S&P500 Expert Lounge Update – July 3, 2018

Good morning everyone,

These are key MA levels:  5EMA 2716, 10DMA 2733,  20DMA 2754, 50DMA 2718, 100DMA 2702, 200DMA 2670

These are key Fib Levels:   2733, 2742

Here is today's market look at the S&P 500 for Tuesday, July 3, 2018

Data is light on the preholiday trading session with only Factory Orders at 10:00AMEST.  Yesterday buyers showed up exactly where they needed to at the 100DMA and 2700 level to build a base and make a run at the declining resistance array first level.  They have extended gains in the overnight and are currently set to open the market up on the primary minor level at 2733 and above declining resistance.  With an intermediate pivot in place down at 2690 and an inverted head and shoulders pattern formed between there and the primary minor level at 2744, a break above there has the potential to very constructive for buyers.  On the flip side, given there is a triple bottom at this point, should buyers fail to make a clean breakout in the coming sessions, it is a very high probability that the 200DMA will be tested at the very least, if not much lower.  Good luck today and see everyone on Thursday.

 

Primary and Intermediate Levels Detail

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