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S&P500 Expert Lounge Update – May 22, 2018

Good morning everyone,

These are key MA levels:  5EMA 2720, 10DMA 2715,  20DMA 2683, 50DMA 2676, 100DMA 2709, 200DMA 2629

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

Here is today's market look at the S&P 500 for Tuesday, May 22, 2018

There are only a couple items of economic significance today with the Feds Redbook at 8:55AMEST, and the Richmond Fed Manufacturing Index at 10:00AMEST.  Yesterday had us gap up over declining resistance and oscillate around the primary minor level at 2733 while maintaining below the primary and intermediate pivot high at 2742.  Present price action has us marginally higher then yesterday's close at present and gives buyers the advantage should the be able to create another gap up over 2742 and a clear path to the next intermediate minor level at 2767.  Sellers primary goal today is to break down the basing process that has happened on the backtest of yesterday's declining resistance and attempt to wipe out the 100DMA, intermediate minor level, rising support, and fill the gap all in and around the 2715 level.  Between these area's is a lot of noise that is best to leave untouched.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 21, 2018

Good morning everyone,

These are key MA levels:  5EMA 2719, 10DMA 2709,  20DMA 2680, 50DMA 2677, 100DMA 2708, 200DMA 2627

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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 Monday, May 21, 2018

The only item of interest for today's session is the Chicago Fed National Activity Index at 8:30AMEST.   The technical picture remains predominantly constructive for buyers as they've managed to base price on the 100DMA at the intermediate minor level and previous intermediate pivot at 2715.  Should sellers be able to take control with the help of momentum traders as a result of closing below the 5DEMA the first target would be 2697 and ultimately the 50 and 20DMA's at the 2680 level.  Buyers will be targeting a break of near term declining resistance in the 2720 region and then the primary minor level just above 2730.  Above that there is a massive gap of level resistance all the way up to to 2767 along with broadening resistance currently cutting through the 2750's.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – May 18, 2018

Good morning everyone,

These are key MA levels:  5EMA 2722, 10DMA 2704,  20DMA 2678, 50DMA 2678, 100DMA 2708, 200DMA 2626

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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 Friday, May 18, 2018

Happy Friday everyone!  Data is light today with only the Baker Hughes Rig Count at 1:00PMEST.  Yesterday sellers were able to push price below near term rising support but failed to reclaim the 100DMA.  Current overnight price action looks set for a second attempt to challenge the 100DMA.  Should sellers be able to pull the rug out their first target with be 2695 intermediate minor level and the 10DMA.  Below that is another solid 10 point plus step down to 2682 intermediate minor level and the 50 and 20DMAs.  For buyers holding the 10DMA would be a huge accomplishment, but probablistically it seems more likely that the 2695 and 2680 levels would be better suited for a new basing process for them to build a new base from which to potentially push the market higher.  The next thing to look for on further downside would be a new intermediate pivot marker which would signal the market is hunting for a new pivot low.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 17, 2018

Good morning everyone,

These are key MA levels:  5EMA 2722, 10DMA 2695,  20DMA 2676, 50DMA 2678, 100DMA 2708, 200DMA 2625

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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, May 17, 2018

Data for today is abundant with Jobless Claims and the Philadelphia Fed Business Outlook Survey at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, E-Commerce Retail Sales and Leading Indicators at 10:00AMEST, and EIA Natural Gas Report at 10:30AMEST.  The overnight price action up to this point has been marginally weak but nothing too ugly.  Buyers were able to close the day out on the 5DEMA which is keeping the momentum traders on their side for the time being.  Rising support comes into play immediately when the market opens today as to whether it will be a gap below or support reestablished will need to be judged at 9:30AMEST.  Sellers ability to gap the rising support gives them a shot at the 100DMA again at 2710 and then a clear path below 2700 to the next intermediate minor level at 2795.  Buyers will be looking to hold the rising support and to challenge the intermediate minor level and primary minor level around 2730.  After that they have a clean shot at the intermediate and primary pivot above 2740.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 16, 2018

Good morning everyone,

These are key MA levels:  5EMA 2718, 10DMA 2686,  20DMA 2675, 50DMA 2678, 100DMA 2707, 200DMA 2624

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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, May 16, 2018

Today's trading session has a decent amount of data on the front end with Housing Starts at 8:30AMEST, Industrial Production at 9:15AMEST, Atlanta Fed Business Inflation Expectations at 10:00AMEST, and EIA Petroleum Status Report at 10:30AMEST.  Price moved swiftly yesterday after a failure of the 2733 primary minor level and fell into the 2700 to 2695 mentioned support level in yesterday's expert lounge chat.  Overnight price action has made little headway in either direction as we are currently set to open marginally lower but still within yesterday's buyers attempt to build a base at the 100DMA.  Near term declining resistance will be the first challenge for buyers along the the 5DEMA and 100DMA all in the 2710 area along with an intermediate minor level just overhead at 2715.  If buyers should be able to clear 2715 they have a clear run at the next level at 2729.  Sellers near term targets are going to be the 50,10, and 20DMA's along with intermediate minor support in the 2680 area.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 15, 2018

