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S&P500 Expert Lounge Update – June 21, 2018

Good morning everyone,

These are key MA levels:  5EMA 2773, 10DMA 2775,  20DMA 2753, 50DMA 2710, 100DMA 2705, 200DMA 2660

These are key Fib Levels:   2779

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

We have a couple items of note today with the Bloomberg Consumer Comfort Index at 9:45AMEST, Leading Indicators at 10:00AMEST, and the EIA Natural Gas Report at 10:30AMEST.  Buyers made an attempt to break out of the consolidation yesterday with a minor breach of declining resistance but failed to reclaim the 10DMA.  The market is set to open marginally lower at present and buyers will be looking to put a floor under price at the intermediate minor level at 2761.  The near term target for them is the primary minor level at 2779 and then an attempt at the primary and intermediate pivot up at 2790.  Good luck today!

Primary and Intermediate Levels Detail

2018

S&P500 Expert Lounge Update – June 20, 2018

Good morning everyone,

These are key MA levels:  5EMA 2774, 10DMA 2776,  20DMA 2751, 50DMA 2708, 100DMA 2706, 200DMA 2658

These are key Fib Levels:   2779

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

We have a couple items of interest to start the session with Existing Home Sales at 10:00AMEST and Crude Oil Inventories at 10:30AMEST.  The technical side of the house saw us bottom out yesterday on rising support and the intermediate minor level at 2742 and rally for the rest of the session.  The next target for buyers will be to challenge the 5DEMA and 10DMA along with declining resistance at 2770.  Sellers will be looking to take another run at the 20DMA and rising support.  The in between of these two boundaries is a dead zone best left untouched.  Good luck today!

Primary and Intermediate Levels Detail

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 12, 2018

Good morning everyone,

These are key MA levels:  5EMA 2770, 10DMA 2745,  20DMA 2734, 50DMA 2689, 100DMA 2709, 200DMA 2649

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

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

Happy FOMC Day everyone!  While the announcement of said meeting isn't till tomorrow, price has a tendency not to do very much during the period of the meeting so expectations for something dramatic between now and tomorrow afternoon at 2:00PMEST are rather low.  Outside of that we have the Consumer Price Index at 8:30AMEST, the Feds Redbook at 8:55AMEST, and the Treasury Budget at 2:00PMEST.  The technical picture saw us tag the intermediate minor level at 2789 and then finally break down below rising support just before the close.  The overnight session hasn't had anything in the way of follow through and we are currently set to open marginally higher from yesterday's lows.  Buyers will be looking to establish a new base in and around the 5DEMA and intermediate minor level at 2765 with eyes on the broadening resistance and the primary minor level at 2800.  Sellers have plenty of targets below starting with the primary minor level at 2779 and if they can manage to crack the 2765 level it opens the door all the way down to the 10 and 20DMA stack, rising support, and primary minor level in the lower 2730's.  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