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S&P500 Expert Lounge Update – April 18, 2018

Good morning everyone,

These are key MA levels:  5EMA 2669, 10DMA 2652,  20DMA 2649, 50DMA 2685, 100DMA 2700, 200DMA 2601

These are key Fib Levels:   2905, 2777, 2749

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

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

Data is light today with the EIA Petroleum Status Report at 10:30AMEST and the Feds Beige Book at 2:00PMEST.  Yesterday's price action squirted out of the rising wedging pattern and used the 100DMA as a basing area for today's rally continuation.  As noted in previous updates, a break to the upside is going to have room to run and will most likely find the upper 2700 range before a more meaningful turn can take place.  For the near term though we have a decent amount of support with both the 100 and 50DMAs under price and an intermediate minor level at 2695 splitting the difference.  Once we find the upper 2720's there is potential for a reaction off of the intermediate minor level of 2729 and declining resistance.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – April 12, 2018

Good morning everyone,

These are key MA levels:  5EMA 2635, 10DMA 2626,  20DMA 2658, 50DMA 2696, 100DMA 2696, 200DMA 2596

These are key Fib Levels:   2905, 2807, 2704, 2462, 2450

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

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

Today's data is front end loaded with Jobless Claims and Import/Export Prices at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, and the EIA Natural Gas Report at 10:30AMEST.  The technical side of things has yet to clarify its intentions as price continues to oscillate around the primary minor level at 2650 and buyers have been able to reclaim the 5DMA on a closing basis which gives them a slight advantage of near term momentum.  We've broken down marginally out of yesterday's rising wedge which opens up a potential run down to 2620 and the 10DMA along with the next layer of rising support.  Overhead there is a newly established declining resistance along with the 20DMA in the 2665 to 2670 region that will provide the dividing line between more consolidation and a run at the 100DMA and 2700 level.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – March 28, 2018

Good morning everyone,

These are key MA levels:  5EMA 2643, 10DMA 2689,  20DMA 2711, 50DMA 2736, 100DMA 2692, 200DMA 2587

These are key Fib Levels:   2905, 2807, 2688, 2617, 2450

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

Here is today's market look at the S&P 500 for Wednesday, March 28,  2018

With an inordinate amount of data to hit today things could be a little choppy as we have GDP, International Trade Corporate Profits, Retail Inventories, and Wholesale Inventories at 8:30AMEST, Pending Home Sales at 10:00AMEST, EIA Petroleum Status Report at 10:30AMEST, and Farm Prices at 3:00PMEST.  Price made a solid attempt at an initial base off of the 2650 Primary minor level before encountering the 5DEMA and a slew of momentum sellers that shoved trade all the way back down to near the 200DMA and rising support along with the intermediate minor level at 2595 which ultimately arrested the fall.  The range between 2690 and 2770 is now very thin as a result of price traversing this area numerous times between the levels and price will have a tendency to move through this space swiftly as was witnessed in yesterday's decline, so be cautious when initiating trades in this area because they could go against you quickly.  Anything between yesterday's highs and lows is wrought with danger so it would be best to play the edges of that range.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – March 27, 2018

Good morning everyone,

These are key MA levels:  5EMA 2663, 10DMA 2704,  20DMA 2717, 50DMA 2739, 100DMA 2692, 200DMA 2586

These are key Fib Levels:   2905, 2807, 2688, 2617, 2450

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

Here is today's market look at the S&P 500 for  Tuesday, March 27,  2018

Data is abound today with the Feds Redbook at 8:55AMEST, Case Shiller Home Price Index at 9:00AMEST, and Consumer Confidence, Richmond Fed Manufacturing Index, and State Street Investor Confidence Index at 10:00AMEST.  The technical side of the house extended the rally off the 200DMA and sliced through the intermediate and primary minor levels mentioned in yesterday's update as a most probable near term target.  The next area of interest will the the 2690's with declining resistance, intermediate minor level, and the 100DMA.  Any basing that takes place on the primary minor level at 2650 should be considered a launch pad for the run towards 2690.  A failure of the 2650 zone opens the door for sellers to make another attack on the 200DMA and the levels in the upper 2500's.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – March 14, 2018

Good morning everyone,

These are key MA levels:  5EMA 2760, 10DMA 2733,  20DMA 2727, 50DMA 2745, 100DMA 2680, 200DMA 2574

These are key Fib Levels:   2905, 2807, 2643, 2617, 2450

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2765(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

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

The Remaining data for today's session consists of the Atlanta Fed Business Inflation Expectations and Business Inventories at 10:00AMEST, and the EIA Petroleum Status Report at 10:30AMEST.  Yesterday saw us hit the psychological 2800 level before selling off back to the 5DEMA  where momentum traders stepped back into the fray.  With broadening and rising support coupled with the moving averages and intermediate minor level at 2727 should prove to be solid support for buyers.  Below that zone and things get thin at least back down to the intermediate minor level and 100DMA in the upper 2600 zone.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – March 5, 2018

Good morning everyone,

These are key MA levels:  5EMA 2721, 10DMA 2720,  20DMA 2697, 50DMA 2736, 100DMA 2666, 200DMA 2561

