S&P500 Expert Lounge Update – July 9, 2018

Good morning everyone,

These are key MA levels:  5EMA 2730, 10DMA 2726,  20DMA 2750, 50DMA 2723, 100DMA 2706, 200DMA 2673

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

Here is today's market look at the S&P 500 for Monday, July 9, 2018

There are a couple of items later in the session of note with the TD Ameritrade Investor Movement Index at 12:30PMEST, and Consumer Credit at 3:00PMEST.  The technical breakout last week has led to a sizeable run for buyers and is nearing the completion target for the inverted head and shoulders pattern that built off the intermediate minor level at 2698.  We also have a new intermediate pivot marker which would indicate that some backing and filling will be coming in the near future, but ultimately this leg should see us reach the primary minor level at 2777.  There are a number of rising supports in play at this point which gives the sellers something to shoot for, but being too anxious to step in front of trending price is a fools errand so be patient and pick your spots carefully.  Good luck today!

Primary and Intermediate Levels Detail