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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

S&P500 Expert Lounge Update – February 9, 2018

Good morning everyone,

These are key MA levels:  5EMA 2673, 10DMA 2756,  20DMA 2782, 50DMA 2719, 100DMA 2638, 200DMA 2538

These are key Fib Levels:   2448

These are key primary and intermediate levels: 2871(intermediate minor) 2811 (intermediate minor) 2595(intermediate minor), 2577(intermediate minor), 2563(intermediate minor)

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

Data to close out the week is light with only Wholesale Trade at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  The technical picture saw more weakness present itself yesterday as sellers stepped back into the fray.  Fibonacci points to a symmetry zone all the way down at 2448 which also coincides with a 23.6% retrace of the rally from the 2011 lows.  There is a good deal of potential for choppiness in this general area as a result of the intermediate minor levels stacked together, of which we tested the second layer of yesterday.  Overhead we now have established two declining resistance levels and a potential for a wedging pattern although that doesn't seem very probable given the symmetry target, but it is something to be mindful of in the event the structure is skewed upward as a result of buying pressures.  Good luck today and have an outstanding weekend everyone!

S&P500 Expert Lounge Update – February 8, 2018

Good morning everyone,

These are key MA levels:  5EMA 2750, 10DMA 2797,  20DMA 2794, 50DMA 2718, 100DMA 2635, 200DMA 2535

These are key Fib Levels:   2763

These are key primary and intermediate levels: 2871(intermediate minor) 2811 (intermediate minor) 2595(intermediate minor), 2577(intermediate minor), 2563(intermediate minor)

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

Given the primary and intermediate levels charts are repopulating, today's update will use a regular SPX chart.  Data for today Is light with just the Bloomberg Consumer Comfort Index at 9:45AMEST, and the EIA Natural Gas Report at 10:30AMEST.  While the bounce off the lows is still corrective in nature, there hasn't been any indication of sellers reasserting themselves which lends some to the idea that the initial drop is going to take some time to consolidate itself before making another larger move direction to be determined.  An Idealized correction would find itself peaking around the 2763 to 2365 area which hosts a confluence of Fibonacci retrace and extension targets and declining resistance.  Rising support will come into play in the  in the mid 2660's.  Inside this expanded range is a bears den wrought with hazards so be nimble and flexible if you plan on playing this area.  Good luck today!

SPX

S&P500 Expert Lounge Update – February 6, 2018

Good morning everyone,

These are key MA levels:  5EMA 2775, 10DMA 2812,  20DMA 2797, 50DMA 2716, 100DMA 2633, 200DMA 2533

These are key Fib Levels:  2640

These are key primary and intermediate levels: 2871(intermediate minor) 2811 (intermediate minor) 2595(intermediate minor), 2577(intermediate minor), 2563(intermediate minor)

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

Data is light today in what is set to be another drubbing for buyers with only the JOLTS report at 10:00AMEST.  The futures market found its 200DMA in the overnight and then promply recovered back to the 100DMA.  Present price is set to open in the intermediate minor level cluster primarily between 2595 and 2577.  It will be important for buyers to establish themselves in this area, but given that the futures market tested the 200DMA, that puts very good odds on the cash market replicating the move.  Be extremely careful today because an errant entry could prove to be catastrophic. Good luck.

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – February 5, 2018

Good morning everyone,

These are key MA levels:  5EMA 2838, 10DMA 2835,  20DMA 2799, 50DMA 2611, 100DMA 2629, 200DMA 2530

These are key Fib Levels:  2845, 2851

These are key primary and intermediate levels: 2871(intermediate minor) 2811 (intermediate minor)

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

We hope everyone had a great weekend!  Price continues to decline unabated as was though to be the case once the 20DMA let go.  The most probable target now is the 50DMA and rising support in the lower 2700 region that should provide some relief for buyers to gather enough momentum to make at least a bounce attempt from if not more.  Anyone looking for the long side would be well advised to be nimble and choose your entries with strictly defined demarcation points.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – January 29, 2018

Good morning everyone,

These are key MA levels:  5EMA 2844, 10DMA 2819,  20DMA 2777, 50DMA 2691, 100DMA 2614, 200DMA 2520

These are key Fib Levels:  2856

These are key primary and intermediate levels: 2595(intermediate minor) 2577 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)

