S&P500 Expert Lounge Update – June 21, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2773, 10DMA 2775,  20DMA 2753, 50DMA 2710, 100DMA 2705, 200DMA 2660

These are key Fib Levels:   2779

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

We have a couple items of note today with the Bloomberg Consumer Comfort Index at 9:45AMEST, Leading Indicators at 10:00AMEST, and the EIA Natural Gas Report at 10:30AMEST.  Buyers made an attempt to break out of the consolidation yesterday with a minor breach of declining resistance but failed to reclaim the 10DMA.  The market is set to open marginally lower at present and buyers will be looking to put a floor under price at the intermediate minor level at 2761.  The near term target for them is the primary minor level at 2779 and then an attempt at the primary and intermediate pivot up at 2790.  Good luck today!

Primary and Intermediate Levels Detail

2018

S&P500 Expert Lounge Update – June 20, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2774, 10DMA 2776,  20DMA 2751, 50DMA 2708, 100DMA 2706, 200DMA 2658

These are key Fib Levels:   2779

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

We have a couple items of interest to start the session with Existing Home Sales at 10:00AMEST and Crude Oil Inventories at 10:30AMEST.  The technical side of the house saw us bottom out yesterday on rising support and the intermediate minor level at 2742 and rally for the rest of the session.  The next target for buyers will be to challenge the 5DEMA and 10DMA along with declining resistance at 2770.  Sellers will be looking to take another run at the 20DMA and rising support.  The in between of these two boundaries is a dead zone best left untouched.  Good luck today!

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S&P500 Expert Lounge Update – June 19, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2779, 10DMA 2775,  20DMA 2749, 50DMA 2705, 100DMA 2707, 200DMA 2657

These are key Fib Levels:   2749, 2733

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

Data is light today with only the Feds Redbook at 8:55AMEST.  Sellers showed up en masse during the overnight session as price is currently set to open up down near rising support and the 20DMA.  A failure there opens the door to at least the next primary minor level at 2732 if not a full on run at the 100DMA and intermediate minor level at 2710.  Buyers will be looking to put a floor under price at the 20DMA and rising support to prevent any technical damage and ideally work on building a base with their new intermediate pivot marker in place for another shot at declining resistance currently working its way through the upper 2760's.  Good luck today!

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S&P500 Expert Lounge Update – June 18, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2781, 10DMA 2772,  20DMA 2746, 50DMA 2702, 100DMA 2708, 200DMA 2655

These are key Fib Levels:   2822, 2783, 2766

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

Data is light this morning with just Consumer Expectations at 11:00AMEST.  Sellers stepped in during the overnight session after stalling buyers at the 5DEMA and declining resistance during Friday's session at the primary minor level at 2779.  This morning's open if below the 10DMA and intermediate minor level at 2664 could mean a good day for sellers as their next target would be the 20DMA and rising support all the way down in the mid 2740's.  Should buyers be able to maintain the 10DMA intermediate minor level at 2764, that will give them an opportunity to finally break the declining resistance and make a run for a new primary and intermediate pivot high above 2792.  Good luck today!

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S&P500 Expert Lounge Update – June 15, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2781, 10DMA 2767,  20DMA 2743, 50DMA 2699, 100DMA 2708, 200DMA 2654

These are key Fib Levels:   2822, 2783, 2766

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

Happy Friday everyone!  There is a respectable amount of data for this last trading session of the week.  We have Industrial Production at 9:15AMEST, Consumer Sentiment at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  The technical side of the house didn't not change at all from with respect to yesterday's price action.  Price remained snuggled up to the primary minor level at 2779 for the duration of the session while failing to break out over declining resistance.  Given the overnight price action, buyers have lost their grasp and sellers look to rule the day with a lower open while targeting yesterday's first stated objective of the intermediate minor level at 2766 along with the 10DMA.  That level will be the major key for buyers to defend or risk losing a substantial amount of ground in the levels void all the way down to rising support, 20DMA and intermediate minor level at 2743.  Buyers primary goal is to stabilize price at the 2766 intermediate minor level and build a base to try and reclaim the primary minor level at 2779 and break out over the declining resistance and 5DEMA in an attempt to put in a new primary and intermediate pivot high.  Good luck today and have a phenomenal weekend!

