to continue that trend and we are currently set to open up down around the 100DMA which has been sloppily tested twice now.  A third attempt here will be important for both sides of the tape as it typically marks a capitulation point for one side and a resulting larger move overall.   Sellers ability to get price below rising support and the intermediate minor level at 2699 opens the door for them to take price down to the next two levels between 2670 to 2680.  Buyers will be looking to put in a base at the 2700 area for another attempt at the resistance array and to reclaim the primary minor level at 2734.  Good luck today!

Primary and Intermediate Levels Detail