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S&P500 Expert Lounge Update – June 19, 2018

Good morning everyone,

These are key MA levels:  5EMA 2779, 10DMA 2775,  20DMA 2749, 50DMA 2705, 100DMA 2707, 200DMA 2657

These are key Fib Levels:   2749, 2733

Here is today's market look at the S&P 500 for Tuesday, June 19, 2018

Data is light today with only the Feds Redbook at 8:55AMEST.  Sellers showed up en masse during the overnight session as price is currently set to open up down near rising support and the 20DMA.  A failure there opens the door to at least the next primary minor level at 2732 if not a full on run at the 100DMA and intermediate minor level at 2710.  Buyers will be looking to put a floor under price at the 20DMA and rising support to prevent any technical damage and ideally work on building a base with their new intermediate pivot marker in place for another shot at declining resistance currently working its way through the upper 2760's.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 18, 2018

Good morning everyone,

These are key MA levels:  5EMA 2781, 10DMA 2772,  20DMA 2746, 50DMA 2702, 100DMA 2708, 200DMA 2655

These are key Fib Levels:   2822, 2783, 2766

Here is today's market look at the S&P 500 for Monday, June 18, 2018

Data is light this morning with just Consumer Expectations at 11:00AMEST.  Sellers stepped in during the overnight session after stalling buyers at the 5DEMA and declining resistance during Friday's session at the primary minor level at 2779.  This morning's open if below the 10DMA and intermediate minor level at 2664 could mean a good day for sellers as their next target would be the 20DMA and rising support all the way down in the mid 2740's.  Should buyers be able to maintain the 10DMA intermediate minor level at 2764, that will give them an opportunity to finally break the declining resistance and make a run for a new primary and intermediate pivot high above 2792.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 15, 2018

Good morning everyone,

These are key MA levels:  5EMA 2781, 10DMA 2767,  20DMA 2743, 50DMA 2699, 100DMA 2708, 200DMA 2654

These are key Fib Levels:   2822, 2783, 2766

Here is today's market look at the S&P 500 for Friday, June 15, 2018

Happy Friday everyone!  There is a respectable amount of data for this last trading session of the week.  We have Industrial Production at 9:15AMEST, Consumer Sentiment at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  The technical side of the house didn't not change at all from with respect to yesterday's price action.  Price remained snuggled up to the primary minor level at 2779 for the duration of the session while failing to break out over declining resistance.  Given the overnight price action, buyers have lost their grasp and sellers look to rule the day with a lower open while targeting yesterday's first stated objective of the intermediate minor level at 2766 along with the 10DMA.  That level will be the major key for buyers to defend or risk losing a substantial amount of ground in the levels void all the way down to rising support, 20DMA and intermediate minor level at 2743.  Buyers primary goal is to stabilize price at the 2766 intermediate minor level and build a base to try and reclaim the primary minor level at 2779 and break out over the declining resistance and 5DEMA in an attempt to put in a new primary and intermediate pivot high.  Good luck today and have a phenomenal weekend!

 

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 14, 2018

Good morning everyone,

These are key MA levels:  5EMA 2778, 10DMA 2760,  20DMA 2740, 50DMA 2697, 100DMA 2709, 200DMA 2652

These are key Fib Levels:   2822, 2783, 2766

Here is today's market look at the S&P 500 for Thursday, June 14, 2018

Data for today's session is front end loaded with Jobless Claims, Retail Sales, Import and Export Prices at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, Business Inventories at 10:00AMEST, and the EIA Natural Gas Report at 10:30AMEST.  Sellers showed up yesterday and broke the momentum trend by closing the session below the 5DEMA and primary minor level at 2779.  This move does need to see some follow through to be anything other then corrective since yesterday's close was a perfect symmetrical decline from the primary and intermediate pivot highs.  The next lower level that sellers will be looking for is at 2766 and the next lower intermediate level.  Below that opens up some breathing room for them with a potential brief stop at the 10DMA in the middle of the void of levels which would ultimately find price back down to the 2740 level where it would encounter rising support, the 20DMA, and intermediate minor level.  Buyers will be looking to hold the yesterday's lows to continue their march higher in an attempt to first break declining resistance at 2785.  Above that increases odds significantly of a run up to the primary minor level at 2800.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 13, 2018

Good morning everyone,

These are key MA levels:  5EMA 2778, 10DMA 2755,  20DMA 2737, 50DMA 2693, 100DMA 2709, 200DMA 2650

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

Here is today's market look at the S&P 500 for Wednesday, June 13, 2018

The big focus for today will be on the FOMC announcement this afternoon, but we do have some data for the start of the session with the Atlanta Business Inflation Expectations, EIA Petroleum Status Report, the all important FOMC Meeting Announcement and FOMC Forecasts at 2:00PMEST, followed by the Fed Chair Press Conference at 2:30PMEST.  The technical picture extended the sideways price action yesterday and is currently set to open marginally higher to flat at present.  Sellers will be looking to make another run at the primary minor level at 2779 as a near term target where as buyers have broadening resistance and declining resistance to contend with in and around the intermediate minor level at 2790.  Given the afternoon Fed festivities, the largest moves are likely to be concentrated in the latter portion of the session.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 11, 2018