 

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S&P500 Expert Lounge Update – June 14, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2778, 10DMA 2760,  20DMA 2740, 50DMA 2697, 100DMA 2709, 200DMA 2652

These are key Fib Levels:   2822, 2783, 2766

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

Data for today's session is front end loaded with Jobless Claims, Retail Sales, Import and Export Prices at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, Business Inventories at 10:00AMEST, and the EIA Natural Gas Report at 10:30AMEST.  Sellers showed up yesterday and broke the momentum trend by closing the session below the 5DEMA and primary minor level at 2779.  This move does need to see some follow through to be anything other then corrective since yesterday's close was a perfect symmetrical decline from the primary and intermediate pivot highs.  The next lower level that sellers will be looking for is at 2766 and the next lower intermediate level.  Below that opens up some breathing room for them with a potential brief stop at the 10DMA in the middle of the void of levels which would ultimately find price back down to the 2740 level where it would encounter rising support, the 20DMA, and intermediate minor level.  Buyers will be looking to hold the yesterday's lows to continue their march higher in an attempt to first break declining resistance at 2785.  Above that increases odds significantly of a run up to the primary minor level at 2800.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 13, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2778, 10DMA 2755,  20DMA 2737, 50DMA 2693, 100DMA 2709, 200DMA 2650

These are key Fib Levels:   2822, 2775, 2771, 2747, 2734

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

The big focus for today will be on the FOMC announcement this afternoon, but we do have some data for the start of the session with the Atlanta Business Inflation Expectations, EIA Petroleum Status Report, the all important FOMC Meeting Announcement and FOMC Forecasts at 2:00PMEST, followed by the Fed Chair Press Conference at 2:30PMEST.  The technical picture extended the sideways price action yesterday and is currently set to open marginally higher to flat at present.  Sellers will be looking to make another run at the primary minor level at 2779 as a near term target where as buyers have broadening resistance and declining resistance to contend with in and around the intermediate minor level at 2790.  Given the afternoon Fed festivities, the largest moves are likely to be concentrated in the latter portion of the session.  Good luck today!

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S&P500 Expert Lounge Update – June 12, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2770, 10DMA 2745,  20DMA 2734, 50DMA 2689, 100DMA 2709, 200DMA 2649

These are key Fib Levels:   2822, 2775, 2771, 2747, 2734

Here is today's market look at the S&P 500 for Tuesday, June 12, 2018

Happy FOMC Day everyone!  While the announcement of said meeting isn't till tomorrow, price has a tendency not to do very much during the period of the meeting so expectations for something dramatic between now and tomorrow afternoon at 2:00PMEST are rather low.  Outside of that we have the Consumer Price Index at 8:30AMEST, the Feds Redbook at 8:55AMEST, and the Treasury Budget at 2:00PMEST.  The technical picture saw us tag the intermediate minor level at 2789 and then finally break down below rising support just before the close.  The overnight session hasn't had anything in the way of follow through and we are currently set to open marginally higher from yesterday's lows.  Buyers will be looking to establish a new base in and around the 5DEMA and intermediate minor level at 2765 with eyes on the broadening resistance and the primary minor level at 2800.  Sellers have plenty of targets below starting with the primary minor level at 2779 and if they can manage to crack the 2765 level it opens the door all the way down to the 10 and 20DMA stack, rising support, and primary minor level in the lower 2730's.  Good luck today!

