SPX Support, Resistance, Moving Averages and Other Important Levels for Trading the Week of Nov 4-8, 2013

FOR 11/4 SPX resistance, pivot &  support
Resistance R3 1780.27, R2 1772.97, R1 1767.30
Pivot Point 1760.00
Support  S1 1754.33,  S2 1747.03, S3 1741.36

FOR Weekly 11/4-11/8 SPX resistance , pivot & support
Resistance R3 1796.19, R2 1785.70, R1 1773.67
Pivot Point 1763.18
Support  S1 1751.15, S2 1740.66, S3 1728.63

Late last week the bulls and bears are fight but Bulls control market some but small gain in weekly. Weekly the SPX traveled over 23 point range, through the 1775-1752 range, a 23-handle range. VIX at 14.45-13.06 range. When the VIX moves up near 20 and higher, this wild behavior will appear meek. The case can be made for both sides right now. Bulls are happy to see the price close at the 50-day MA at 1698 and 20-day MA at 1737. The bulls are able to print above the 20-day MA so use that as a major bulls are control the market now.

SPX 1646 has five Minor waves: 1712-1696-1759-1741-1775. The fifth wave, only 34 points, was the shortest. After that high the market has declined in an abc to SPX 1756, rallied to 1769, then declined in another abc to 1753 on Friday. At the second low there was a clear short term positive divergence, and the market rallied into the close. This decline could be labeled Minor a of Int. wave iv/d, Friday's rally Minor b, with Minor c to follow next week. This appears to be the most probable count. There appears to be good resistance between SPX 1766 and 1769, with good support around SPX 1740. If the market drops into the SPX low 1740′s and then begins to impulse again the i-ii-iii-iv-v count is in play. If it drops below SPX 1730 then the a-b-c-d-e count is in play.

Short term support is at SPX 1753 and SPX 1730, with resistance at the 1779 pivot range and SPX 1804. Short term momentum is rising off a positive divergence. The short term OEW charts have flip-flopped for two days now, ended positive, with the reversal level at SPX 1760. Best to your trading next week.

Support for the SPX remains at 1740, 1720 and then 1700, resistance at 1770 and then 1791.

FOREIGN MARKETS

The Asian markets were mostly higher on the week gaining 0.5%. China, Hong Kong, Indonesia, Japan and Singapore are all in confirmed downtrends.

The European markets were mostly higher but only gained 0.2%.

The Commodity equity group were all lower losing 0.7%.

The DJ World index remains in an uptrend but lost 0.6%.

COMMODITIES

Bonds continue to uptrend but lost 0.5% on the week.

Crude continues to downtrend losing 3.4% on the week.

Gold is trying to uptrend but lost 2.8% on the week.

The USD is up trending again gaining 1.9% on the week.

NEXT WEEK

Earning Calender Nov 4-8, 2013 

Monday: Factory orders at 10AM. Tuesday: ISM services at 10AM. Wednesday: Leading indicators at 10AM. Thursday: Q3 GDP, weekly Jobless claims and Consumer credit. Friday: the monthly Payrolls report, Personal income/spending, PCE prices and Consumer sentiment. Three speeches on tap for the FED next week: Monday: FED governor Powell at 11:30; Thursday: FED governor Stein at 2PM; and Friday: FED chairman Bernanke at 3:30PM. Best to your weekend and week!

Take a look some market indicator charts- Click all charts

$SPX - 60 min
SPX DAILY CHARTS
QUICK LOOK ALL MAJOR INDEX WEEKLY
$SPX with component chart 
$VIX
$CPC daily
QQQQ Daily 
COMPQ


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