S&P500 Expert Lounge Update – August 30, 2018

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

 

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