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S&P500 Expert Lounge Update – September 21, 2018

Good morning everyone,

These are key MA levels:  5EMA 2907, 10DMA 2896,  20DMA 2893, 50DMA 2854, 100DMA 2793, 200DMA 2748

These are key Fib Levels: 2953, 2943, 2907

Here is today's market look at the S&P 500 for Friday, September 21, 2018

Happy Friday Everyone!  Data for today's session is light with only the PMI Composite FLASH at 9:45AMEST and the Baker Hughes Rig Count at 1:00PMEST.  Buyers were out in force yesterday gaping up over the previous all time highs and pushing deeper into uncharted territory.  We have the early stages of a potential rising wedge formation with the upper bound currently cutting through the lower 2940's and the lower bound in the lower 2920's.  While there are some indications of a turn with both a Primary and Intermediate pivot marker at the highs, turns take time to develop and the meat of the move can be caught long after the top is in so be patient.  Initial targets should sellers be able to gain some footing would be rising support currently just above 2920 and then through that there is a intermediate minor level, 5DEMA, and gap fill all residing in the 2910 zone.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 20, 2018

Good morning everyone,

These are key MA levels:  5EMA 2902, 10DMA 2891,  20DMA 2890, 50DMA 2851, 100DMA 2790, 200DMA 2747

These are key Fib Levels: 2929, 2855

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

With Jobless Claims and Philadelphia Fed Business Outlook Survey behind us, the remaining data points for this session consist of Existing Home Sales and Leading Indicators at 10:00AMEST and the EIA Natural Gas Report at 10:30AMEST.  Current price action is markedly positive and we are set to open at, or above the all time highs.  Buyers will be looking to make a run at broadening resistance which is currently cutting through the 2920's and round number psychology prevails over the all time highs.  Sellers, should they be able to slow this rally, will first be targeting the intermediate minor level at 2910 and then rising support and 10 and 20DMA's in the lower 2890's.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – September 19, 2018

Good morning everyone,

These are key MA levels:  5EMA 2898, 10DMA 2889,  20DMA 2887, 50DMA 2849, 100DMA 2787, 200DMA 2746

These are key Fib Levels: 2929, 2855

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

Data for today's session consists of Housing Starts and Current Account at 8:30AMEST and the EIA Petroleum Status Report at 10:30AMEST.  Price attempted a break over resistance during yesterday's session but failed to follow through after hitting the intermediate minor level at 2910 and is currently set to open lower by a couple of points.  Bears still have the challenging task of attacking the 10 and 20DMA stack along with rising support if they have any hopes of getting something solid going.  Should buyers be able to rising support and the moving averages then another leg higher is a very high probability.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 14, 2018

Good morning everyone,

These are key MA levels:  5EMA 2885, 10DMA 2889,  20DMA 2880, 50DMA 2840, 100DMA 2780, 200DMA 2742

These are key Fib Levels: 2929, 2896, 2859

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

Happy Friday Everyone!  Remaining data for the day consist of Industrial Production at 9:15AMEST, Business Inventories and Consumer Sentiment at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  Yesterday's price move courtesy of the buyers produced enough to generate a new intermediate pivot marker and intermediate minor level at 2910.  Overnight price action has been positive and we currently look set to open near yesterday's highs.  Buyers will be looking to go after the all time highs again but will first need to push through the intermediate pivot marker just over head at 2910.  Sellers first order of business is to push price down through near term rising support that is currently cutting through the upper 2890's and then to attack the moving average cluster and next rising support in around the 2885 zone.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 6, 2018

Good morning everyone,

These are key MA levels:  5EMA 2900, 10DMA 2888,  20DMA 2866, 50DMA 2720, 100DMA 268, 200DMA 2733

These are key Fib Levels: 2929, 2853, 2841

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

There's a decent amount of data today with Jobless Claims and Productivity and Costs at 8:30AMEST, PMI Services Index at 9:45AMEST, Factory Orders and ISM Non Manufacturing Index at 10:00AMEST, The EIA Natural Gas Report at 10:30AMEST, and the EIA Petroleum Status Report at 11:00AMEST.  The market pushed itself into the corner of a decision zone going into yesterday's close so we should see who has the upper hand going through today's session as both declining resistance and rising support will cross paths before today's session is out.  A break of either could produce a solid move in that direction so be flexible today with you positions.  Good luck!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 5, 2018

Good morning everyone,

These are key MA levels:  5EMA 2902, 10DMA 2886,  20DMA 2864, 50DMA 2717, 100DMA 2766, 200DMA 2731

