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

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