S&P500 Expert Lounge Update – August 2, 2018

Good morning everyone,

These are key MA levels:  5EMA 2817, 10DMA 2816,  20DMA 2801, 50DMA 2766, 100DMA 2721, 200DMA 2698

These are key Fib Levels: 2823, 2788

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

We only have a couple items of interest today with Factory Orders at 10:00PMEST, and the EIA Natural Gas Report at 10:30AMEST.  Sellers stepped in during the overnight session and the market is currently positioned to open up down near rising support and the intermediate minor level at 2790.  If price remains at these levels till the open that triggers the larger head and shoulders pattern outlined in yesterday's update and targets the 2740 and intermediate minor level located there.  Be mindful of the rising support and primary minor level just under 2780 as this could cause a massive short covering rally if sellers begin to feel pressured to exit in a failed pattern reversal.  Good luck today!


Primary and Intermediate Levels Detail

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