S&P500 Expert Lounge Update – July 20, 2018

Good morning everyone,

These are key MA levels:  5EMA 2805, 10DMA 2793,  20DMA 2759, 50DMA 2749, 100DMA 2713, 200DMA 2686

These are key Fib Levels:   2826, 2795, 2784

Here is today's market look at the S&P 500 for Friday, July 20, 2018

Happy Friday everyone!  The only item of interest for today's session is the Baker Hughes Rig Count at 1:00PMEST.  Outside of that, it is all technical for this last trading day of the week.  We closed out yesterday's session at a dividing line at which we spent the day basing on the primary minor level at 2801, and atop the 5DEMA, rising support, and the lower bound of a rising wedge pattern.  Sellers took over in the overnight session and took the market an additional 10 points lower but has since recovered to what would currently be a roughly flat open.  The open is going to be the key to today's session.  If we open with a gap below all the previously mentioned technical levels, expect an acceleration early on down to the next lower intermediate minor level at 2780 and 10DMA.  Should price maintain and open above or at yesterday's close we could be in for a choppy grinding higher day in an attempt to put in another marginally higher primary and intermediate pivot.  Good luck today and have a great weekend everyone!

Primary and Intermediate Levels Detail

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