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S&P500 Expert Lounge Update – August 17, 2018

Good morning everyone,

These are key MA levels:  5EMA 2830, 10DMA 2841,  20DMA 2830, 50DMA 2791, 100DMA 2735, 200DMA 2713

These are key Fib Levels: 2850, 2822

Here is today's market look at the S&P 500 for Friday, August 17, 2018

Data for the last session of the week is moderate with Consumer Sentiment, E commerce Retail Sales and Leading indicators at 10:00AMEST and the Baker Hughes Rig Count coming in at 1:00PMEST.  Even with yesterday's substantial rally, we still have yet to put in an intermediate pivot marker which continues to give buyers a slight advantage.  Buyers will be looking to maintain rising support and the 20DMA in an attempt to overtake the primary pivot at 2863 but will first need to work their way through declining resistance that is currently cutting through the 2850's.  Sellers have some a few things going for them as they have managed to reject price from the upper end of the range we have been in since early July and also the intermediate minor level at 2849.  Their primary target going forward is to get price back below the stack of moving averages and go after the intermediate minor level at 2813 while attempting to sustain price below the newly formed rising supports in the 2810 region.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 16, 2018

Good morning everyone,

These are key MA levels:  5EMA 2833, 10DMA 2840,  20DMA 2828, 50DMA 2789, 100DMA 2733, 200DMA 2712

These are key Fib Levels: 2929, 2832, 2799

Here is today's market look at the S&P 500 for Thursday, August 16, 2018

Most of today's data will be prior to the session open and consists of Housing Starts, Jobless Claims, and the Philadelphia Fed Business Outlook Survey at 8:30AMEST followed by the EIA Natural Gas Report at 10:30AMEST.  Yesterday saw us bottom early in the session after hitting the primary minor level at 2803 and we are currently set to open up at declining resistance and near the 5DEMA, and the 10DMA  in the lower 2830's.  Sellers will be looking to hold the morning gap up in this vicinity in an attempt to make a run at the intermediate major level at 2793 and the 50DMA.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 9, 2018

Good morning everyone,

These are key MA levels:  5EMA 2846, 10DMA 2832,  20DMA 2821, 50DMA 2779, 100DMA 2726, 200DMA 2705

These are key Fib Levels: 2929, 2829, 2821

Here is today's market look at the S&P 500 for Thursday, August 9, 2018

There is a decent amount of data today for the market to digest with Jobless Claims and the Producer Price Index at 8:30AMEST followed by Wholesale Trade at 10:00AMEST, and finally the EIA Natural Gas Report at 1030AMEST.  The sideways price action continued through yesterday's session after encountering broadening resistance during the previous day's session and created a very shallow declining resistance which will be the first area to challenge for the buyers in an attempt to attack the all time highs.  Sellers are still looking to first challenge the minor level at 2848 in an effort to get a price retrenchment going which would give them the opportunity to potentially cause some technical damage by breaking rising support which is currently moving through the mid 2820's.  Good luck today and stay out of the chop.

 

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 7, 2018

Good morning everyone,

These are key MA levels:  5EMA 2839, 10DMA 2827,  20DMA 2813, 50DMA 2773, 100DMA 2723, 200DMA 2703

These are key Fib Levels: 2860

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

We have three pieces of economic data to hit the tape today with the Feds Redbook at 8:55AMEST, Job Opening and Labor Turnover Survey (JOLTS) at 10:00AMEST, and Consumer Credit at 3:00PMEST.  Price extended gains during yesterday's session and finally overtook the intermediate and primary pivot while spending the majority of the afternoon session basing on the intermediate minor level at 2848.  Present price has us set to open higher yet again and we will be looking for a challenge of the broadening resistance which is cutting through the lower 2860's at present.  Sellers have a good opportunity to take control as we approach the broadening resistance and the first attempt to overtake the all time high at the primary minor level at 2872.  They also have a huge void to work with if they can push price below the current intermediate minor level at 2848 and would look to find the rising support and next intermediate minor level at 2812.  Buyers have ruled the day with this run and are running out of challenges as they are only left with broadening resistance and the all time high primary minor level to contend with.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 3, 2018

Good morning everyone,

These are key MA levels:  5EMA 2815, 10DMA 2819,  20DMA 2806, 50DMA 2769, 100DMA 2722, 200DMA 2700

These are key Fib Levels: 2813, 2809

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

Data for today consists of the PMI Services Index at 9:45AMEST, ISM Non Manufacturing Index at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  Yesterday found rising support after starting the session weak and buyers showed up in force to reverse the tide and close the day just above declining resistance.  Buyers will look to maintain the now broadening support in an effort to build a base and go after the primary and intermediate pivot high at 2849.  Sellers objective is to create a failed breakout and take another shot at the primary minor level, 20DMA and the rising support at 2802.  Good luck today and have a great weekend

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 1, 2018

Good morning everyone,

These are key MA levels:  5EMA 2824, 10DMA 2817,  20DMA 2796, 50DMA 2765, 100DMA 2721, 200DMA 2697