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S&P500 Expert Lounge Update – June 11, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2763, 10DMA 2739,  20DMA 2731, 50DMA 2687, 100DMA 2709, 200DMA 2647

These are key Fib Levels:   2822, 2741, 2729, 2717

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

With no economic data to speak of today, the technical picture is the sole focus for the first trading session of the week.  Friday's price ground its way higher back into the primary minor level at 2778 and managed to hold onto rising support.  The overnight price action remains around Friday's close so there isn't likely to be a dramatic opening price move.  Sellers will be looking to break rising support and head for the intermediate minor level at 2768.  Below that they open up into a sizable void all the way down to challenge the previous intermediate pivot at 2742.  Buyers primary goal is to maintain rising support and push price up through the primary minor level at 2778 and attempt to breakout over broadening resistance headed towards the primary minor level at 2800.  Good luck today!

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S&P500 Expert Lounge Update – June 8, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2754, 10DMA 2734,  20DMA 2728, 50DMA 2683, 100DMA 2709, 200DMA 2645

These are key Fib Levels:   2814, 2783, 2756, 2746

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

Happy Friday everyone!  There are a couple items of note for today's session with regards to economic data with Wholesale Trade at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  Price maintained rising support again yesterday after topping out at the primary minor level at 2779.  Current overnight price action will have a gap down below rising support and into the mid 2750's which will put buyers on guard with an established lower high and lower low relative to yesterday's price action.  The first area of interest for sellers to target will be the previous intermediate minor pivot down at 2744 should momentum traders fail to buy up the 5DEMA.  Buyers will be looking to consolidate some gains and attempt to make a base in the mid 2740's if they are to continue this present leg of the run.  Given the torrid pace of the rise up to this point, a few days of sideways is to be expected.  Good luck today and have a great weekend!

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S&P500 Expert Lounge Update – June 7, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2741, 10DMA 2730,  20DMA 2725, 50DMA 2680, 100DMA 2710, 200DMA 2643

These are key Fib Levels:   2814, 2783, 2771

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

Data is distributed about the trading session today with Jobless Claims at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, Quarterly Services Survey at 10:00AMEST, EIA Natural Gas Report at 10:30AMEST, and Consumer Credit at 3:00PMEST.  After making a solid base on the 2713 level the past week, buyers have extended their run up through broadening resistance and through the 2767 intermediate minor level.  Near rising support has been flawless for this run and remains a decent way below price in the lower 2760's.  Overhead, buyers next target is just overhead at the primary minor level of 2779 followed by the intermediate minor level at 2790.  Sellers, if they can get anything going, are going to be looking to push price back down below the trifecta of broken broadening resistance, rising support and the intermediate minor level at 2767.  Below that they have a massive emptiness to work with all the way back to 2743 and a retest of the intermediate pivot level.  Good luck today!

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S&P500 Expert Lounge Update – June 6, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2731, 10DMA 2725,  20DMA 2720, 50DMA 2678, 100DMA 2710, 200DMA 2642

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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

The remainder of the day is light in the data department with only the EIA Petroleum Status Report at 10:30AMEST.  Buyers found support early prior to hitting rising support but after breaching the intermediate minor level at 2744.  Today presently is shaping up to be a repeat of yesterday with overnight strength leading into cash market opening weakness but will put the cash market net higher overall.  Targets have not changed from yesterday with the buyers looking for broadening resistance and the next intermediate minor level overhead at 2767 and sellers first need to crack rising support before looking towards a gap fill, the moving averages stack and intermediate and primary levels in the 2730 zone.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 5, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2720, 10DMA 2724,  20DMA 2716, 50DMA 2674, 100DMA 2710, 200DMA 2640

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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

Data for today is confined to the front end of the session with the Feds Redbook at 8:55AMEST, PMI Services Index at 9:45AMEST, and the ISM Non-Manufacturing Index and Job Openings and Labor Turnover Survey at 10:00AMEST.  Yesterday saw a gap over the primary minor level at 2733 and also above the primary pivot at 2743 ultimately extending marginally into the levels void and up to the psychological 2750 round number zone before pausing on the day to consolidate gains.  With little in the way of levels resistance buyers should have minimal issue pushing price up to the next intermediate minor level at 2766.  Sellers still have the benefit of having both in intermediate and Primary pivot marker present and would be looking for an initial target at rising support near 2740.  With successfully reclaiming that a run back down to the primary minor level and filling yesterday's gap opening around 2730 would be all but assured.  Below that area there is a large stack of moving averages an intermediate minor level and both rising and broadening support all in the 2720 for sellers to contend with.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 4, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2715, 10DMA 2720,  20DMA 2712, 50DMA 2672, 100DMA 2710, 200DMA 2639

