S&P500 Expert Lounge Update – December 29, 2017

Good morning everyone,

These are key timing for today: 10:00AMEST, 3:30PMEST

These are key MA levels:  5EMA 2682, 10DMA 2677,  20DMA 2659, 50DMA 2612, 100DMA 2550, 200DMA 2479

These are key Fib Levels:  2699, 2673, 2662

These are key primary and intermediate levels: 2595(intermediate minor) 2577 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)

Here is today's market look at the S&P 500 for Friday, December 29,  2017

With what appears to be the red MSP tracking overall we should see an open at or near the overnight highs with weakness to follow, but ultimately recovering by end of day.  The only data for today consists of the Baker Hughes Rig count at 1:00PMEST.

MSP

The technical picture is going to have us gapping up over declining resistance in a now completed compression pattern.  Typically price produces a quick thrust out of the pattern which can reverse quite dramatically.  It will be important to mind the backtest of this level for basing.  Good luck today and have a great new year.

Primary and Intermediate Levels Detail

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