S&P500 Expert Lounge Update – September 7, 2018

Good morning everyone,

These are key MA levels:  5EMA 2893, 10DMA 2890,  20DMA 2867, 50DMA 2723, 100DMA 2670, 200DMA 2734

These are key Fib Levels: 2929, 2853, 2841

Here is today's market look at the S&P 500 for Friday, September 7, 2018

Happy Friday Everyone!  There are a few economic items of note for the last trading session of the week in the form of the Employment Situation at 8:30AMEST, the Quarterly Services Survey at 10:00AMEST, and the Baker Hughes Rig Count at 1:00PMEST.  The technical side saw yesterday's session start out with choppy price action in an attempt to reclaim the 10DMA and break through declining resistance only to have sellers step in as the day progressed and shove price down to the long standing primary minor level target and the 20DMA.  With a new intermediate pivot marker in place at yesterday's lows, buyers will begin to start to look to wade into the market in growing numbers.  Their first order of business will be to attack the declining resistance that is currently cutting through the 2885 zone and attempt to reclaim the now broadening resistance and 10DMA near 2890.  Sellers will be looking to continue their progress and break the newly formed intermediate minor level at 2867 along with cutting through the 20DMA.  This will open the door to a sizable levels void all the way down to 2847.  Good luck today and have a great weekend everyone!

Primary and Intermediate Levels Detail

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