Good morning everyone,

These are key MA levels:  5EMA 2710, 10DMA 2680,  20DMA 2675, 50DMA 2678, 100DMA 2707, 200DMA 2622

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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, May 15, 2018

We have a few data points of interest to start the day with Retail Sales and the Empire State Manufacturing Index at 8:30AMEST, Feds Redbook at 8:55AMEST, and Business Inventories and Housing Market Index at 10:00AMEST.  We say some technical weakness yesterday after gapping up over the primary minor level at 2734.  Sellers will have their work cut out for them today with rising support coming in almost immediately around the 2725 level then the intermediate minor level and the 5DEMA and 100DMA that will come into play between 2720 and 2710.  Should buyers be able to get a foothold at any of the aforementioned levels the will be looking to target the symmetry level at 2758 at the very least and have a good probability of pushing it up through the levels void to challenge the 2767 intermediate minor level.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – May 14, 2018

Good morning everyone,

These are key MA levels:  5EMA 2698, 10DMA 2672,  20DMA 2673, 50DMA 2678, 100DMA 2706, 200DMA 2621

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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 Monday, May 14, 2018

With no data to speak of today there is only the technical picture to focus on.  The near term target of 2758 mentioned last week is the most probable area before sellers would have the potential to put in a more meaningful pivot, but there currently is a primary and intermediate pivot marker tracking the present rally which hints that we are nearing a pivot.  Out over the pivot high and it is clear sailing for buyers to get to the next intermediate minor level at 2765.  Below there is rising support and the 100DMA at the 2709 area.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 11, 2018

Good morning everyone,

These are key MA levels:  5EMA 2692, 10DMA 2666,  20DMA 2669, 50DMA 2675, 100DMA 2706, 200DMA 2624

These are key Fib Levels:   2905, 2774, 2759, 2637, 2587

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 Friday, May 11,  2018

We have a couple items of interest for the last trading day of the week with Consumer Sentiment at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  Yesterday's open had us gap declining resistance from the all time high and open up on the 100DMA before extending gains further into the session.  Buyers have now cleared all daily moving average obstacles and only have an intermediate minor level to clear at 2730 before entering an extremely large void of levels all the way up to the 2780 region.  Symmetry for this leg of the move relative to the leg up from the primary pivot low (yellow -8.9) resides at 2759.  This would be the minimum expected target for the present move from a harmonic standpoint.  Sellers have a number of near term areas to target should they be able to gain some footing with the 100DMA at 2708 and rising support coming up through the lower 2700 to 2710 region.  After that is broadening support and the intermediate minor level at 2697.  Any basing in these areas should be considered the buyers attempt to regain control and make a run for the 2759 harmonic price target.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 10, 2018

Good morning everyone,

These are key MA levels:  5EMA 2667, 10DMA 2661,  20DMA 2661, 50DMA 2676, 100DMA 2705, 200DMA 2619

These are key Fib Levels:   2905, 2774, 2649, 2637, 2587

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, May 10, 2018

Today's remaining data is dispersed through the trading session with the Bloomberg Consumer Comfort Index at 9:45AMEST,  EIA Natural Gas Report at 10:30AMEST, and the Treasury Budget at 2:00PMEST.  After wrestling with the 2682 intermediate minor level for the early part of the session yesterday and successfully basing buyers pushed the price up to the declining resistance down from the all time high and the 2696 intermediate minor level.  We are currently set to open marginally higher and stand a good chance of testing the underside of the 100DMA which is the only thing that sellers have to defend before a test of the previous intermediate pivot high at 2718.  Should sellers be able to turn the price action in their favor their first obstacle is going to be  rising support near the 2690 and very formidable support at the intermediate minor level at 2681.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 9, 2018

Good morning everyone,

These are key MA levels:  5EMA 2654, 10DMA 2655,  20DMA 2663, 50DMA 2677, 100DMA 2705, 200DMA 2617

These are key Fib Levels:   2905, 2774, 2649, 2637, 2587

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, May 9, 2018

Data is front end loaded for the session today with MBA Mortgage Applications 7:00AMEST, Producer Price Index 8:30AMEST, Wholesale Trade at 10:00AMEST, and EIA Petroleum Status Report at 10:30AMEST.  Overnight price action has been positive up to this point and we are currently set to open back on, or above, declining resistance in the 2677 area.  The most positive outcome upon open for buyers would be to have an opening gap over both the intermediate minor level and 50DMA at 2682.  If that doesn't transpire then that 2682 area should prove to be a reasonable resistance area for sellers to defend.  Above that the intermediate minor level at 2697 will be the next area of interest for sellers.  A failure after a gap over 2682 would be catastrophic for buyers and would likely lead to a swift decline back down to test the primary minor level and 10DMA at 2650.  Should buyers fail to maintain that level and the 2642 intermediate minor level the massive void of levels down to the lower 2600's will most likely be swiftly traversed and a test of the 200DMA would be a minimum expectation in such an event.  Good luck today!

Primary and Intermediate Levels Detail