S&P500 Expert Lounge Update – August 2, 2018

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!

 

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 1, 2018

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.

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 31, 2018

Good morning everyone,

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

These are key Fib Levels: 2823, 2788

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

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

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 27, 2018

Good morning everyone,

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

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

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

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

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 26, 2018

Good morning everyone,

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

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

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

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

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 25, 2018

Good morning everyone,

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

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

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

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

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 24, 2018

Good morning everyone,

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

These are key Fib Levels:   2826, 2795, 2784

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

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

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 23, 2018

Good morning everyone,

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

These are key Fib Levels:   2826, 2795, 2784

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

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

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – July 20, 2018

Good morning everyone,

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

These are key Fib Levels:   2826, 2795, 2784

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

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

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 19, 2018

Good morning everyone,

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

These are key Fib Levels:   2821, 2790, 2783

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

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

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 18, 2018

Good morning everyone,

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

These are key Fib Levels:   2821, 2790, 2783

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

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

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 17, 2018

Good morning everyone,

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

These are key Fib Levels:   2821, 2790, 2783

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

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

 

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 11, 2018

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

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

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

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

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

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

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

S&P500 Expert Lounge Update – June 29, 2018

Good morning everyone,

These are key MA levels:  5EMA 2722, 10DMA 2744,  20DMA 2756, 50DMA 2716, 100DMA 2702, 200DMA 2667

These are key Fib Levels:   

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

Happy Friday everyone!  We have a few items of interest this morning with Personal Income and Outlays at 8:30AMEST, Chicago PMI at 10:00AMEST, Consumer Sentiment at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  The technical picture still has price in limbo after yesterday's impressive recovery by the buyers. Present price in the overnight has us back up to the first of three in a declining resistance array.  The primary minor level at 2737 and the next declining resistance will be their primary target for today.  Sellers will be looking to attack the 100DMA and build a base below it to continue their slow ratcheting decline.  Good luck today and have a great weekend everyone.

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 28, 2018

Good morning everyone,

These are key MA levels:  5EMA 2728, 10DMA 2751,  20DMA 2755, 50DMA 2716, 100DMA 2701, 200DMA 2666

These are key Fib Levels:  2680

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

The remaining data for the day is spread through the session with the Bloomberg Consumer Comfort Index at 9:45AMEST, EIA Natural Gas Report at 10:30AMEST, Kansas City Fed Manufacturing Index at 11:00AMEST, and Farm Prices at 3:00PMEST.  Sellers showed up in force yesterday shoving the market through the 100DMA and marginally piercing rising support.  Overnight price action has them opening below that level at present and in a giant  levels void that opens the door to the lower 2680's and then a challenge of the intermediate pivot level at 2677 and the 200DMA.  Buyers will be looking to put a floor under this immediately this morning and open the market at flat to prevent any technical damage which would be likely to set off a cascade of more selling.  Nearest term target for buyers will be the 50DMA and intermediate minor level at 2717 followed by a challenge of the steepest declining resistance currently cutting through the mid 2720's.  Good luck today!

Primary and Intermediate Levels Detail

 

 

 

S&P500 Expert Lounge Update – June 27, 2018

Good morning everyone,

These are key MA levels:  5EMA 2742, 10DMA 2758,  20DMA 2756, 50DMA 2710, 100DMA 2702, 200DMA 2664

These are key Fib Levels:   2731, 2739

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

There is a decent amount of data this morning with Durable Goods, International Trade, and Wholesale Inventories at 8:30AMEST, Pending Home Sales at 10:00AMEST, and the EIA Petroleum Status Report at 10:30AMEST.  The technical side of the house saw a semi decent day for buyers yesterday as they were able to push price back up to the primary minor level at 2733 before losing some ground to the sellers.  While there was some weakness in the overnight, buyers have been able to rally and take back all the lost ground and we are currently set to open back up right around yesterday's close.  Any follow through by the buy side will be looking to push price up towards the intermediate minor level at 2743 and the first of declining resistance.  Sellers will be looking to defend yesterday's pivot high and the primary minor level at 2733 and make a run back at the 50DMA and intermediate minor level at 2716.  Below that gives them breathing room all the way to the 100DMA, intermediate minor level at 2698 and rising support cutting through the lower 2700 zone.  Good luck today!

 

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – June 26, 2018

Good morning everyone,

These are key MA levels:  5EMA 2750, 10DMA 2765,  20DMA 2755, 50DMA 2710, 100DMA 2702, 200DMA 2664

These are key Fib Levels:   2731, 2739

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

We have two items of interest early in the trading session with Consumer Confidence and the Richmond Fed Manufacturing Index at 10:00AMEST.  Yesterday was a rough day for buyers as sellers took price and shoved it all the way down to the 100DMA and sliced through multiple levels that buyers are now going to have to try and reclaim.  Given the severity of the drop yesterday, we're likely to see some consolidation today as both sides reposition themselves for the next move.  Buyers will be looking to maintain a base above the 50DMA in an attempt to make a run at the primary minor level at 2732.  Sellers objective is very clear.  They'll be looking to go after the next intermediate minor level at 2683 and challenge the intermediate pivot at 2675.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 25, 2018

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 Monday, June 25, 2018

Data for today is light but important with New Home Sales at 10:00AMEST, and the Dallas Fed Manufacturing Survey at 1030AMEST.  The technical side of the house has had some downside weakness in the overnight which has us set to open up on broadening support and intermediate minor level in the 2741/42 region.  This area between 2740 and 2730 will be important for buyers go build a larger base if the hope to challenge the primary pivot level back at 2790.  A slip here could easily take a run back at the 100DMA below 2710.  Good luck today!

 

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 21, 2018

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

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!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 19, 2018

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!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 18, 2018

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!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 15, 2018

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!

 

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 14, 2018

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