S&P500 Expert Lounge Update – September 21, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2907, 10DMA 2896,  20DMA 2893, 50DMA 2854, 100DMA 2793, 200DMA 2748

These are key Fib Levels: 2953, 2943, 2907

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

Happy Friday Everyone!  Data for today's session is light with only the PMI Composite FLASH at 9:45AMEST and the Baker Hughes Rig Count at 1:00PMEST.  Buyers were out in force yesterday gaping up over the previous all time highs and pushing deeper into uncharted territory.  We have the early stages of a potential rising wedge formation with the upper bound currently cutting through the lower 2940's and the lower bound in the lower 2920's.  While there are some indications of a turn with both a Primary and Intermediate pivot marker at the highs, turns take time to develop and the meat of the move can be caught long after the top is in so be patient.  Initial targets should sellers be able to gain some footing would be rising support currently just above 2920 and then through that there is a intermediate minor level, 5DEMA, and gap fill all residing in the 2910 zone.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 20, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2902, 10DMA 2891,  20DMA 2890, 50DMA 2851, 100DMA 2790, 200DMA 2747

These are key Fib Levels: 2929, 2855

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

With Jobless Claims and Philadelphia Fed Business Outlook Survey behind us, the remaining data points for this session consist of Existing Home Sales and Leading Indicators at 10:00AMEST and the EIA Natural Gas Report at 10:30AMEST.  Current price action is markedly positive and we are set to open at, or above the all time highs.  Buyers will be looking to make a run at broadening resistance which is currently cutting through the 2920's and round number psychology prevails over the all time highs.  Sellers, should they be able to slow this rally, will first be targeting the intermediate minor level at 2910 and then rising support and 10 and 20DMA's in the lower 2890's.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – September 19, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2898, 10DMA 2889,  20DMA 2887, 50DMA 2849, 100DMA 2787, 200DMA 2746

These are key Fib Levels: 2929, 2855

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

Data for today's session consists of Housing Starts and Current Account at 8:30AMEST and the EIA Petroleum Status Report at 10:30AMEST.  Price attempted a break over resistance during yesterday's session but failed to follow through after hitting the intermediate minor level at 2910 and is currently set to open lower by a couple of points.  Bears still have the challenging task of attacking the 10 and 20DMA stack along with rising support if they have any hopes of getting something solid going.  Should buyers be able to rising support and the moving averages then another leg higher is a very high probability.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 18, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2894, 10DMA 2888,  20DMA 2885, 50DMA 2846, 100DMA 2785, 200DMA 2744

These are key Fib Levels: 2929, 2855

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

We have a couple items of interest this morning with the Feds Redbook at 8:55AMEST, and the Housing Market Index at 10:00AMEST.  Sellers couldn't quite push their way through the moving averages stack mentioned in last weeks update and as a result buyers have been able to recover a good chunk of yesterday's losses during the overnight session as we are currently set to open up at near term declining resistance around the 2895 zone.  The lack of an intermediate pivot marker at yesterday's lows gives sellers a reasonable opportunity to retrace what buyers have managed to produce in the overnight but they will need to defend the declining resistances in the 2990 to 2995 area and maintain price below the intermediate minor level at 2910 should the resistances get breached.  If they can sustain price below that and take out the rising support and moving average stack in the upper 2880's then that gives them a good probability run to the intermediate major level at 2865.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 14, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2885, 10DMA 2889,  20DMA 2880, 50DMA 2840, 100DMA 2780, 200DMA 2742

These are key Fib Levels: 2929, 2896, 2859

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

Happy Friday Everyone!  Remaining data for the day consist of Industrial Production at 9:15AMEST, Business Inventories and Consumer Sentiment at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  Yesterday's price move courtesy of the buyers produced enough to generate a new intermediate pivot marker and intermediate minor level at 2910.  Overnight price action has been positive and we currently look set to open near yesterday's highs.  Buyers will be looking to go after the all time highs again but will first need to push through the intermediate pivot marker just over head at 2910.  Sellers first order of business is to push price down through near term rising support that is currently cutting through the upper 2890's and then to attack the moving average cluster and next rising support in around the 2885 zone.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 13, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2880, 10DMA 2890,  20DMA 2876, 50DMA 2837, 100DMA 2777, 200DMA 2740

These are key Fib Levels: 2929, 2896, 2859

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

We have a couple important premarket releases in the form of Consumer Price Index and Jobless Claims at 8:30 followed by the EIA Natural Gas Report at 10:30AMEST, and finally the Treasury Budget at 2:00PMEST.  The technical picture since putting in the intermediate pivot marker, while very choppy, has slowly shifted to an overall positive stance for buyers with breaking out over declining resistance to finding support on the 5DEMA.  The only real hurdle for them at present is to maintain the 10DMA on a closing basis as they attempt to take price back above the intermediate minor level at the all time highs.  Sellers will need to push price below the 2870 to 2865 basing area if they are to have any hopes of gaining downside momentum in the coming sessions.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – September 11, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2882, 10DMA 2892,  20DMA 2870, 50DMA 2830, 100DMA 2773, 200DMA 2737

