S&P500 Expert Lounge Update – August 7, 2018

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

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