FOR 12/16 SPX resistance, pivot & support
Resistance R3 1805.14, R2 1898.02, R1 1786.67
Pivot Point 1779.52
Support S1 1768.26, S2 1761.09, S3 1749.72
SPX DAILY CHARTS
QUICK LOOK ALL MAJOR INDEX WEEKLY
$SPX with component chart
$VIX
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Resistance R3 1805.14, R2 1898.02, R1 1786.67
Pivot Point 1779.52
Support S1 1768.26, S2 1761.09, S3 1749.72
For Weekly 12/16 -12/20 SPX weekly resistance, pivot & support
Resistance R3 1839.48, R2 1825.50, R1 1800.41
Pivot Point 1786.43
Support S1 1761.34 S2 1747.36, S3 1722.27
Resistance R3 1839.48, R2 1825.50, R1 1800.41
Pivot Point 1786.43
Support S1 1761.34 S2 1747.36, S3 1722.27
The USA
stock market after hitting a rebound high at SPX 1812 early Monday the market
experienced its first real, (not a point or two), week over week decline since
late September. And its largest weekly decline since the last downtrend. For
the week the SPX/DOW were -1.65%, the
NDX/NAZ were -1.45%, and the DJ World lost 1.45%. On the economic front
positive economic reports again outpaced negative ones. On the up tick:
wholesale/business inventories, retail sales, export/import prices, the
monetary base, plus the budget deficit improved. On the downtick: the PPI, the
WLEI and weekly jobless claims rose. Next week is FED
week, plus we get reports on Capacity utilization, Housing and Q3 GDP.
Should be an interesting week before the following holiday week.
If we count in Wave labeling from the SPX 1814 was adjusted
down one degree. Primary wave downtrends unfold in three Major waves, with each
declining Major wave three Intermediate waves. Thus far we can count Minor a:
1786-1800-1779, Minor b: 1796-1783-1812, and Minor c: 1772-1783-1772 so far. If
Minor c ended at SPX 1772, this would complete Intermediate wave A. And the
market could rally into the SPX 1790′s. If not, and the market continues its
decline below SPX 1772 the next support is probably around 1746.
Short term support is at SPX 1746 and SPX 1730, with
resistance at the 1779 pivot and SPX 1814. Short term momentum continues to
display a positive divergence. The short term OEW charts remain negative with
the reversal level now SPX 1786.
Support for the SPX remains at
1772, 1765 and then 1759, resistance at 1789 and then 1800.
FOREIGN MARKETS
The Asian markets were nearly all lower on the week for a
net loss of 1.1%. Four of the eight indices we track are in confirmed
downtrends.
The European markets were all lower on the week for a net
loss of 1.9%. Seven of the eight indices we track here all in confirmed
downtrends.
The Commodity equity group were all lower on the week for a
loss of 1.1%. All three here are in confirmed downtrends.
The DJ World index is now in a confirmed downtrend for the
first time since June, and it lost 1.45% on the week. Currently 70% of the
world’s indices are in confirmed downtrends.
COMMODITIES
Bonds continue to downtrend losing 0.8% on the week.
Crude is still uptrending but lost 1.4% on the week.
Gold is still in a downtrend but gained 0.7% on the week.
The USD continues to downtrend losing 0.1% on the week.
NEXT WEEK
A busy one indeed. Monday: the NY FED
at 8:30, then Capacity utilization at
9:15. Tuesday: the CPI,
Current account balance, and NAHB housing. Wednesday: Housing starts, Building
permits and the FED’s FOMC statement/press
conference. Thursday: weekly Jobless claims, Existing home sales, the Philly FED
and Leading indicators. Friday: Q3 GDP (est.
+3.6 to +3.7%), and Options expiration. As for the FED,
chairman Bernanke will give brief remarks Monday at the FED’s
centennial celebration at 2pm. Best
to your trading the last full trading week of the year!
Take a look some market indicator charts- Click all charts
$SPX - 60 minSPX DAILY CHARTS
QUICK LOOK ALL MAJOR INDEX WEEKLY
$SPX with component chart
$VIX
$CPC daily
QQQQ Daily
COMPQ
For the latest updates on the stock market, visit,
http://daytradingstock-blog.blogspot.com
