S&P500 Expert Lounge Update – September 21, 2018

Good morning everyone,

These are key MA levels:  5EMA 2907, 10DMA 2896,  20DMA 2893, 50DMA 2854, 100DMA 2793, 200DMA 2748

These are key Fib Levels: 2953, 2943, 2907

Here is today's market look at the S&P 500 for Friday, September 21, 2018

Happy Friday Everyone!  Data for today's session is light with only the PMI Composite FLASH at 9:45AMEST and the Baker Hughes Rig Count at 1:00PMEST.  Buyers were out in force yesterday gaping up over the previous all time highs and pushing deeper into uncharted territory.  We have the early stages of a potential rising wedge formation with the upper bound currently cutting through the lower 2940's and the lower bound in the lower 2920's.  While there are some indications of a turn with both a Primary and Intermediate pivot marker at the highs, turns take time to develop and the meat of the move can be caught long after the top is in so be patient.  Initial targets should sellers be able to gain some footing would be rising support currently just above 2920 and then through that there is a intermediate minor level, 5DEMA, and gap fill all residing in the 2910 zone.  Good luck today and have a great weekend!

Primary and Intermediate Levels Detail

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