S&P500 Expert Lounge Update – June 28, 2018

Good morning everyone,

These are key MA levels:  5EMA 2728, 10DMA 2751,  20DMA 2755, 50DMA 2716, 100DMA 2701, 200DMA 2666

These are key Fib Levels:  2680

Here is today's market look at the S&P 500 for Thursday, July 28, 2018

The remaining data for the day is spread through the session with the Bloomberg Consumer Comfort Index at 9:45AMEST, EIA Natural Gas Report at 10:30AMEST, Kansas City Fed Manufacturing Index at 11:00AMEST, and Farm Prices at 3:00PMEST.  Sellers showed up in force yesterday shoving the market through the 100DMA and marginally piercing rising support.  Overnight price action has them opening below that level at present and in a giant  levels void that opens the door to the lower 2680's and then a challenge of the intermediate pivot level at 2677 and the 200DMA.  Buyers will be looking to put a floor under this immediately this morning and open the market at flat to prevent any technical damage which would be likely to set off a cascade of more selling.  Nearest term target for buyers will be the 50DMA and intermediate minor level at 2717 followed by a challenge of the steepest declining resistance currently cutting through the mid 2720's.  Good luck today!

Primary and Intermediate Levels Detail