These are key Fib Levels: 2823, 2788

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

Happy August everyone!  We have a decent amount of data today but the vast majority of the focus will be on this afternoons FOMC Meeting Announcement at 2:00PMEST.  Outside of that we have the PMI Manufacturing Index at 9:45AMEST, ISM Manufacturing and Construction Spending at 10:00AMEST, and the EIA Petroleum Status Report at 10:30AMEST.  The technical picture produced early session strength into a weak afternoon backdrop but overall positive on the day and settling on the intermediate minor level at 2812 before a closing bell bounce.  We have both a Head and shoulders pattern forming from July 17 to present which targets 2748 should sellers be able to trigger the current neckline at 2798.  On the shorter time frame we have the makings of a smaller inverted head and shoulders for the buyers to work with should they be able to break price above yesterday's pivot high and through declining resistance.  That structure targets the lower 2840's.  Price is currently set to open roughly flat and given that it is a Fed announcement day, any real price movement wouldn't be expected till this afternoon.  Good luck today and be patient.

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 26, 2018

Good morning everyone,

These are key MA levels:  5EMA 2815, 10DMA 2810,  20DMA 2776, 50DMA 2757, 100DMA 2717, 200DMA 2692

These are key Fib Levels:   2929, 2859, 2867, 2829, 2825

Here is today's market look at the S&P 500 for Thursday, July 26, 2018

We have copious amounts of data today all centered on the 8:30AMEST hour with Durable Goods, International Trade in Goods, Jobless Claims, Retail Inventories, and Wholesale Inventories followed by the EIA Natural Gas Report at 10:30AMEST, and the Kansas City Fed Manufacturing Index at 11:00AMEST.  The technical picture saw us push into the levels void yesterday after cleanly testing the 5DEMA and intermediate minor level at 2812.  As was mentioned in the previous updates this week, there is little resistance in this zone as a lack of levels and price has the ability to move freely and dramatically through it towards the primary minor level at the all time highs which yesterdays closing move demonstrated quite well.  The important test of today's session will be to see if sellers are able to shove price back down through the rising wedge that broke to the upside yesterday.  Any basing atop the upper bound of this structure should be a clear warning to sellers that this move has just begun and has the potential to last much longer than many would consider to be reasonable.  On the flip side of this, if sellers push price back down through the structures upper bound, there is a high probability that the primary minor level at 2802 and 10DMA will be tested at a minimum in a very short period of time.  This is a crucial point for both sides of the tape in the next few trading sessions.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 25, 2018

Good morning everyone,

These are key MA levels:  5EMA 2809, 10DMA 2803,  20DMA 2770, 50DMA 2754, 100DMA 2716, 200DMA 2690

These are key Fib Levels:   2929, 2797, 2777, 2760, 2744

Here is today's market look at the S&P 500 for Wednesday, July 25th, 2018

Data is light today with only MBA Mortgage Applications at 7:00AMEST, New Home Sales at 10:00AMEST, and the EIA Petroleum Status Report at 10:30AMEST.  Price action yesterday played out to the letter of the lounge update with tagging the broadening resistance and sellers stepping in to reverse the market sharply.  While there was a quality reversal, sellers have yet to close the market under the 5DEMA so momentum is still in the hands of the buyers and fighting the trend is a losing proposition.  Current overnight price action has us opening roughly flat at present and sellers will be looking, at the very least, to push price back below the intermediate minor level at 2811 and make a solid challenge of rising support, the 10DMA, and primary minor level at 2801.  Buyers will be looking to maintain the 2801 level in an effort to create another base and maintain the currently established price channel.  There are no remaining levels between yesterday's close and the all time high so some caution needs to be exercised because price could traverse this area rather rapidly.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 24, 2018

Good morning everyone,

These are key MA levels:  5EMA 2807, 10DMA 2800,  20DMA 2764, 50DMA 2753, 100DMA 2714, 200DMA 2689

These are key Fib Levels:   2826, 2795, 2784

Here is today's market look at the S&P 500 for Tuesday, July 24, 2018

Data for today consists of the Feds Redbook at 8:55AMEST, Housing Price Index at 9:00AMEST, PMI Composite at 9:45AMEST, and the Richmond Fed Manufacturing Survey at 10:00AMEST.  Buyers showed up yesterday right where they needed to after tagging the 10DMA which signals a still relatively solid resolve to buy on weakness.  Declining resistance was broken over in the latter portion of the session and after hours trading currently has us back above the primary and intermediate pivot highs and headed for the long standing 2826 fib target should price remain firm going into the open.  Be mindful of the broadening resistance which could produce a sharp reversal from the highs if it is encountered during the session.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 19, 2018

Good morning everyone,

These are key MA levels:  5EMA 2804, 10DMA 2787,  20DMA 2757, 50DMA 2746, 100DMA 2713, 200DMA 2685

These are key Fib Levels:   2821, 2790, 2783

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

Data for today consists of Jobless Claims and Philadelphia Fed Business Outlook Survey at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, Leading Indicators at 10:00AMEST, and the EIA Natural Gas Report at 1030AMEST.  Sellers have stepped in this morning and look set to challenge the primary minor level at 2801 along with the 5DEMA just below.  This will be the first solid breach of rising support and has the potential to create a decent amount of downward movement.  Buyers will be looking to put a floor under price near the next lower primary level at 2778 and at the 10DMA in an effort to challenge the all time highs.  Good luck today!

Primary and Intermediate Levels Detail