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S&P500 Expert Lounge Update – August 16, 2018

Good morning everyone,

These are key MA levels:  5EMA 2833, 10DMA 2840,  20DMA 2828, 50DMA 2789, 100DMA 2733, 200DMA 2712

These are key Fib Levels: 2929, 2832, 2799

Here is today's market look at the S&P 500 for Thursday, August 16, 2018

Most of today's data will be prior to the session open and consists of Housing Starts, Jobless Claims, and the Philadelphia Fed Business Outlook Survey at 8:30AMEST followed by the EIA Natural Gas Report at 10:30AMEST.  Yesterday saw us bottom early in the session after hitting the primary minor level at 2803 and we are currently set to open up at declining resistance and near the 5DEMA, and the 10DMA  in the lower 2830's.  Sellers will be looking to hold the morning gap up in this vicinity in an attempt to make a run at the intermediate major level at 2793 and the 50DMA.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 15, 2018

Good morning everyone,

These are key MA levels:  5EMA 2841, 10DMA 2839,  20DMA 2828, 50DMA 2788, 100DMA 2731, 200DMA 2711

These are key Fib Levels: 2929, 2821

Here is today's market look at the S&P 500 for Wednesday, August 15, 2018

There are a few remaining items of note for today's session in the form of Industrial Production at 9:15AMEST, Atlanta Fed Business Inflation Expectations, Business Inventories, and Housing Market index at 10:00AMEST, and the EIIA Petroleum Status Report at 10:30AMEST.  Buyers pushed the market hard yesterday while whipsawing the downtrend line along with breaking out over steep declining resistance, but failed to reclaim the 5DEMA.  The overnight session has seen sellers take back over and we are currently set to open up back down near the pivot lows in the lower 2820's.  We have traversed this area multiple times so moves are going to be fast between the 2840's and 20's which will require a good deal of caution if one is looking to enter a position in this area.  The moving averages haven't supplied much in the way of support or resistance in the past few trading sessions so using the levels will be the best approach for near term analysis.  The targets remain the same as they have been for the past few trading sessions with buyers looking to go after the 2848 intermediate minor level and sellers shooting for the 2813 intermediate minor level.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 14, 2018

Good morning everyone,

These are key MA levels:  5EMA 2844, 10DMA 2837,  20DMA 2826, 50DMA 2786, 100DMA 2729, 200DMA 2710

These are key Fib Levels: 2929, 2829, 2821

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

There are a couple premarket items to be aware of in the form of Import and Export prices at 8:30AMEST, and the Feds Redbook at 8:55AMEST.  As noted yesterday a technical breach of rising support would be important for sellers to accomplish if they wanted to attempt any sort of a larger push to the downside, and that is exactly what we got.  With that came a successful rejection from the underside of rising support along with the 10DMA.  This mornings current price will open around the 10DMA at present but could easily turn into a gift for sellers upon another rejection and run straight down to the intermediate minor level at 2813 at which point we should be on the look out for a new intermediate pivot marker.  Buyers have their work cut out for them if they hope to whipsaw and undo the technical support breach which is going to serve as broadening resistance going forward.  Their best hope at present is to maintain the 20DMA and push price sideways out past the steep declining resistance that is currently cutting through the lower 2830's, and then they can focus on the intermediate minor level at 2848.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 13, 2018

Good morning everyone,

These are key MA levels:  5EMA 2850, 10DMA 2835,  20DMA 2825, 50DMA 2784, 100DMA 2728, 200DMA 2708

These are key Fib Levels: 2929, 2829, 2821

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

With no economic releases, today will be strictly technical and a very important one at that as Friday's session saw us bounce off the long standing rising support.  We are still lacking an intermediate pivot marker which will need to be looked out for on any new lows that could potentially arise from today's session.  Below the rising support and 20DMA, sellers have a very clear shot at the 2813 intermediate minor level but more likely a test of the primary minor level at 2802 would be in store.  Buyers will be looking to maintain rising support and build a base on that and the 10DMA to set up a run at the intermediate minor level at 2848 and 5DEMA.  Good luck today!

Primary and Intermediate Levels Detail

http://mcm-ct.com/blog/sp500-expert-lounge-update-august-10-2018/

Good morning everyone,

These are key MA levels:  5EMA 2852, 10DMA 2833,  20DMA 2824, 50DMA 2782, 100DMA 2727, 200DMA 2707

These are key Fib Levels:  2929, 2829, 2821

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

Happy Friday everyone!  We have three items for the last trading session of the week that will give traders and investors something to ponder with regards to the economic health of the country.  We have the Consumer Price Index at 8:30AMEST, Baker Hughes Rig Count at 1:00PMEST, and the Treasury Budget at 2:00PMEST.  The shallow declining resistance held yet again yesterday and we closed the session on a very weak note as buyers begin to lock in gains and sellers see an opportunity arising for a reversal trade after hitting broadening resistance.  Given present price levels of the overnight session we are set to start the day off roughly 12 points lower then the close yesterday.  A gap down open will be important if it is below the intermediate minor level at 2848 because that would then serve as solid resistance on any subsequent near term bounce.  Primary targets remain the same for both sides of the tape as sellers look to do some technical damage on a long standing rising support level that currently is located in the 2830 area along with some close proximity moving averages.  Buyers will first need to reclaim the 2848 intermediate minor level and 5DEMA in an attempt to challenge the shallow declining resistance level that is cutting through the 2860 mark if they have any hopes of overtaking the all time highs and primary minor level at 2872.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 9, 2018

