S&P500 Expert Lounge Update – September 10, 2018

Good morning everyone,

These are key MA levels:  5EMA 2887, 10DMA 2891,  20DMA 2868, 50DMA 2827, 100DMA 2772, 200DMA 2736

These are key Fib Levels: 2929, 2853, 2841

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

There are only a couple economic items of note today with the TD Ameritrade Investor Movement Index at 12:30PMEST, and Consumer Credit at 3:00PMEST.  Friday's session proved the 20DMA and intermediate minor level at 2866 to be solid support as sellers could not push their way into the void.  Buyers have used that as a signal to step in during the overnight session and look to gap the market up into the area of declining resistance and the 10DMA and 5DEMA.  If able to clear all those items on the opening tick, watch for a basing process to occur atop the primary minor level at 2874 in an attempt to run back to new all time highs.  Should sellers be able to hold the declining resistance, then a run at the next lower intermediate minor level at 2847 is virtually assured.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 7, 2018

Good morning everyone,

These are key MA levels:  5EMA 2893, 10DMA 2890,  20DMA 2867, 50DMA 2723, 100DMA 2670, 200DMA 2734

These are key Fib Levels: 2929, 2853, 2841

Here is today's market look at the S&P 500 for Friday, September 7, 2018

Happy Friday Everyone!  There are a few economic items of note for the last trading session of the week in the form of the Employment Situation at 8:30AMEST, the Quarterly Services Survey at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  The technical side saw yesterday's session start out with choppy price action in an attempt to reclaim the 10DMA and break through declining resistance only to have sellers step in as the day progressed and shove price down to the long standing primary minor level target and the 20DMA.  With a new intermediate pivot marker in place at yesterday's lows, buyers will begin to start to look to wade into the market in growing numbers.  Their first order of business will be to attack the declining resistance that is currently cutting through the 2885 zone and attempt to reclaim the now broadening resistance and 10DMA near 2890.  Sellers will be looking to continue their progress and break the newly formed intermediate minor level at 2867 along with cutting through the 20DMA.  This will open the door to a sizable levels void all the way down to 2847.  Good luck today and have a great weekend everyone!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 6, 2018

Good morning everyone,

These are key MA levels:  5EMA 2900, 10DMA 2888,  20DMA 2866, 50DMA 2720, 100DMA 268, 200DMA 2733

These are key Fib Levels: 2929, 2853, 2841

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

There's a decent amount of data today with Jobless Claims and Productivity and Costs at 8:30AMEST, PMI Services Index at 9:45AMEST, Factory Orders and ISM Non Manufacturing Index at 10:00AMEST, The EIA Natural Gas Report at 10:30AMEST, and the EIA Petroleum Status Report at 11:00AMEST.  The market pushed itself into the corner of a decision zone going into yesterday's close so we should see who has the upper hand going through today's session as both declining resistance and rising support will cross paths before today's session is out.  A break of either could produce a solid move in that direction so be flexible today with you positions.  Good luck!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – September 5, 2018

Good morning everyone,

These are key MA levels:  5EMA 2902, 10DMA 2886,  20DMA 2864, 50DMA 2717, 100DMA 2766, 200DMA 2731

These are key Fib Levels: 2929, 2861, 2848

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

With all the data past this morning, the market is all technical for today's session with today looking to start out marginally negative at present.  The 10DMA held price firm for yesterday's session as we bounced back to declining resistance from the all time highs.  The remainder of the week will be a decision making process for price as we near an intersection of declining resistance and rising support at the 2890 level.  Buyers have yet to get an intermediate pivot marker and sellers are slowly working their way towards the primary minor level at 2873 which should produce some support overall.  Good luck today!