Here is today's market look at the S&P 500 for Monday, January 29, 2018

Hopefully everyone had a great weekend.  Data for today is light with only Personal Income and Outlays at 8:30AMEST, and the Dallas Fed Manufacturing Survey at 10:30AMEST.  Friday's vertical ascent neared broadening resistance and looks set to consolidate some of those gains this morning as we are currently positioned to open lower.  The first challenge for sellers is going to be in the low 2860's to upper 2850's where they will encounter the first line of horizontal support and depending on the speed of the decline potentially the first traces of rising support.  The way the 5DEMA has been respected throughout the duration of this leg has been absolutely astounding which means momentum traders are firmly entrenched in this move.  With that being said, it means the opposite will hold true.  When this move comes to a close, they are going to hit the exits in a hurry which is going to be scary for the uninitiated.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – January 26, 2018

Good morning everyone,

These are key MA levels:  5EMA 2823, 10DMA 2800,  20DMA 2754, 50DMA 2680, 100DMA 2607, 200DMA 2515

These are key Fib Levels:  2849, 2816

These are key primary and intermediate levels: 2595(intermediate minor) 2577 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)

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

Happy Friday everyone!  We have a few big ticket items in the economic data department today with Durable Goods Orders, GDP, and International Trade all coming in at 8:30AMEST and the Baker Hughes Rig Count at 1:00PMEST.  The technical side of the house saw a marginally weak day yesterday with a minor breach of rising support followed by momentum traders stepping in to arrest the fall just prior to the 5DEMA.  At present price is in a compression pattern which still lends an advantage to buyers so long as the previous swing lows hold.  Below the that pivot and sellers take control down to the 2800 level where buyers will be lying in wait for the next battle in price direction.  We also have a reasonably solid declining resistance in place which will serve as an early warning to sellers that the next leg higher may be getting under way if breached.  The target area for the compression pattern breakout would be in the 2880 region.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – January 24, 2018

Good morning everyone,

These are key MA levels:  5EMA 2816, 10DMA 2791,  20DMA 2747, 50DMA 2675, 100DMA 2603, 200DMA 2513

These are key Fib Levels:  2843, 2846

These are key primary and intermediate levels: 2595(intermediate minor) 2577 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)

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

We have a reasonable amount of data today with PMI Composite Flash at 9:45AMEST, Existing Home Sales at 10:00AMEST, and the EIA Petroleum Status Report at 10:30AMEST.  Price popped over broadening resistance and continued to base on it yesterday which has the potential to lead to more runaway price action.  It will be important for sellers to arrest this as soon as possible for them to have any hope.  Rising support comes into play in the 2830 to 2825 should sellers be able to put together a resistance.  Good luck today.

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – January 17, 2018

Good morning everyone,

These are key MA levels:  5EMA 2765, 10DMA 2745,  20DMA 2715, 50DMA 2652, 100DMA 2584, 200DMA 2401

These are key Fib Levels: 2798, 2789 

These are key primary and intermediate levels: 2595(intermediate minor) 2577 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)

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

Today's data is abundant with MBA Morgage Applications at 7:00AMEST, Fed's Redbook at 8:55AMEST, Industrial Production at 9:15AMEST, Housing Market Index at 10:00AMEST, and the Fed's Beige Book at 2:00PMEST.  After overthrowing broadening resistance sellers stepped in and managed to completely reverse the gap on the day and pull the market back to near the 5DEMA.  So long as sellers can defend the 2798 level they have the potential to build a larger decline, but while the decline was dramatic, there is no technical indications of a reversal at present especially since momentum buyers were eager to buy up the 5DEMA.  Sellers next target would be to test the area between 2760 and 2750 and close for the session below the 5DEMA upon a break of yesterday's lows.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – January 11, 2018

Good morning everyone,

These are key timing for today: n/a

These are key MA levels:  5EMA 2742, 10DMA 2716,  20DMA 2696, 50DMA 2640, 100DMA 2574, 200DMA 2495

These are key Fib Levels:  2756, 2741, 2736

These are key primary and intermediate levels: 2595(intermediate minor) 2577 (intermediate minor), 2445(intermediate minor), 2490(intermediate minor)

Here is today's market look at the S&P 500 for Wednesday, January 10,  2017

Today's data consists of Jobless Claims and Producer Price Index at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, EIA Natural Gas Report at 10:30AMEST, and the Treasury Budget at 2:00PMEST.  The technical picture has us up against declining resistance after cleanly bouncing off the 5DEMA as momentum players stepped back into the fray.  Given the current overnight price action we are currently marginally above the declining support but it is premature to read into that too much because price can do a lot of things between now and the opening bell.  Until a close below the 5DEMA buyers still have a firm grasp on overall market direction, and a break of the declining resistance would give more validity to that fact remaining valid.  The 2725 to 2530 zone will still be a solid area of defense for buyers should the sellers be able to push price down even further.  Good luck today!

Primary and Intermediate Levels Detail