S&P500 Expert Lounge Update –October 27, 2016

Good morning everyone,

These are key timing for today: 1:00PMEST

These are key MA levels:  5EMA 2144, 10DMA 2140,  20DMA 2146,  50DMA 2156, 100DMA 2145

These are key Fib Levels: 2148, 2156

These are key primary and intermediate levels:  2176(intermediate minor), 2160(intermediate minor), 2148(intermediate minor), 2131(intermediate minor), 2126(primary major), 2115(intermediate major)

Here is today's market look at the S&P 500 for Thursday, October 27, 2016

Present price action is pointing to magenta as the odds on favorite so we should be in store for a trend day.  Data wise we have the Bloomberg Consumer Comfort Index at 9:45AMEST, Pending Home Sales at 10:00AMEST, EIA Natural Gas Report at 10:30AMEST, and the Kansas City Fed Manufacturing Index at 11:00AMEST.

2016-10-27_4-46-13-intradayMSP

MSP

From a technical standpoint we will open above the intermediate minor level at 2145 which opens the door for a clear shot to the next intermediate minor level at 2157 level and the 50DMA.  Above that sellers need to be careful because a huge rift opens up to the next intermediate major level 2177 which is only divided by declining resistance that has sustained price since the all time highs.  Good luck today and trade safe.

Primary and Intermediate Levels

Primary and Intermediate Levels

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