S&P500 Expert Lounge Update – June 12, 2018

Good morning everyone,

These are key MA levels:  5EMA 2770, 10DMA 2745,  20DMA 2734, 50DMA 2689, 100DMA 2709, 200DMA 2649

These are key Fib Levels:   2822, 2775, 2771, 2747, 2734

Here is today's market look at the S&P 500 for Tuesday, June 12, 2018

Happy FOMC Day everyone!  While the announcement of said meeting isn't till tomorrow, price has a tendency not to do very much during the period of the meeting so expectations for something dramatic between now and tomorrow afternoon at 2:00PMEST are rather low.  Outside of that we have the Consumer Price Index at 8:30AMEST, the Feds Redbook at 8:55AMEST, and the Treasury Budget at 2:00PMEST.  The technical picture saw us tag the intermediate minor level at 2789 and then finally break down below rising support just before the close.  The overnight session hasn't had anything in the way of follow through and we are currently set to open marginally higher from yesterday's lows.  Buyers will be looking to establish a new base in and around the 5DEMA and intermediate minor level at 2765 with eyes on the broadening resistance and the primary minor level at 2800.  Sellers have plenty of targets below starting with the primary minor level at 2779 and if they can manage to crack the 2765 level it opens the door all the way down to the 10 and 20DMA stack, rising support, and primary minor level in the lower 2730's.  Good luck today!

Primary and Intermediate Levels Detail

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