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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 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 – May 25, 2018

Good morning everyone,

These are key MA levels:  5EMA 2724, 10DMA 2723,  20DMA 2692, 50DMA 2674, 100DMA 2710, 200DMA 2631

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

Here is today's market look at the S&P 500 for Friday, May 25, 2018

Happy Friday everyone!  We have a few items of interest today, the most important of the group is Durable Goods Orders at 8:30AMEST followed by Consumer Sentiment at 10:00AMEST and rounding out the data docket in the afternoon with the Baker Hughes Rig Count at 1:00PMEST.  Price played a game of ping pong yesterday between primary and intermediate minor levels around 2730 and the 100DMA before ultimately closing out the day sitting atop the 5DEMA and 10DMA.  Overnight price action currently has us around the primary minor level at 2732 and the 8:30AMEST Durable Goods Order has the potential to set the stage for buyers today should it be a positive number and get us over the 2732 hump and into the massive levels void that runs all the way up to near 2770 and the next intermediate minor level.  Sellers still have what seems like an impenetrable rising target in the 100DMA if they are to get anything going for themselves in and around the 2710 level.  Everything between these two areas is just more of a consolidation pattern.  Good luck today and have a great weekend and an extended one for everyone in the U.S. with Monday being a holiday!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – May 23, 2018

Good morning everyone,

These are key MA levels:  5EMA 2722, 10DMA 2720,  20DMA 2687, 50DMA 2675, 100DMA 2709, 200DMA 2630

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

Here is today's market look at the S&P 500 for Wednesday, May 23, 2018

Happy Fed minutes day everyone!!!  Data for this mornings portion of the session has us looking at the PMI Composite Flash at 9:45AMEST, New Home Sales at 10:00AMEST, EIA Petroleum Status Report at 10:30AMEST, and followed up in the afternoon with the FOMC Minutes release.  Yesterday's price action had us put in a marginally new primary and intermediate pivot before retreating back to the intermediate minor level and stack of moving averages around the 2717 area.  Overnight price action has us set to gap below all of this area and into the void between 2717 and 2697 where the next lower intermediate minor level resides.  This next lower level is the most probable near term target for sellers.  This will also be the first area that buyers will have to create a new base in an attempt to make a run at yesterdays new primary pivot.  Good luck today!

Primary and Intermediate Levels Detail

 

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 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 8, 2018

Good morning everyone,

These are key MA levels:  5EMA 2651, 10DMA 2651,  20DMA 2663, 50DMA 2679, 100DMA 2705, 200DMA 2616

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 Tuesday, May 8, 2018

We have another light data day in store with only the Feds Redbook at 8:55AMEST, and Job Openings and Labor Turnover Survey at 10:00AMEST.  Yesterday found the 2684 level and 50DMA that was considered to be the most probable outcome last week given the market structure and we have since sold off and generated a new intermediate pivot marker.  The current price for the overnight has us gapping below rising support and the 20DMA.  The next target for sellers is the 10DMA and primary minor level near 2650.  Should sellers be able to break the 2650 to 2640 level it is highly probable a swift decline ensues through the levels void and to the 200DMA at the very least at 2620, but more likely a run back at the previous intermediate minor pivot at 2595.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – May 1, 2018

Good morning everyone,

These are key MA levels:  5EMA 2651, 10DMA 2670,  20DMA 2657, 50DMA 2686, 100DMA 2704, 200DMA 2612

These are key Fib Levels:   2905, 2777, 2660, 2647, 2638, 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 1, 2018

Happy FOMC Day everyone!  Today begins the first day of gripping conversation among the various Federal Reserve heads and culminates in an announcement tomorrow afternoon.  Data for today consists of the Feds Redbook at 8:55AMEST, PMI Manufacturing Index at 9:45AMEST, and the ISM Manufacturing Index along with Construction Spending at 10:00AMEST.  The technical picture has pushed us yet again further into the apex of a price compression pattern and found the buyers defense zone between the primary minor level at 2650 and intermediate minor level at 2643 that was touched upon in yesterday's update.  Intermediate pivot rising support comes in just below this at 2630 and below that at 2613 we have the 200DMA which has been well defended albeit a bit sloppily at times.  The two intermediate pivot markers still bookend this price action so we should consider this simply a range until a new pivot marker presents itself.  Overhead buyers have a dog pile of moving averages weighing down on them along with an intermediate minor level at 2673 and two declining resistance levels to contend with.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – April 24, 2018

Good morning everyone,

These are key MA levels:  5EMA 2682, 10DMA 2659,  20DMA 2644, 50DMA 2687, 100DMA 2701, 200DMA 2603

These are key Fib Levels:   2905, 2777, 2749

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, April 24, 2018

Data is front end loaded on the day with the Core Logic Case Shiller Home Price Index and FHFA House Price Index at 9:00AMEST, New Home Sales, Consumer Confidence, Richmond Fed Manufacturing, and State Street Investor Confidence Index at 10:00AMEST.  The technical picture had us break the rising support modestly yesterday while still maintaining the 20DMA.  Below the 5DEMA and with an intermediate pivot marker in place sellers have the advantage overall and areas of interest reside in the 2700 region with declining resistance and the 100DMA and 2650 with the intermediate minor level and 20DMA.  Sustaining trade above the range of 2660 and 2580 should be considered a basing process for buyers to solidify a new push higher.  A failure back into this region would easily cause a cascading effect down to the primary minor level and 200DMA at 2600.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – March 19, 2018

Good morning everyone,

These are key MA levels:  5EMA 2751, 10DMA 2750,  20DMA 2735, 50DMA 2748, 100DMA 2691, 200DMA 2585

These are key Fib Levels:   2905, 2807, 2643, 2617, 2450

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, March 19, 2018

Today the market is spared from the economist with no releases to speak of.  We are set to open markedly lower this morning down near the 20DMA below 2740.  Reasonably decent support should come into play at the 2727 intermediate minor level and broadening support which price has been sliding down the past few days.  A breach of that most likely takes us back below 2700 and to the next lower intermediate level with the 100DMA.  Overhead we have both a primary and intermediate pivot marker in play along with declining resistance and primary and intermediate levels all clustered just above 2780.  Between the two is a range racing paradise.  Good luck today!

Primary and Intermediate Levels Detail