These are key Fib Levels: 2929, 2853, 2841

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

We have three items of interest for today's session with the Feds Redbook at 8:55AMEST along with Wholesale Trade and the Job Openings and Labor Turnover Survey at 10:00AMEST.  Buyers made three attempts at declining resistance yesterday and were held at bay closing out the day near the session lows and currently have more weakness during the overnight session.  Given current overnight action, price should open up on the primary minor level at 2872 which will be important for buyers to hold if they don't want to see price fall into the 2840's.  Should buyers break out above the declining resistance, their only other challenge will be the 10DMA at 2892 before making a full run at new all time highs.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 10, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2887, 10DMA 2891,  20DMA 2868, 50DMA 2827, 100DMA 2772, 200DMA 2736

These are key Fib Levels: 2929, 2853, 2841

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

There are only a couple economic items of note today with the TD Ameritrade Investor Movement Index at 12:30PMEST, and Consumer Credit at 3:00PMEST.  Friday's session proved the 20DMA and intermediate minor level at 2866 to be solid support as sellers could not push their way into the void.  Buyers have used that as a signal to step in during the overnight session and look to gap the market up into the area of declining resistance and the 10DMA and 5DEMA.  If able to clear all those items on the opening tick, watch for a basing process to occur atop the primary minor level at 2874 in an attempt to run back to new all time highs.  Should sellers be able to hold the declining resistance, then a run at the next lower intermediate minor level at 2847 is virtually assured.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 7, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2893, 10DMA 2890,  20DMA 2867, 50DMA 2723, 100DMA 2670, 200DMA 2734

These are key Fib Levels: 2929, 2853, 2841

Here is today's market look at the S&P 500 for Friday, September 7, 2018

Happy Friday Everyone!  There are a few economic items of note for the last trading session of the week in the form of the Employment Situation at 8:30AMEST, the Quarterly Services Survey at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  The technical side saw yesterday's session start out with choppy price action in an attempt to reclaim the 10DMA and break through declining resistance only to have sellers step in as the day progressed and shove price down to the long standing primary minor level target and the 20DMA.  With a new intermediate pivot marker in place at yesterday's lows, buyers will begin to start to look to wade into the market in growing numbers.  Their first order of business will be to attack the declining resistance that is currently cutting through the 2885 zone and attempt to reclaim the now broadening resistance and 10DMA near 2890.  Sellers will be looking to continue their progress and break the newly formed intermediate minor level at 2867 along with cutting through the 20DMA.  This will open the door to a sizable levels void all the way down to 2847.  Good luck today and have a great weekend everyone!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 6, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2900, 10DMA 2888,  20DMA 2866, 50DMA 2720, 100DMA 268, 200DMA 2733

These are key Fib Levels: 2929, 2853, 2841

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

There's a decent amount of data today with Jobless Claims and Productivity and Costs at 8:30AMEST, PMI Services Index at 9:45AMEST, Factory Orders and ISM Non Manufacturing Index at 10:00AMEST, The EIA Natural Gas Report at 10:30AMEST, and the EIA Petroleum Status Report at 11:00AMEST.  The market pushed itself into the corner of a decision zone going into yesterday's close so we should see who has the upper hand going through today's session as both declining resistance and rising support will cross paths before today's session is out.  A break of either could produce a solid move in that direction so be flexible today with you positions.  Good luck!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 5, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2902, 10DMA 2886,  20DMA 2864, 50DMA 2717, 100DMA 2766, 200DMA 2731

These are key Fib Levels: 2929, 2861, 2848

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

With all the data past this morning, the market is all technical for today's session with today looking to start out marginally negative at present.  The 10DMA held price firm for yesterday's session as we bounced back to declining resistance from the all time highs.  The remainder of the week will be a decision making process for price as we near an intersection of declining resistance and rising support at the 2890 level.  Buyers have yet to get an intermediate pivot marker and sellers are slowly working their way towards the primary minor level at 2873 which should produce some support overall.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 31, 2018

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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

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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

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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

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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

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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

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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

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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

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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

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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!

Primary and Intermediate Levels Detail

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!

Primary and Intermediate Levels Detail

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!

Primary and Intermediate Levels Detail

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!

Primary and Intermediate Levels Detail

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!

Primary and Intermediate Levels Detail

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!

Primary and Intermediate Levels Detail

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.

 

Primary and Intermediate Levels Detail

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!

Primary and Intermediate Levels Detail

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!

Primary and Intermediate Levels Detail

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.

 

Primary and Intermediate Levels Detail

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

Primary and Intermediate Levels Detail