These are key Fib Levels:   2905, 2754, 2637, 2587

Here is today's market look at the S&P 500 for Monday, June 4, 2018

Data is light for the first trading session of the week with Factory Orders at 10:00AMEST followed by the TD Ameritrade Investor Movement Index at 12:30PMEST.  The technical side of the house saw some consolidation at the close of last week on the primary minor level at 2733.  Present price action looks set to extend the previous weeks gains and make another run at the primary pivot just north of 2740.  Above that level opens the door to the 2760's where price would find broadening resistance.  The nearest term target for sellers is the rising support at 2725 and then a stack of moving averages and intermediate minor level at 2715.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 1, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2713, 10DMA 2719,  20DMA 2707, 50DMA 2672, 100DMA 2710, 200DMA 2637

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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

Happy Friday and first day of June everyone!  First order of business on the day is the Employment Situation at 8:30AMEST, followed by PMI Manufacturing Index at 9:45AMEST, ISM Manufacturing Index and Construction Spending at 10:00AMEST, and lastly the Baker Hughes Rig Count at 1:00PMEST.  Sellers were able to take control yesterday and push the market down through the 100DMA and keep it under but were unable to break it out below the 2698 intermediate minor level which was outlined in yesterday's post as the key to a much larger decline.  Overnight price action currently has the buyers with upper hand and we are currently set to open back up near the intermediate minor level at 2717.  The first area of contention for the buyers is going to be the 10DMA if they can maintain price at these levels and the declining resistance coming in around the mid 2720's.  After that, they have the 2730 zone with the intermediate and primary minor levels which proved to be a massive point of failure for them.  Sellers targets remain the same as yesterday, first the reclaiming of the 100DMA, then they need to be able to push price past the 20DMA and intermediate minor at 2698 to open the door to substantially lower prices.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 31, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2719, 10DMA 2719,  20DMA 2700, 50DMA 2672, 100DMA 2710, 200DMA 2635

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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

Data for the session is abound with the Challenger Job Cut Report at 7:30AMEST, Jobless Claims, Personal Incomes and Outlays at 8:30AMEST, Chicago PMI and Bloomberg Consumer Comfort Index at 9:45AMEST, Pending Home Sales at 10:00AMEST, EIA Natural Gas Report at 10:30AMEST, and lastly the EIA Petroleum Status Report at 11:00AMEST.  Yesterday's session turned into a gap and go session slicing through declining resistance and the moving averages before ultimately stalling at the intermediate minor level and just shy of the primary minor level in and around the 2730 defined as the upper bound of the range in yesterday's update.  Today's job for buyers is to create a base on what has now become broadening support and the 100DMA around 2713.  From there another run at the primary pivot just north of 2740 is highly probable.  Sellers have their work cut out for them to negate yesterday's move and would first need to fail the breakout and push price back through the 100DMA to give themselves some breathing room which opens up the 20DMA and intermediate minor level at 2698.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 30, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2727, 10DMA 2723,  20DMA 2698, 50DMA 2673, 100DMA 2710, 200DMA 2634

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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

The only data we have left to hit the tape today is the Feds Beige Book at 2:00PMEST.  We also have lots of moving parts going on with the technicals as we double tapped the 50DMA yesterday with an intermediate pivot and look set to extend that double bottom rally today.  The big target for buyers is going to be the intermediate minor level at 2716 along the the 5DEMA, 10DMA, and 100DMA.  Sellers first order of business is going to be to challenge the double bottom low and 50DMA in hopes of having enough momentum to get through the intermediate minor level at 2672.  At that point it would open up the primary minor level down near 2650.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 25, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2724, 10DMA 2723,  20DMA 2692, 50DMA 2674, 100DMA 2710, 200DMA 2631

