S&P500 Expert Lounge Update – July 23, 2018

Good morning everyone,

These are key MA levels:  5EMA 2805, 10DMA 2798,  20DMA 2762, 50DMA 2751, 100DMA 2713, 200DMA 2688

These are key Fib Levels:   2826, 2795, 2784

Here is today's market look at the S&P 500 for Monday, July 23, 2018

With only Existing Home Sales at 10:00AMEST, all focus is going to be on price action and the charts today.  With buyers failing to maintain the the rising wedge, primary minor level, and 5DMEA at 2800 gives sellers the opportunity to take price lower with their first target being the 10DMA at 2794 followed by the intermediate minor level at 2790.  Should buyers be able to put in a floor at the 2790 it gives sellers the opportunity to create a head and shoulders pattern that would target the next rising support, 20DMA, and primary minor level down at 2763.  Buyers first order of business is to break above the declining resistance in an effort to start a new leg higher to challenge the primary and intermediate pivot highs.  Good luck today!

Primary and Intermediate Levels Detail

 

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