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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 18, 2018

Good morning everyone,

These are key MA levels:  5EMA 2894, 10DMA 2888,  20DMA 2885, 50DMA 2846, 100DMA 2785, 200DMA 2744

These are key Fib Levels: 2929, 2855

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

We have a couple items of interest this morning with the Feds Redbook at 8:55AMEST, and the Housing Market Index at 10:00AMEST.  Sellers couldn't quite push their way through the moving averages stack mentioned in last weeks update and as a result buyers have been able to recover a good chunk of yesterday's losses during the overnight session as we are currently set to open up at near term declining resistance around the 2895 zone.  The lack of an intermediate pivot marker at yesterday's lows gives sellers a reasonable opportunity to retrace what buyers have managed to produce in the overnight but they will need to defend the declining resistances in the 2990 to 2995 area and maintain price below the intermediate minor level at 2910 should the resistances get breached.  If they can sustain price below that and take out the rising support and moving average stack in the upper 2880's then that gives them a good probability run to the intermediate major level at 2865.  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 13, 2018

Good morning everyone,

These are key MA levels:  5EMA 2880, 10DMA 2890,  20DMA 2876, 50DMA 2837, 100DMA 2777, 200DMA 2740

These are key Fib Levels: 2929, 2896, 2859

Here is today's market look at the S&P 500 for Thursday, September 13, 2018

We have a couple important premarket releases in the form of Consumer Price Index and Jobless Claims at 8:30 followed by the EIA Natural Gas Report at 10:30AMEST, and finally the Treasury Budget at 2:00PMEST.  The technical picture since putting in the intermediate pivot marker, while very choppy, has slowly shifted to an overall positive stance for buyers with breaking out over declining resistance to finding support on the 5DEMA.  The only real hurdle for them at present is to maintain the 10DMA on a closing basis as they attempt to take price back above the intermediate minor level at the all time highs.  Sellers will need to push price below the 2870 to 2865 basing area if they are to have any hopes of gaining downside momentum in the coming sessions.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – September 11, 2018

Good morning everyone,

These are key MA levels:  5EMA 2882, 10DMA 2892,  20DMA 2870, 50DMA 2830, 100DMA 2773, 200DMA 2737

These are key Fib Levels: 2929, 2853, 2841

Here is today's market look at the S&P 500 for Tuesday, September 11, 2018

We have three items of interest for today's session with the Feds Redbook at 8:55AMEST along with Wholesale Trade and the Job Openings and Labor Turnover Survey at 10:00AMEST.  Buyers made three attempts at declining resistance yesterday and were held at bay closing out the day near the session lows and currently have more weakness during the overnight session.  Given current overnight action, price should open up on the primary minor level at 2872 which will be important for buyers to hold if they don't want to see price fall into the 2840's.  Should buyers break out above the declining resistance, their only other challenge will be the 10DMA at 2892 before making a full run at new all time highs.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 10, 2018

Good morning everyone,

These are key MA levels:  5EMA 2887, 10DMA 2891,  20DMA 2868, 50DMA 2827, 100DMA 2772, 200DMA 2736

These are key Fib Levels: 2929, 2853, 2841

Here is today's market look at the S&P 500 for Monday, September 10, 2018

There are only a couple economic items of note today with the TD Ameritrade Investor Movement Index at 12:30PMEST, and Consumer Credit at 3:00PMEST.  Friday's session proved the 20DMA and intermediate minor level at 2866 to be solid support as sellers could not push their way into the void.  Buyers have used that as a signal to step in during the overnight session and look to gap the market up into the area of declining resistance and the 10DMA and 5DEMA.  If able to clear all those items on the opening tick, watch for a basing process to occur atop the primary minor level at 2874 in an attempt to run back to new all time highs.  Should sellers be able to hold the declining resistance, then a run at the next lower intermediate minor level at 2847 is virtually assured.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 7, 2018

Good morning everyone,

These are key MA levels:  5EMA 2893, 10DMA 2890,  20DMA 2867, 50DMA 2723, 100DMA 2670, 200DMA 2734

These are key Fib Levels: 2929, 2853, 2841

Here is today's market look at the S&P 500 for Friday, September 7, 2018

Happy Friday Everyone!  There are a few economic items of note for the last trading session of the week in the form of the Employment Situation at 8:30AMEST, the Quarterly Services Survey at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  The technical side saw yesterday's session start out with choppy price action in an attempt to reclaim the 10DMA and break through declining resistance only to have sellers step in as the day progressed and shove price down to the long standing primary minor level target and the 20DMA.  With a new intermediate pivot marker in place at yesterday's lows, buyers will begin to start to look to wade into the market in growing numbers.  Their first order of business will be to attack the declining resistance that is currently cutting through the 2885 zone and attempt to reclaim the now broadening resistance and 10DMA near 2890.  Sellers will be looking to continue their progress and break the newly formed intermediate minor level at 2867 along with cutting through the 20DMA.  This will open the door to a sizable levels void all the way down to 2847.  Good luck today and have a great weekend everyone!

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