SPX Technical Analysis February 17-21, 2014

FOR 2/17 SPX resistance, pivot & support
Resistance R3 1861.95, R2 1851.33, R1 1844.91
Pivot Point 1835.29
Support  S1 11828.93,  S2 1819.23, S3 1812.87

For Weekly 2/17-2/21 SPX weekly resistance, pivot & support
Resistance R3 1906.06, R2 1873.85, R1 1856.24
Pivot Point 1824.03
Support S1 1806.42, S2 1774.21, S3 1756.60

The USA stock market opened the week at SPX 1797, dipped to 1792 early Monday, then rallied with only one notable pullback to 1842 by Friday. And all this occurred during market hours, as the only gap opening on the week was a lower one on Thursday. For the week the SPX/DOW gained 2.3%, the NDX/NAZ gained 2.9%, and the DJ World index rose 2.4%. On the economic front negative reports again outpaced positive ones. On the uptick: wholesale/business inventories, export/import prices and the M1-multiplier. On the downtick: retail sales, industrial production, capacity utilization, the WLEI, plus the budget deficit and weekly jobless claims increased. Next week we get reports on the NY/Philly FED, the CPI/PPI and Housing.

Short term support is at the 1828 pivot and SPX 1814, with resistance at the 1841 pivot and SPX 1851. Short term momentum ended the week extremely overbought, with a negative divergence. The short term OEW charts remain positive with the reversal level now at SPX 1819.

Support for the SPX remains at 1820, 1800, 1780 and then 1750, resistance at 1841 and then 1851.Best to your trading what sets up to be a wild week ahead.

FOREIGN MARKETS

The Asian markets were mostly higher for a net gain of 1.8%.

The European markets were all higher for a net gain of 2.2%.

The Commodity equity group were mostly higher for a net gain of 0.8%.

The DJ World index gained 2.4% on the week.

COMMODITIES

Bonds remain in an uptrend but lost 0.1% on the week.

Crude is uptrending and gained 0.2% on the week.

Gold’s uptrend finally moved higher gaining 4.1% on the week.

The USD is back in a downtrend and lost 0.7% on the week.

NEXT WEEK

Earning Calender Feb 17-21, 2014 

 

Monday is a holiday. Tuesday: the NY FED at 8:30 and NAHB housing at 10am. Wednesday: Housing starts, Building permits, the PPI and the FOMC minutes. Thursday: weekly Jobless claims, the CPI, the Philly FED and Leading indicators. Friday: Options expiration and Existing home sales. The FED will have an open board meeting on Tuesday at 3:15 on banking. Best to your three-day 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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