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

 

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