S&P500 Expert Lounge Update – August 24, 2018

Good morning everyone,

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

These are key Fib Levels: 2929, 2850, 2840

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

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

Primary and Intermediate Levels Detail

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