S&P500 Expert Lounge Update – July 6, 2018

Good morning everyone,

These are key MA levels:  5EMA 2722, 10DMA 2725,  20DMA 2750, 50DMA 2721, 100DMA 2705, 200DMA 2672

These are key Fib Levels:   2749, 2772, 2692, 2664

Here is today's market look at the S&P 500 for Friday, July 6, 2018

Happy Friday everyone, the only remaining data point for today is the Baker Hughes Rig Count at 1:00PMEST.  The technical picture while still a bit opaque is showing some signs of clarity with the buyers pushing through the primary minor level, the first declining resistance, and the 10DMA during yesterday's session.  We are currently sitting right at the next declining resistance and look set to open roughly flat this morning.  Sellers will need to hold this level and to keep everything together or risk triggering the inverted head and shoulders that targets the 2770's and the next primary minor level.  Ultimately buyers will need to clear the intermediate minor level at 2743 to trigger it and that will be their first target should sellers not be able to contain price below the declining resistance level we are currently at.  Good luck today and have a great weekend everyone!

Primary and Intermediate Levels Detail

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