Good morning everyone,

These are key MA levels:  5EMA 2763, 10DMA 2739,  20DMA 2731, 50DMA 2687, 100DMA 2709, 200DMA 2647

These are key Fib Levels:   2822, 2741, 2729, 2717

Here is today's market look at the S&P 500 for Monday, June 11, 2018

With no economic data to speak of today, the technical picture is the sole focus for the first trading session of the week.  Friday's price ground its way higher back into the primary minor level at 2778 and managed to hold onto rising support.  The overnight price action remains around Friday's close so there isn't likely to be a dramatic opening price move.  Sellers will be looking to break rising support and head for the intermediate minor level at 2768.  Below that they open up into a sizable void all the way down to challenge the previous intermediate pivot at 2742.  Buyers primary goal is to maintain rising support and push price up through the primary minor level at 2778 and attempt to breakout over broadening resistance headed towards the primary minor level at 2800.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 8, 2018

Good morning everyone,

These are key MA levels:  5EMA 2754, 10DMA 2734,  20DMA 2728, 50DMA 2683, 100DMA 2709, 200DMA 2645

These are key Fib Levels:   2814, 2783, 2756, 2746

Here is today's market look at the S&P 500 for Friday, June 8, 2018

Happy Friday everyone!  There are a couple items of note for today's session with regards to economic data with Wholesale Trade at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  Price maintained rising support again yesterday after topping out at the primary minor level at 2779.  Current overnight price action will have a gap down below rising support and into the mid 2750's which will put buyers on guard with an established lower high and lower low relative to yesterday's price action.  The first area of interest for sellers to target will be the previous intermediate minor pivot down at 2744 should momentum traders fail to buy up the 5DEMA.  Buyers will be looking to consolidate some gains and attempt to make a base in the mid 2740's if they are to continue this present leg of the run.  Given the torrid pace of the rise up to this point, a few days of sideways is to be expected.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 7, 2018

Good morning everyone,

These are key MA levels:  5EMA 2741, 10DMA 2730,  20DMA 2725, 50DMA 2680, 100DMA 2710, 200DMA 2643

These are key Fib Levels:   2814, 2783, 2771

Here is today's market look at the S&P 500 for Friday, June 1, 2018

Data is distributed about the trading session today with Jobless Claims at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, Quarterly Services Survey at 10:00AMEST, EIA Natural Gas Report at 10:30AMEST, and Consumer Credit at 3:00PMEST.  After making a solid base on the 2713 level the past week, buyers have extended their run up through broadening resistance and through the 2767 intermediate minor level.  Near rising support has been flawless for this run and remains a decent way below price in the lower 2760's.  Overhead, buyers next target is just overhead at the primary minor level of 2779 followed by the intermediate minor level at 2790.  Sellers, if they can get anything going, are going to be looking to push price back down below the trifecta of broken broadening resistance, rising support and the intermediate minor level at 2767.  Below that they have a massive emptiness to work with all the way back to 2743 and a retest of the intermediate pivot level.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 6, 2018

Good morning everyone,

These are key MA levels:  5EMA 2731, 10DMA 2725,  20DMA 2720, 50DMA 2678, 100DMA 2710, 200DMA 2642

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

Here is today's market look at the S&P 500 for Wednesday, June 6, 2018

The remainder of the day is light in the data department with only the EIA Petroleum Status Report at 10:30AMEST.  Buyers found support early prior to hitting rising support but after breaching the intermediate minor level at 2744.  Today presently is shaping up to be a repeat of yesterday with overnight strength leading into cash market opening weakness but will put the cash market net higher overall.  Targets have not changed from yesterday with the buyers looking for broadening resistance and the next intermediate minor level overhead at 2767 and sellers first need to crack rising support before looking towards a gap fill, the moving averages stack and intermediate and primary levels in the 2730 zone.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – June 5, 2018

Good morning everyone,

These are key MA levels:  5EMA 2720, 10DMA 2724,  20DMA 2716, 50DMA 2674, 100DMA 2710, 200DMA 2640

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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

Data for today is confined to the front end of the session with the Feds Redbook at 8:55AMEST, PMI Services Index at 9:45AMEST, and the ISM Non-Manufacturing Index and Job Openings and Labor Turnover Survey at 10:00AMEST.  Yesterday saw a gap over the primary minor level at 2733 and also above the primary pivot at 2743 ultimately extending marginally into the levels void and up to the psychological 2750 round number zone before pausing on the day to consolidate gains.  With little in the way of levels resistance buyers should have minimal issue pushing price up to the next intermediate minor level at 2766.  Sellers still have the benefit of having both in intermediate and Primary pivot marker present and would be looking for an initial target at rising support near 2740.  With successfully reclaiming that a run back down to the primary minor level and filling yesterday's gap opening around 2730 would be all but assured.  Below that area there is a large stack of moving averages an intermediate minor level and both rising and broadening support all in the 2720 for sellers to contend with.  Good luck today!

Primary and Intermediate Levels Detail