S&P500 Expert Lounge Update – October 20, 2017

Good morning everyone,

These are key timing for today:  10:30AMEST, 1:00PMEST

These are key MA levels:  5EMA 2558, 10DMA 2554,  20DMA 2536, 50DMA 2294, 100DMA 2470, 200DMA 2409

These are key Fib Levels: 2564, 2536

These are key primary and intermediate levels: 2491(intermediate minor), 2457(intermediate minor), 2440(intermediate minor), 2424(intermediate minor), 2410(intermediate minor), 2404 (intermediate minor), 2384(intermediate)

Here is today's market look at the S&P 500 for Friday, October 20, 2017

A wild ride for yesterday's regular trading hours session brought us back to roughly flat on the day.  Data is light today with only Existing Home Sales at 10:00AMEST and the Baker Hughes Rig Count at 1:00PMEST.  While our rising wedge patter produced a rather dramatic opening drop yesterday, it was quickly bought back up just prior to the outlined rising support and has continued through the overnight with new all time highs in the futures market.  Barring some selling in the premarket, we look set to open back up towards broadening resistance and new all time highs in the cash market as well.  Given the duration of the overall run, you'll likely see selling present itself on any contact of the broadening resistance from here on until a more substantial breakdown ensues.  Good luck today and have a great weekend!

Primary and Intermediate Level Detail


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