S&P500 Expert Lounge Update – July 5, 2018

Good morning everyone,

These are key MA levels:  5EMA 2714, 10DMA 2728,  20DMA 2752, 50DMA 2719, 100DMA 2704, 200DMA 2671

These are key Fib Levels:   2749, 2772, 2692, 2664

Here is today's market look at the S&P 500 for Thursday, July 5, 2018

Happy post holiday trading day everyone!  We have a decent amount of data today with the Jobless Claims at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, ISM Non-Manufacturing Index at 10:00AMEST, EIA Petroleum Status Report at 11:00AMEST, and the FOMC Minutes at 2:00PMEST.  The technical side of things has us in a compression pattern presently with lower highs and higher lows and what was a weak start to the overnight session has since turned into a solid rally and we are currently set to open up on or above the first declining resistance at the intermediate and primary minor levels at 2730.  Sellers will need to hold the line there if they hope to contain this, otherwise it triggers the potential head and shoulders pattern which could have us back up to the 2770's in short order.  Good luck today!

 

Primary and Intermediate Levels Detail

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