Good morning everyone,

These are key MA levels:  5EMA 2846, 10DMA 2832,  20DMA 2821, 50DMA 2779, 100DMA 2726, 200DMA 2705

These are key Fib Levels: 2929, 2829, 2821

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

There is a decent amount of data today for the market to digest with Jobless Claims and the Producer Price Index at 8:30AMEST followed by Wholesale Trade at 10:00AMEST, and finally the EIA Natural Gas Report at 1030AMEST.  The sideways price action continued through yesterday's session after encountering broadening resistance during the previous day's session and created a very shallow declining resistance which will be the first area to challenge for the buyers in an attempt to attack the all time highs.  Sellers are still looking to first challenge the minor level at 2848 in an effort to get a price retrenchment going which would give them the opportunity to potentially cause some technical damage by breaking rising support which is currently moving through the mid 2820's.  Good luck today and stay out of the chop.

 

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 8, 2018

Good morning everyone,

These are key MA levels:  5EMA 2837, 10DMA 2831,  20DMA 2817, 50DMA 2776, 100DMA 2724, 200DMA 2704

These are key Fib Levels: 2829, 2821

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

Only one item of note today with the EIA Petroleum Status Report at 10:30AMEST.  After finding the broadening resistance during yesterday's session, price plateaued for the remainder of the day.  Buyers will most likely find this area difficult to overtake on the first attempt given the last time the all time high was seen was back in late January and there are plenty of trapped buyers just looking to get out at even.  The first target for sellers is going to be the previous intermediate pivot and intermediate minor level at 2849, but most likely a test of rising support currently cutting through the 2820's will be the key defining area.  Buyers are still left to challenge the primary minor level and all time highs at 2872.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 7, 2018

Good morning everyone,

These are key MA levels:  5EMA 2839, 10DMA 2827,  20DMA 2813, 50DMA 2773, 100DMA 2723, 200DMA 2703

These are key Fib Levels: 2860

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

We have three pieces of economic data to hit the tape today with the Feds Redbook at 8:55AMEST, Job Opening and Labor Turnover Survey (JOLTS) at 10:00AMEST, and Consumer Credit at 3:00PMEST.  Price extended gains during yesterday's session and finally overtook the intermediate and primary pivot while spending the majority of the afternoon session basing on the intermediate minor level at 2848.  Present price has us set to open higher yet again and we will be looking for a challenge of the broadening resistance which is cutting through the lower 2860's at present.  Sellers have a good opportunity to take control as we approach the broadening resistance and the first attempt to overtake the all time high at the primary minor level at 2872.  They also have a huge void to work with if they can push price below the current intermediate minor level at 2848 and would look to find the rising support and next intermediate minor level at 2812.  Buyers have ruled the day with this run and are running out of challenges as they are only left with broadening resistance and the all time high primary minor level to contend with.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 6, 2018

Good morning everyone,

These are key MA levels:  5EMA 2819, 10DMA 2822,  20DMA 2810, 50DMA 2771, 100DMA 2722, 200DMA 2701

These are key Fib Levels: 2818, 2813

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

The only item of interest for today's session is the TD Ameritrade Investor Movement Index at 1230PMEST.  After breaking out over declining resistance, the market has continued its climb higher closing out Friday's trading session at the day's high and nearing the intermediate and primary pivot highs in the middle of a levels void.  Present price levels in the overnight session will have the market opening roughly flat for the regular trading hours session and will have sellers looking to target the 5DEMA, 10DMA, intermediate minor level, and rising support all clustered between 2820 and 2810.  Buyers will be looking to attack the previous primary and intermediate pivot high and make another push towards the primary minor level at the all time highs along with the established broadening resistance.  Be mindful that between the two intermediate pivot markers, price has moved swiftly in both directions so resistance to pressures in either direction is going to be weak.  That in turn has the ability to create some wide range and dramatic short term price moves.  Trade accordingly and good luck today.

 

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 3, 2018

Good morning everyone,

These are key MA levels:  5EMA 2815, 10DMA 2819,  20DMA 2806, 50DMA 2769, 100DMA 2722, 200DMA 2700

These are key Fib Levels: 2813, 2809

Here is today's market look at the S&P 500 for Friday, August 3, 2018

Data for today consists of the PMI Services Index at 9:45AMEST, ISM Non Manufacturing Index at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  Yesterday found rising support after starting the session weak and buyers showed up in force to reverse the tide and close the day just above declining resistance.  Buyers will look to maintain the now broadening support in an effort to build a base and go after the primary and intermediate pivot high at 2849.  Sellers objective is to create a failed breakout and take another shot at the primary minor level, 20DMA and the rising support at 2802.  Good luck today and have a great weekend

Primary and Intermediate Levels Detail