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

Here is today's market look at the S&P 500 for Friday, May 25, 2018

Happy Friday everyone!  We have a few items of interest today, the most important of the group is Durable Goods Orders at 8:30AMEST followed by Consumer Sentiment at 10:00AMEST and rounding out the data docket in the afternoon with the Baker Hughes Rig Count at 1:00PMEST.  Price played a game of ping pong yesterday between primary and intermediate minor levels around 2730 and the 100DMA before ultimately closing out the day sitting atop the 5DEMA and 10DMA.  Overnight price action currently has us around the primary minor level at 2732 and the 8:30AMEST Durable Goods Order has the potential to set the stage for buyers today should it be a positive number and get us over the 2732 hump and into the massive levels void that runs all the way up to near 2770 and the next intermediate minor level.  Sellers still have what seems like an impenetrable rising target in the 100DMA if they are to get anything going for themselves in and around the 2710 level.  Everything between these two areas is just more of a consolidation pattern.  Good luck today and have a great weekend and an extended one for everyone in the U.S. with Monday being a holiday!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – May 24, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2724, 10DMA 2723,  20DMA 2692, 50DMA 2674, 100DMA 2710, 200DMA 2631

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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

Data is abound today with Jobless Claims at 8:30AMEST, FHFA House Price Index at 9:45AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, Existing Home Sales at 10:00AMEST, EIA Natural Gas Report at 10:30AMEST, and the Kansas City Fed Manufacturing Index at 11:00AMEST.  Price remains in neutral territory as we sit between a higher high and lower low pivot after bottoming on the 100DMA.  Any consolidation process between the primary minor level at 2733 and intermediate minor level at 2730 should be taken as a hint that buyers are readying for a run at the primary and intermediate pivot and ultimately up to the intermediate minor level up at 2767.  Sellers need to break down the 100DMA at 2712 to get some momentum going and push price back down to the next lower intermediate minor level at 2696.  Good luck today and avoid the chop.

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 23, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2722, 10DMA 2720,  20DMA 2687, 50DMA 2675, 100DMA 2709, 200DMA 2630

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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

Happy Fed minutes day everyone!!!  Data for this mornings portion of the session has us looking at the PMI Composite Flash at 9:45AMEST, New Home Sales at 10:00AMEST, EIA Petroleum Status Report at 10:30AMEST, and followed up in the afternoon with the FOMC Minutes release.  Yesterday's price action had us put in a marginally new primary and intermediate pivot before retreating back to the intermediate minor level and stack of moving averages around the 2717 area.  Overnight price action has us set to gap below all of this area and into the void between 2717 and 2697 where the next lower intermediate minor level resides.  This next lower level is the most probable near term target for sellers.  This will also be the first area that buyers will have to create a new base in an attempt to make a run at yesterdays new primary pivot.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – May 22, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2720, 10DMA 2715,  20DMA 2683, 50DMA 2676, 100DMA 2709, 200DMA 2629

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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

There are only a couple items of economic significance today with the Feds Redbook at 8:55AMEST, and the Richmond Fed Manufacturing Index at 10:00AMEST.  Yesterday had us gap up over declining resistance and oscillate around the primary minor level at 2733 while maintaining below the primary and intermediate pivot high at 2742.  Present price action has us marginally higher then yesterday's close at present and gives buyers the advantage should the be able to create another gap up over 2742 and a clear path to the next intermediate minor level at 2767.  Sellers primary goal today is to break down the basing process that has happened on the backtest of yesterday's declining resistance and attempt to wipe out the 100DMA, intermediate minor level, rising support, and fill the gap all in and around the 2715 level.  Between these area's is a lot of noise that is best to leave untouched.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 21, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2719, 10DMA 2709,  20DMA 2680, 50DMA 2677, 100DMA 2708, 200DMA 2627

