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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 – August 28, 2018

Good morning everyone,

These are key MA levels:  5EMA 2870, 10DMA 2855,  20DMA 2846, 50DMA 2703, 100DMA 2752, 200DMA 2723

These are key Fib Levels: 2929, 2850, 2840

Here is today's market look at the S&P 500 for Tuesday, August 28, 2018

Data for the remainder of the day is centered around the 10:00AMEST hour with Consumer Confidence, the Richmond Fed Manufacturing Index, and the State Street Investor Confidence Index.  Yesterday's session saw buyers come out in force and break out to a new closing all time high and above the upper bound of the broadening formation that we've been tracking over the past month.  This is a dangerous spot for sellers if they can't reverse this soon because it lends itself to a breakaway run that could tack on tons of S&P points in a very short time frame.  The only thing buyers have to contend with at this point is steep broadening resistance from the upper trend channel and round number psychology in the form of the 2900 level.  Sellers can put together a decent drop before finding any kind of real support as this run has extended us a good distance from any sort of technical support with the primary minor level back down at 2873 along with the 5DEMA and rising support.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 23, 2018

Good morning everyone,

These are key MA levels:  5EMA 2854, 10DMA 2843,  20DMA 2838, 50DMA 2797, 100DMA 2745, 200DMA 2719

These are key Fib Levels: 2929, 2850, 2840

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

Today's data is abound with Jobless Claims at 8:30AMEST, FHFA House Price Index at 9:00AMEST, PMI Composite Flash at 9:45AMEST, New Home Sales at 10:00AMEST, EIA Natural Gas Report at 10:30AMEST, and the Kansas City Fed Manufacturing Index at 11:00AMEST.  Yesterday's session saw us bottom out from the first initial decline from the the new intraday all time highs of the year which then chopped around for the remainder of the session at the intermediate minor level at 2863.  As noted in yesterday's update, sellers will continue to target the intermediate minor level at 2848, rising support, and stack of moving averages as their first initial target.  If successful, that opens up a levels and a price gap void all the way back down into the 2820's which should see very little resistance to price movement.  Buyers are going to look to build a new base at the same 2848 level in an attempt to establish a new closing all time high, primary and intermediate pivot, and also to challenge the upper bound of the broadening formation which is currently cutting through the mid 2880's.  Good luck today!

Primary and Intermediate Levels Detail

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