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

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