S&P500 Expert Lounge Update –August 19, 2016

Good morning everyone,

These are key timing for today: 9:30AMEST, 12:00PMEST

These are key MA levels:  5EMA 2183, 10DMA 2182, 20DMA 2176, 50DMA 2134

These are key Fib Levels:  21, 2160, 2144

These are key primary and intermediate levels:  2180(minor), 2155(minor), 2148(minor)

Here is today's market look at the S&P 500 for Friday, August 19,  2016

HAL continues to maintain its placeholder position which hints that it does see some downside potential, but the fact that it dumped the majority during the most recent rally it is not entirely comfortable with the associated upside risks.  We found some weakness in the overnight, that at present will have us opening marginally red.  Data is very light with only the Baker Hughes Rig Count coming in at 1:00PMEST this afternoon.  Timing takes place right at open today so be mindful if there is a strong move in either direction coming into the regular trading hours because it has the potential to be reversed at market open.  YM is currently working on a 3rd End on the daily chart which has the potential to be very significant wherever it confirms today so please take note of that.  From everyone here at MCM, we hope you have a great weekend.

MSP

MSP

Primary and Intermediate Levels

Primary and Intermediate Levels

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