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Saturday, January 25, 2014

SPX Technical Analysis January 27-31, 2014

FOR 1/27 SPX resistance, pivot & support
Resistance R3 1851.40, R2 1839.18, R1 1814.73
Pivot Point 1802.51
Support  S1 1778.06,  S2 1765.84, S3 1741.39

For Weekly 1/27-1/31 SPX weekly resistance, pivot & support
Resistance R3 1888.65, R2 1868.98, R1 1829.63
Pivot Point 1809.96
Support S1 1770.61, S2 1750.94, S3 1711.59

The USA stock market was down week last week. The last two days, of a holiday shortened week, resulted in a nasty decline for the entire week. The market started Tuesday with a gap up opening, hitting SPX 1849 in the opening minutes. Then bounced around between SPX 1832 and 1847 by Wednesday’s close. Thursday, however, started with a gap down opening and the market continued to decline into Friday’s close. For the week the SPX/DOW were -3.05%, the NDX/NAZ were -1.55%, and the DJ World index lost 2.55%. Economic reports for the week were sparse. On the uptick: FHFA housing prices, leading indicators and the WLEI. On the downtick: existing home sales. Next week is a busy one. We have the FOMC meeting tues/wed, Durable goods orders, the Chicago PMI, and Q4 GDP. Best to your week.

Short term support is at the 1779 pivot and SPX 1768, with resistance at SPX 1800 and SPX 1814. Short term momentum ended the week extremely oversold. The short term OEW charts remain negative with the reversal level now SPX 1825.

Support for the SPX remains at 1785, 1779, 1768 and then 1750, resistance at 1814 and then 1830.Best to your trading what sets up to be a wild week ahead.

Why a stock market correction should be welcome... or not

  • So after the Dow's nearly 500-point two-day drop, sending the index down 4.2% YTD, is this the start of the long-awaited correction?
  • That might be a good thing, MarketWatch's Jonathan Burton writes: "Even a year without a meaningful correction is too long a stretch. Investors get comfortable; the market’s proverbial wall of worry breaks down."
  • Josh Brown is disturbed by the lack of tolerance for stock market losses built up during the pre-taper environment, which has fostered an "overly sensitive, emotionally fragile condition" that's unhealthy.
  • But it wasn't just U.S. stocks that got hooked on Fed stimulus; emerging markets around the globe also were lifted, and the Fed's pullback now has investors wondering whether those countries can stand on their own.
  • The Fed’s policy-setting board meets next week, and new chief Janet Yellen is said to be "very careful about disruptions."

The Asian markets were mixed on the week for a net loss of 0.7%.
The European markets were all lower for a net loss of 4.2%.
The Commodity equity group were all lower for a net loss of 2.1%.
The DJ World index lost 2.3% on the week.

Bonds appear to be up trending and gained 0.5% on the week. Rates are in a downtrend.
Crude is trying to confirm a new uptrend and gained 2.7% on the week.
Gold is up trending and gained 0.9% on the week. Should equities continue to head lower Gold has an opportunity to move higher.
The USD appears to be heading into another downtrend losing 1.0% on the week.


Monday: New home sales at 10am. Tuesday: Durable goods orders, Case-Shiller and Consumer confidence. Wednesday: the FOMC statement and Bernanke’s last meeting. Thursday: Q4 GDP (est. 3.0% to 3.5%), weekly Jobless claims, and Pending home sales. Friday: Personal income/spending, PCE prices, Chicago PMI and Consumer sentiment. The FED has nothing scheduled beside the two day meeting. Best to your weekend and week!

Take a look some market indicator charts- Click all charts
$SPX - 60 min

$SPX with component chart 
$CPC daily
QQQQ Daily 

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