S&P500 Expert Lounge Update – August 8, 2018

Good morning everyone,

These are key MA levels:  5EMA 2837, 10DMA 2831,  20DMA 2817, 50DMA 2776, 100DMA 2724, 200DMA 2704

These are key Fib Levels: 2829, 2821

Here is today's market look at the S&P 500 for Wednesday, August 8, 2018

Only one item of note today with the EIA Petroleum Status Report at 10:30AMEST.  After finding the broadening resistance during yesterday's session, price plateaued for the remainder of the day.  Buyers will most likely find this area difficult to overtake on the first attempt given the last time the all time high was seen was back in late January and there are plenty of trapped buyers just looking to get out at even.  The first target for sellers is going to be the previous intermediate pivot and intermediate minor level at 2849, but most likely a test of rising support currently cutting through the 2820's will be the key defining area.  Buyers are still left to challenge the primary minor level and all time highs at 2872.  Good luck today!

Primary and Intermediate Levels Detail

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