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 31, 2018

Good morning everyone,

These are key MA levels:  5EMA 2896, 10DMA 2877,  20DMA 2859, 50DMA 2711, 100DMA 2761, 200DMA 2728

These are key Fib Levels: 2929, 2859, 2846

Here is today's market look at the S&P 500 for Thursday, August 31, 2018

Happy Friday everyone!  We have three items on the data docket today in the form of Chicago PMI at 9:45AMEST, Consumer Sentiment at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  Sellers finally got their act together yesterday and were able to pull the market back to the upper bound of the broadening formation and 5DMEA.  It will be important for the to get a technical break of both those and rising support if they hope to find the 10DMA and primary minor level back down at 2873.  The present area will also be where buyers will be looking to establish a new base, so keep an eye out for a new intermediate pivot marker in the event of any continued weakness through today's session.  Declining resistance currently cutting through 2910 will be buyers prime target for today's session to establish a broken bearish flagging pattern and continue this leg higher towards the 2929 fib level.  Good luck today and have a great weekend.

Primary and Intermediate Levels Detail

S&P500 Expert Lounge Update – August 30, 2018

Good morning everyone,

These are key MA levels:  5EMA 2887, 10DMA 2871,  20DMA 2855, 50DMA 2708, 100DMA 2758, 200DMA 2726

These are key Fib Levels: 2929, 2859, 2846

Here is today's market look at the S&P 500 for Thursday, August 30, 2018

Data for today is light with the big ticket items coming in before market open with Jobless Claims and Personal Income and Outlays at 8:30AMEST followed by the EIA Natural Gas Report at 10:30AMEST.  Buyers did exactly what they needed to yesterday after basing atop the broadening pattern and then shoving price higher into uncharted territory while tagging the upper bound of the trend channel.  With little else overhead other then the steep broadening resistance and round number psychology, this trend can continue much longer then what most would consider to be 'reasonable'.  Sellers brave enough to try and grab a rocket in hopes of a reentry to earth do have a reasonably decent downside prospect with the next lower primary minor level and primary pivot being all the way back at the 2873 level.  While a savory target, they will need to bust through both the 5DEMA, 10DMA, and rising support to achieve that.  Good luck today!

Primary and Intermediate Levels Detail

 

S&P500 Expert Lounge Update – August 29, 2018

Good morning everyone,

These are key MA levels:  5EMA 2877, 10DMA 2861,  20DMA 2850, 50DMA 2705, 100DMA 2755, 200DMA 2725

These are key Fib Levels: 2929, 2853, 2841

Here is today's market look at the S&P 500 for Wednesday, August 29, 2018

We have a few items of interest this morning after having a respectable GDP report.  Pending Home Sales come in at 10:00AMEST along with the State Street Investor Confidence Index.  The EIA Petroleum Status report is at 10:30AMEST followed by Farm Prices at 3:00PMEST.  We are roughly flat this morning with price having a minimal reaction to GDP.  While we have a head and shoulders pattern off the all time highs, we are also basing atop the broadening formation at present and around the 2900 level which could produce a new leg higher if sellers aren't able to push price down soon.  The touch of broadening resistance yesterday should produce a consolidation at the very least and typically comes in the form of a test of the lower bound rising support of the trend channel which is currently cutting through the 2870's where the 5DEMA and primary minor level reside.  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 24, 2018

Good morning everyone,

These are key MA levels:  5EMA 2857, 10DMA 2844,  20DMA 2839, 50DMA 2799, 100DMA 2748, 200DMA 2720

These are key Fib Levels: 2929, 2850, 2840

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

Happy Friday Everyone!  We only have a couple items today with Durable goods at 8:30AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  There was essentially no change from yesterday's update as both buyers and sellers could only manage to push price around the intermediate minor level at 2865 again ultimately closing the day marginally lower and right on the 5DEMA.  Sellers are still looking to open up some downside potentials with a challenge of the 10 and 20DMA stack, intermediate minor level, and rising support in the mid 2840 zone which then opens into a void down to the intermediate minor level at 2813.  Buyers will be looking to sustain the rising support in the same 2840 region in an attempt to put in fresh new closing all time highs and challenge the upper bound of the broadening formation crossing through 2890.  Good luck today and have a phenomenal weekend!

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