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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 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

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 – July 26, 2018

Good morning everyone,

These are key MA levels:  5EMA 2815, 10DMA 2810,  20DMA 2776, 50DMA 2757, 100DMA 2717, 200DMA 2692

These are key Fib Levels:   2929, 2859, 2867, 2829, 2825

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

We have copious amounts of data today all centered on the 8:30AMEST hour with Durable Goods, International Trade in Goods, Jobless Claims, Retail Inventories, and Wholesale Inventories followed by the EIA Natural Gas Report at 10:30AMEST, and the Kansas City Fed Manufacturing Index at 11:00AMEST.  The technical picture saw us push into the levels void yesterday after cleanly testing the 5DEMA and intermediate minor level at 2812.  As was mentioned in the previous updates this week, there is little resistance in this zone as a lack of levels and price has the ability to move freely and dramatically through it towards the primary minor level at the all time highs which yesterdays closing move demonstrated quite well.  The important test of today's session will be to see if sellers are able to shove price back down through the rising wedge that broke to the upside yesterday.  Any basing atop the upper bound of this structure should be a clear warning to sellers that this move has just begun and has the potential to last much longer than many would consider to be reasonable.  On the flip side of this, if sellers push price back down through the structures upper bound, there is a high probability that the primary minor level at 2802 and 10DMA will be tested at a minimum in a very short period of time.  This is a crucial point for both sides of the tape in the next few trading sessions.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 25, 2018

Good morning everyone,

These are key MA levels:  5EMA 2809, 10DMA 2803,  20DMA 2770, 50DMA 2754, 100DMA 2716, 200DMA 2690

These are key Fib Levels:   2929, 2797, 2777, 2760, 2744

Here is today's market look at the S&P 500 for Wednesday, July 25th, 2018

Data is light today with only MBA Mortgage Applications at 7:00AMEST, New Home Sales at 10:00AMEST, and the EIA Petroleum Status Report at 10:30AMEST.  Price action yesterday played out to the letter of the lounge update with tagging the broadening resistance and sellers stepping in to reverse the market sharply.  While there was a quality reversal, sellers have yet to close the market under the 5DEMA so momentum is still in the hands of the buyers and fighting the trend is a losing proposition.  Current overnight price action has us opening roughly flat at present and sellers will be looking, at the very least, to push price back below the intermediate minor level at 2811 and make a solid challenge of rising support, the 10DMA, and primary minor level at 2801.  Buyers will be looking to maintain the 2801 level in an effort to create another base and maintain the currently established price channel.  There are no remaining levels between yesterday's close and the all time high so some caution needs to be exercised because price could traverse this area rather rapidly.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 24, 2018

Good morning everyone,

These are key MA levels:  5EMA 2807, 10DMA 2800,  20DMA 2764, 50DMA 2753, 100DMA 2714, 200DMA 2689

These are key Fib Levels:   2826, 2795, 2784

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

Data for today consists of the Feds Redbook at 8:55AMEST, Housing Price Index at 9:00AMEST, PMI Composite at 9:45AMEST, and the Richmond Fed Manufacturing Survey at 10:00AMEST.  Buyers showed up yesterday right where they needed to after tagging the 10DMA which signals a still relatively solid resolve to buy on weakness.  Declining resistance was broken over in the latter portion of the session and after hours trading currently has us back above the primary and intermediate pivot highs and headed for the long standing 2826 fib target should price remain firm going into the open.  Be mindful of the broadening resistance which could produce a sharp reversal from the highs if it is encountered during the session.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 17, 2018

Good morning everyone,

These are key MA levels:  5EMA 2793, 10DMA 2768,  20DMA 2753, 50DMA 2740, 100DMA 2711, 200DMA 2682

These are key Fib Levels:   2821, 2790, 2783

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

Since finding the long standing primary minor level target just north of 2800, price has been consolidating and slowly retreating towards rising support and maintaining above the 5DEMA as momentum traders lock in some gains.  Present price has us set to open on the intermediate minor level at 2791 and a broken neckline of a head and shoulders pattern that targets the lower 2780's and most likely finds the next lower primary minor level at 2777 should sellers be able to break the 2791 level.  Buyers need to clear the declining resistance level that is currently cutting through the 2790's if the are to initiate another leg higher and attempt to challenge the intermediate minor level at 2814.  Good luck today!

 

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 9, 2018

Good morning everyone,

These are key MA levels:  5EMA 2730, 10DMA 2726,  20DMA 2750, 50DMA 2723, 100DMA 2706, 200DMA 2673

These are key Fib Levels:   2749, 2772, 2692, 2664

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

There are a couple of items later in the session of note with the TD Ameritrade Investor Movement Index at 12:30PMEST, and Consumer Credit at 3:00PMEST.  The technical breakout last week has led to a sizeable run for buyers and is nearing the completion target for the inverted head and shoulders pattern that built off the intermediate minor level at 2698.  We also have a new intermediate pivot marker which would indicate that some backing and filling will be coming in the near future, but ultimately this leg should see us reach the primary minor level at 2777.  There are a number of rising supports in play at this point which gives the sellers something to shoot for, but being too anxious to step in front of trending price is a fools errand so be patient and pick your spots carefully.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – July 5, 2018

Good morning everyone,

These are key MA levels:  5EMA 2714, 10DMA 2728,  20DMA 2752, 50DMA 2719, 100DMA 2704, 200DMA 2671

These are key Fib Levels:   2749, 2772, 2692, 2664

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

Happy post holiday trading day everyone!  We have a decent amount of data today with the Jobless Claims at 8:30AMEST, Bloomberg Consumer Comfort Index at 9:45AMEST, ISM Non-Manufacturing Index at 10:00AMEST, EIA Petroleum Status Report at 11:00AMEST, and the FOMC Minutes at 2:00PMEST.  The technical side of things has us in a compression pattern presently with lower highs and higher lows and what was a weak start to the overnight session has since turned into a solid rally and we are currently set to open up on or above the first declining resistance at the intermediate and primary minor levels at 2730.  Sellers will need to hold the line there if they hope to contain this, otherwise it triggers the potential head and shoulders pattern which could have us back up to the 2770's in short order.  Good luck today!

 

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – July 2, 2018

Good morning everyone,

These are key MA levels:  5EMA 2714, 10DMA 2738,  20DMA 2755, 50DMA 2717, 100DMA 2702, 200DMA 2668

These are key Fib Levels:   2689, 2655

Here is today's market look at the S&P 500 for Monday, July 2, 2018

Data for today has us looking at the PMI Manufacturing index at 9:45AMEST and the ISM Manufacturing Index and Construction Spending at 10:00AMEST.  After contacting the second declining resistance array, 10DMA, and intermediate minor level laid out in last weeks update, sellers stepped in and were able to shove price back down to the 50DMA and intermediate minor level before running out of time for the trading session.  The overnight price action is set to continue that trend and we are currently set to open up down around the 100DMA which has been sloppily tested twice now.  A third attempt here will be important for both sides of the tape as it typically marks a capitulation point for one side and a resulting larger move overall.   Sellers ability to get price below rising support and the intermediate minor level at 2699 opens the door for them to take price down to the next two levels between 2670 to 2680.  Buyers will be looking to put in a base at the 2700 area for another attempt at the resistance array and to reclaim the primary minor level at 2734.  Good luck today!

Primary and Intermediate Levels Detail