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

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

The only item of interest for today's session is the Chicago Fed National Activity Index at 8:30AMEST.   The technical picture remains predominantly constructive for buyers as they've managed to base price on the 100DMA at the intermediate minor level and previous intermediate pivot at 2715.  Should sellers be able to take control with the help of momentum traders as a result of closing below the 5DEMA the first target would be 2697 and ultimately the 50 and 20DMA's at the 2680 level.  Buyers will be targeting a break of near term declining resistance in the 2720 region and then the primary minor level just above 2730.  Above that there is a massive gap of level resistance all the way up to to 2767 along with broadening resistance currently cutting through the 2750's.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – May 18, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2722, 10DMA 2704,  20DMA 2678, 50DMA 2678, 100DMA 2708, 200DMA 2626

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

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

Happy Friday everyone!  Data is light today with only the Baker Hughes Rig Count at 1:00PMEST.  Yesterday sellers were able to push price below near term rising support but failed to reclaim the 100DMA.  Current overnight price action looks set for a second attempt to challenge the 100DMA.  Should sellers be able to pull the rug out their first target with be 2695 intermediate minor level and the 10DMA.  Below that is another solid 10 point plus step down to 2682 intermediate minor level and the 50 and 20DMAs.  For buyers holding the 10DMA would be a huge accomplishment, but probablistically it seems more likely that the 2695 and 2680 levels would be better suited for a new basing process for them to build a new base from which to potentially push the market higher.  The next thing to look for on further downside would be a new intermediate pivot marker which would signal the market is hunting for a new pivot low.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 17, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2722, 10DMA 2695,  20DMA 2676, 50DMA 2678, 100DMA 2708, 200DMA 2625

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

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

Data for today is abundant with Jobless Claims and the Philadelphia Fed Business Outlook Survey at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, E-Commerce Retail Sales and Leading Indicators at 10:00AMEST, and EIA Natural Gas Report at 10:30AMEST.  The overnight price action up to this point has been marginally weak but nothing too ugly.  Buyers were able to close the day out on the 5DEMA which is keeping the momentum traders on their side for the time being.  Rising support comes into play immediately when the market opens today as to whether it will be a gap below or support reestablished will need to be judged at 9:30AMEST.  Sellers ability to gap the rising support gives them a shot at the 100DMA again at 2710 and then a clear path below 2700 to the next intermediate minor level at 2795.  Buyers will be looking to hold the rising support and to challenge the intermediate minor level and primary minor level around 2730.  After that they have a clean shot at the intermediate and primary pivot above 2740.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 16, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2718, 10DMA 2686,  20DMA 2675, 50DMA 2678, 100DMA 2707, 200DMA 2624

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

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

Today's trading session has a decent amount of data on the front end with Housing Starts at 8:30AMEST, Industrial Production at 9:15AMEST, Atlanta Fed Business Inflation Expectations at 10:00AMEST, and EIA Petroleum Status Report at 10:30AMEST.  Price moved swiftly yesterday after a failure of the 2733 primary minor level and fell into the 2700 to 2695 mentioned support level in yesterday's expert lounge chat.  Overnight price action has made little headway in either direction as we are currently set to open marginally lower but still within yesterday's buyers attempt to build a base at the 100DMA.  Near term declining resistance will be the first challenge for buyers along the the 5DEMA and 100DMA all in the 2710 area along with an intermediate minor level just overhead at 2715.  If buyers should be able to clear 2715 they have a clear run at the next level at 2729.  Sellers near term targets are going to be the 50,10, and 20DMA's along with intermediate minor support in the 2680 area.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 15, 2018

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Good morning everyone,

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

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

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

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

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – May 14, 2018

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Good morning everyone,

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

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

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

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

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 11, 2018

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Good morning everyone,

These are key MA levels:  5EMA 2692, 10DMA 2666,  20DMA 2669, 50DMA 2675, 100DMA 2706, 200DMA 2624

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

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

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

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 10, 2018

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Good morning everyone,

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

These are key Fib Levels:   2905, 2774, 2649, 2637, 2587

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

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

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

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 9, 2018

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Good morning everyone,

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

These are key Fib Levels:   2905, 2774, 2649, 2637, 2587

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

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

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

Primary and Intermediate Levels Detail