S&P500 Expert Lounge Update – July 17, 2018

Good morning everyone,

These are key MA levels:  5EMA 2793, 10DMA 2768,  20DMA 2753, 50DMA 2740, 100DMA 2711, 200DMA 2682

These are key Fib Levels:   2821, 2790, 2783

Here is today's market look at the S&P 500 for Tuesday, July 17, 2018

Since finding the long standing primary minor level target just north of 2800, price has been consolidating and slowly retreating towards rising support and maintaining above the 5DEMA as momentum traders lock in some gains.  Present price has us set to open on the intermediate minor level at 2791 and a broken neckline of a head and shoulders pattern that targets the lower 2780's and most likely finds the next lower primary minor level at 2777 should sellers be able to break the 2791 level.  Buyers need to clear the declining resistance level that is currently cutting through the 2790's if the are to initiate another leg higher and attempt to challenge the intermediate minor level at 2814.  Good luck today!

Primary and Intermediate Levels Detail