FOR 3/3 SPX resistance, pivot & support
Resistance R3 1888.44, R2 1877.93, R1 1868.69
Pivot Point 1858.69
Support S1 1848.94, S2 1838.43, S3 1829.19
Resistance R3 1888.44, R2 1877.93, R1 1868.69
Pivot Point 1858.69
Support S1 1848.94, S2 1838.43, S3 1829.19
For Weekly 3/3-3/7 SPX weekly resistance, pivot & support
Resistance R3 1902.96, R2 1885.19, R1 1872.32
Pivot Point 1854.55
Support S1 1841.68, S2 1823.91, S3 1811.04
We can also count again, five waves up to SPX 1848 to complete Minor 1. But now the pullback to SPX 1825 as only Minute a, of an irregular a-b-c Minor wave 2. This count suggests Minute b may have topped at SPX 1868, or slightly higher, before Minute c drops to around SPX 1825 to complete an irregular flat. This count is in green on the DOW charts and has a 30% probability. The count in red is the 20% probability count noted in the medium term section.
Resistance R3 1902.96, R2 1885.19, R1 1872.32
Pivot Point 1854.55
Support S1 1841.68, S2 1823.91, S3 1811.04
The USA market opened the week with a rally to new highs by noon Monday. After that it tested and retested
the 1841 pivot four times, day traders delight, with the last test Thursday
morning. Then the market hit an even higher high on Friday, before again selling
off again. For the week the SPX/DOW were
+1.30%, the NDX/NAZ were +1.00%, and the DJ World index was +1.00%. Economic
reports for the week were again slightly biased negatively, for the fourth week
in a row. On the uptick: Case-Shiller, the FHFA index, new/pending home sales,
the Chicago PMI, and consumer sentiment. On
the downtick: consumer confidence, durable goods orders, Q4 GDP,
median new home prices, the WLEI (4th week in a row), the M-1 multiplier and
weekly jobless claims were higher. Next week we get reports on the ISM, the FED’s
beige book and monthly Payrolls.
Short term support is at SPX 1851 and the 1841 pivot, with
resistance at SPX 1859 and the 1869 pivot. Short term momentum ended the week
around neutral after getting extremely overbought on Friday. The short term OEW
charts remain positive with the reversal level now SPX 1852.
We can also count again, five waves up to SPX 1848 to complete Minor 1. But now the pullback to SPX 1825 as only Minute a, of an irregular a-b-c Minor wave 2. This count suggests Minute b may have topped at SPX 1868, or slightly higher, before Minute c drops to around SPX 1825 to complete an irregular flat. This count is in green on the DOW charts and has a 30% probability. The count in red is the 20% probability count noted in the medium term section.
Support for the SPX remains at 1850, 1841, 1820 and then
1800, resistance at 1869 and then 1881.Best to your trading what sets up to be
a wild week ahead. Best to your trading!
FOREIGN MARKETS
The Asian markets were quite mixed on the week ending only slightly positive.
The European markets were mostly higher gaining 0.8%.
The Commodity equity group were also mixed and lost 1.3%.
The DJ World index is uptrending and gained 1.0%.
The Asian markets were quite mixed on the week ending only slightly positive.
The European markets were mostly higher gaining 0.8%.
The Commodity equity group were also mixed and lost 1.3%.
The DJ World index is uptrending and gained 1.0%.
COMMODITIES
Bonds continue to uptrend and gained 0.5% for the week.
Crude continues its uptrend gaining 0.3% for the week.
Gold has run into a negative divergence in its uptrend and lost 0.3% on the week.
The USD continues to downtrend losing 0.6%. But is getting close to a long term low.
Bonds continue to uptrend and gained 0.5% for the week.
Crude continues its uptrend gaining 0.3% for the week.
Gold has run into a negative divergence in its uptrend and lost 0.3% on the week.
The USD continues to downtrend losing 0.6%. But is getting close to a long term low.
NEXT WEEK
Busy week ahead economically. Monday: Personal income/spending and the PCE
at 8:30, ISM manufacturing and
Construction spending at 10am, then
monthly Auto sales during the day. Wednesday: the ADP
index, ISM services and the FED’s beige
book. Thursday: weekly Jobless claims and Factory orders. Friday: the monthly
Payrolls report, the Trade deficit, and Consumer credit. Tuesday: FED
governor Powell testifies before the Senate. 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
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