FOR 3/10 SPX resistance, pivot & support
Resistance R3 1897.23, R2 1890.40, R1 1884.22
Pivot Point 1877.39
Support S1 1871.21, S2 1864.38, S3 1858.20
Resistance R3 1897.23, R2 1890.40, R1 1884.22
Pivot Point 1877.39
Support S1 1871.21, S2 1864.38, S3 1858.20
For Weekly 3/10-3/14 SPX weekly resistance, pivot & support
Resistance R3 1945.39, R2 1814.48, R1 1896.26
Pivot Point 1865.35
Support S1 1847.13, S2 1816.22, S3 1798.00
The USA stock market last week started with Russia flexing its military muscle in the Ukraine, and the market sold off to SPX 1834 by Monday noon. After the event was temporarily neutralized the market recovered, and made all time new highs every day thereafter. For the week the SPX/DOW were +0.90%, the NDX/NAZ were +0.45, and the DJ World index rose 0.40%. Economic reports for the week finally turned positive, with positive reports outpacing negatives ones 10 to 7. On the uptick: personal income/spending, PCE prices, ISM manufacturing, construction spending, monthly payrolls, the MIS, monetary base, the WLEI, plus weekly jobless claims improved. On the downtick: monthly auto sales, the ADP, ISM services, factory orders, consumer credit, plus the unemployment rate and trade deficit nudged higher. Next week we have Retail sales, Business/Wholesale inventories and the PPI.
Asian markets were mostly higher for a net gain of 1.2%.
Resistance R3 1945.39, R2 1814.48, R1 1896.26
Pivot Point 1865.35
Support S1 1847.13, S2 1816.22, S3 1798.00
The USA stock market last week started with Russia flexing its military muscle in the Ukraine, and the market sold off to SPX 1834 by Monday noon. After the event was temporarily neutralized the market recovered, and made all time new highs every day thereafter. For the week the SPX/DOW were +0.90%, the NDX/NAZ were +0.45, and the DJ World index rose 0.40%. Economic reports for the week finally turned positive, with positive reports outpacing negatives ones 10 to 7. On the uptick: personal income/spending, PCE prices, ISM manufacturing, construction spending, monthly payrolls, the MIS, monetary base, the WLEI, plus weekly jobless claims improved. On the downtick: monthly auto sales, the ADP, ISM services, factory orders, consumer credit, plus the unemployment rate and trade deficit nudged higher. Next week we have Retail sales, Business/Wholesale inventories and the PPI.
Short term support is at the 1869 pivot an SPX 1859, with
resistance at SPX 1884 and the 1901 pivot. Short term momentum ended the week
just above neutral. The short term OEW charts are positive with the reversal
level now SPX 1871.
The uptrend can best be counted as five Minute waves up to
complete Minor 1 at SPX 1868. The five Minutes waves are: 1827-1809-1848-1841
(triangle)-1868. Minor wave 2 then completed at SPX 1834 on Monday. From that
low the market rallied to SPX 1884 early Friday, completing Minute one. Then
pulled back to SPX 1871, also on Friday, possibly completing Minute wave two.
As soon as the market rallies above SPX 1880 we will label that low, or the
next low, as Minute wave two.
Support for the SPX remains at 1869, 1850, 1841 and then
1800, resistance at 1884 and then 19011.Best to your trading what sets up to be
a wild week ahead.
FOREIGN MARKETS
FOREIGN MARKETS
Asian markets were mostly higher for a net gain of 1.2%.
European markets were mostly lower for a net loss of 0.6%.
The Commodity equity group was also mostly lower for a net
loss of 3.3% - mostly Russia.
The DJ World index is uptrending and gained 0.4% on the
week.
COMMODITIES
Bonds entered a downtrend and lost 0.8% on the week.
Bonds entered a downtrend and lost 0.8% on the week.
Crude was quite choppy losing just 0.1% on the week.
Gold continues to have negative divergences, but gained 0.8%
on the week.
The USD remains in a downtrend and lost 0.1% on the week.
NEXT WEEK
Tuesday: Wholesale inventories. Wednesday: the Budget
deficit. Thursday: weekly Jobless claims, Retail sales, Export/Import prices,
and Business inventories. Friday: the PPI and Consumer sentiment. On Thursday FED
governor Powell will give Senate testimony. Best to your weekend and week!
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