These are key Fib Levels: 2929, 2861, 2848

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

With all the data past this morning, the market is all technical for today's session with today looking to start out marginally negative at present.  The 10DMA held price firm for yesterday's session as we bounced back to declining resistance from the all time highs.  The remainder of the week will be a decision making process for price as we near an intersection of declining resistance and rising support at the 2890 level.  Buyers have yet to get an intermediate pivot marker and sellers are slowly working their way towards the primary minor level at 2873 which should produce some support overall.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 31, 2018

Good morning everyone,

These are key MA levels:  5EMA 2896, 10DMA 2877,  20DMA 2859, 50DMA 2711, 100DMA 2761, 200DMA 2728

These are key Fib Levels: 2929, 2859, 2846

Here is today's market look at the S&P 500 for Thursday, August 31, 2018

Happy Friday everyone!  We have three items on the data docket today in the form of Chicago PMI at 9:45AMEST, Consumer Sentiment at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  Sellers finally got their act together yesterday and were able to pull the market back to the upper bound of the broadening formation and 5DMEA.  It will be important for the to get a technical break of both those and rising support if they hope to find the 10DMA and primary minor level back down at 2873.  The present area will also be where buyers will be looking to establish a new base, so keep an eye out for a new intermediate pivot marker in the event of any continued weakness through today's session.  Declining resistance currently cutting through 2910 will be buyers prime target for today's session to establish a broken bearish flagging pattern and continue this leg higher towards the 2929 fib level.  Good luck today and have a great weekend.

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 30, 2018

Good morning everyone,

These are key MA levels:  5EMA 2887, 10DMA 2871,  20DMA 2855, 50DMA 2708, 100DMA 2758, 200DMA 2726

These are key Fib Levels: 2929, 2859, 2846

Here is today's market look at the S&P 500 for Thursday, August 30, 2018

Data for today is light with the big ticket items coming in before market open with Jobless Claims and Personal Income and Outlays at 8:30AMEST followed by the EIA Natural Gas Report at 10:30AMEST.  Buyers did exactly what they needed to yesterday after basing atop the broadening pattern and then shoving price higher into uncharted territory while tagging the upper bound of the trend channel.  With little else overhead other then the steep broadening resistance and round number psychology, this trend can continue much longer then what most would consider to be 'reasonable'.  Sellers brave enough to try and grab a rocket in hopes of a reentry to earth do have a reasonably decent downside prospect with the next lower primary minor level and primary pivot being all the way back at the 2873 level.  While a savory target, they will need to bust through both the 5DEMA, 10DMA, and rising support to achieve that.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – August 28, 2018

Good morning everyone,

These are key MA levels:  5EMA 2870, 10DMA 2855,  20DMA 2846, 50DMA 2703, 100DMA 2752, 200DMA 2723

These are key Fib Levels: 2929, 2850, 2840

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

Data for the remainder of the day is centered around the 10:00AMEST hour with Consumer Confidence, the Richmond Fed Manufacturing Index, and the State Street Investor Confidence Index.  Yesterday's session saw buyers come out in force and break out to a new closing all time high and above the upper bound of the broadening formation that we've been tracking over the past month.  This is a dangerous spot for sellers if they can't reverse this soon because it lends itself to a breakaway run that could tack on tons of S&P points in a very short time frame.  The only thing buyers have to contend with at this point is steep broadening resistance from the upper trend channel and round number psychology in the form of the 2900 level.  Sellers can put together a decent drop before finding any kind of real support as this run has extended us a good distance from any sort of technical support with the primary minor level back down at 2873 along with the 5DEMA and rising support.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 23, 2018

Good morning everyone,

These are key MA levels:  5EMA 2854, 10DMA 2843,  20DMA 2838, 50DMA 2797, 100DMA 2745, 200DMA 2719

These are key Fib Levels: 2929, 2850, 2840

Here is today's market look at the S&P 500 for Thursday, August 23, 2018

Today's data is abound with Jobless Claims at 8:30AMEST, FHFA House Price Index at 9:00AMEST, PMI Composite Flash at 9:45AMEST, New Home Sales at 10:00AMEST, EIA Natural Gas Report at 10:30AMEST, and the Kansas City Fed Manufacturing Index at 11:00AMEST.  Yesterday's session saw us bottom out from the first initial decline from the the new intraday all time highs of the year which then chopped around for the remainder of the session at the intermediate minor level at 2863.  As noted in yesterday's update, sellers will continue to target the intermediate minor level at 2848, rising support, and stack of moving averages as their first initial target.  If successful, that opens up a levels and a price gap void all the way back down into the 2820's which should see very little resistance to price movement.  Buyers are going to look to build a new base at the same 2848 level in an attempt to establish a new closing all time high, primary and intermediate pivot, and also to challenge the upper bound of the broadening formation which is currently cutting through the mid 2880's.  Good luck today!

Primary and Intermediate Levels Detail