These are key Fib Levels:   2792, 2742, 2643, 2617, 2450

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2727(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

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

Data is light today to start out the trading week as we have PMI Services Index at 9:45AMEST, ISM Non-Manufacturing Index at 10:00AMEST, and the TD Ameritrade Investor Movement Index at 12:30AMEST.  As was to be expected leading into this mornings update, buyers stepped in at the primary minor level of 2651 and put a floor under the market and would up closing it 40 points higher at the intermediate minor level just under the psychological 2700 level.  The structure off the lows is a clear inverted head and shoulders pattern with the two shoulders bouncing off the 100DMA and targets the 5DEMA, 50DMA, and 10DMA stack along with the intermediate minor level in the 2720 to 2730 zone.  That will be an area of high interest for both buyers and sellers.  Given the intermediate pivot markers, the present structure down from the all time highs is converging into a compression pattern, and given the size, should have a very impressive resolution regardless of the direction of the break.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – March 1, 2018

Good morning everyone,

These are key MA levels:  5EMA 2737, 10DMA 2726,  20DMA 2711, 50DMA 2736, 100DMA 2663, 200DMA 2558

These are key Fib Levels:   2792, 2742, 2643, 2617, 2450

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2727(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

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

We have a respectable amount of data set to hit the tape this morning in way of PMI Manufacturing Index and Bloomberg Consumer Comfort Index at 9:45AMEST, ISM Manufacturing Index and Construction Spending at 10:00AMEST, and the EIA Natural Gas Report at 10:30AMEST.  Buyers are going to have their work cut out for them as we knifed through to the very lower bound of the stacked daily moving averages and the 2727 intermediate minor level.  The overnight pushed through to the upper 2600's but has since recovered and looks set to open the cash market at roughly flat.  As emphasized yesterday, a failure of this area is going to produce a rapid descent down to broadening resistance, the 100DMA, and the intermediate minor level at 2650 area.  If buyers can manage a recover back above the 50DMA and establish a base there, then and only then would the perceived downside move be called into question.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – February 28, 2018

Good morning everyone,

These are key MA levels:  5EMA 2735, 10DMA 2221,  20DMA 2716, 50DMA 2734, 100DMA 2662, 200DMA 2557

These are key Fib Levels:   2792, 2742, 2643, 2617, 2450

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2727(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

Here is today's market look at the S&P 500 for Wednesday, February 28, 2018

Data is light from this point forward today with only the Chicago PMI at 945AMEST, Pending Home Sales at 10:00AMEST, and the EIA Petroleum Status Report at 10:30AMEST.  The technical picture has drawn such a clear line in the sand since we failed to maintain the primary minor level at 2779.  With the intermediate minor level at 2727 and a massive confluence of daily moving averages between 2740 and 2720 coupled with rising support, a failure here is all but assured to cause a cascading effect down to the 100DMA and next primary minor level at 2650 at the very least if not more.  Good luck today and be vigilant.

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – February 27, 2018

Good morning everyone,

These are key MA levels:  5EMA 2729, 10DMA 22712,  20DMA 2721, 50DMA 2733, 100DMA 2660, 200DMA 2555

These are key Fib Levels:   2792, 2742, 2643, 2617, 2521

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2779(primary minor), 2727(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

Here is today's market look at the S&P 500 for Tuesday, February 27, 2018

Today's data is abound starting with Durable Goods, International Trade, Retail Inventories, and Wholesale Inventories at 8:30AMEST, the Feds Redbook at 8:55AMEST, Case-Shiller Home Price Index and FHFA House Price Index at 9:00AMEST, Consumer Confidence, Richmond Fed Manufacturing Index, and State Street Investor Confidence Index at 10:00AMEST, and lastly, Farm Prices at 3:00PMEST.  The technical side of the house had us base on the 10DMA and just below the intermediate minor level at 2727 along with the 20 and 50DMA's before knifing higher.  This general area becomes important at yesterday's highs with the generation of a new primary minor level which sellers can build a second opportunity to send the market much lower from should the 2730 area fail.  Rising support coming through the 2760 level will be the first clue whether sellers are gaining an upper hand in the next potential leg down.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – February 19, 2018

Good morning everyone,

These are key MA levels:  5EMA 2696, 10DMA 2670,  20DMA 2750, 50DMA 2725, 100DMA 2649, 200DMA 2546

These are key Fib Levels:   2792, 2742, 2521

These are key primary and intermediate levels: 2871(primary minor), 2817(intermediate minor), 2651(primary minor), 2577(intermediate minor), 2563(intermediate minor)

Here is today's market look at the S&P 500 for Tuesday, February 20, 2018

An easy start to a shortened trading week with no data points to concern ourselves with.  Last weeks technical picture should put sellers on alert as we broke over the intermediate minor level at 2725, the 50DMA, and declining resistance.  It will be important for sellers shove this back under these levels as quickly as possible lest risk a buyers basing process.  Given the distance between intermediate minor levels a basing process has the potential to open up a quality upside move back into the lower 2800's where as a failure here has the exact opposite effect with the next lower primary minor level being in the mid 2600's.  Be mindful of the round number psychology and rising support at the 2700 level and good luck today!

Primary and Intermediate Levels Detail