SPX Technical Analysis March 31- April 4, 2014

FOR 3/31 SPX resistance, pivot & support
Resistance R3 1882.70, R2 1874.66, R1 1866.14
Pivot Point 1858.10
Support  S1 1849.58,  S2 1841.54, S3 1833.02

For Weekly 3/31-4/4 SPX weekly resistance, pivot & support
Resistance R3 1908.08, R2 1892.36, R1 1874.99
Pivot Point 1858.55
Support S1 1841.18, S2 1824.74, S3 1807.37

The USA stock started the week opening higher, but then took on the character that had started on expiration Friday: sell growth stocks after the opening. During the week the market had three gap up openings, no gap downs, and still ended the week lower. For the week the SPX/DOW were mixed, the NDX/NAZ lost 2.5%, and the DJ World index rose 0.8%. Economic reports for the week remained positive. On the uptick: Q4 GDP, FHFA housing prices, consumer confidence/sentiment, durable goods orders, personal income/spending, PCE prices, the WLEI and weekly jobless claims improved. On the downtick: Case-Shiller, new/pending home sales and the M1-multiplier. Next week we get a look at the monthly Payrolls, ISM and Auto sales.

Short term support is at the 1841 and 1828 pivots, with resistance at the 1869 pivot and SPX 1884. Short term momentum ended this volatile week at neutral. The short term OEW charts are negative with the reversal level at SPX 1860.

During the week we spent most of the time elaborating on what was going on in this choppy market rather than detailing the waves. We noted the four consecutive days of higher openings, then growth stock selling within/after the first hour of trading. This started last Friday and continued until this Friday. From the early March highs the NDX/NAZ have dropped about 5.5%, while the SPX/DOW have declined only about 2.5%. While this was all transpiring we were doing some research and reviewing the charts.

Support for the SPX remains at 1841, 1828, 1820 and then 1800, resistance at 1869 and then 1884.Best to your trading what sets up to be a wild week ahead. 

FOREIGN MARKETS

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

The European markets were mostly higher for a net gain of 1.7%.

The Commodity equity group were also mostly higher for a net gain of 3.0%.

The DJ World index is still uptrending and gained 0.8%

COMMODITIES

Bonds remain in a downtrend but gained 0.2% on the week.

Crude is still in an uptrend and gained 2.1% on the week.

Gold has yet to confirm a downtrend and lost 3.0% on the week.

The USD is trying to uptrend and gained 0.1% on the week.

NEXT WEEK

Earning Calender March 31-April 4, 2014

Monday: Chicago PMI at 9:45 and a speech from FED chair Yellen at 9:55. Tuesday: ISM manufacturing, Construction spending and Auto sales. Wednesday: the ADP index and Factory orders. Thursday: weekly Jobless claims, the Trade deficit, and ISM services. Friday: the Payrolls report. Best to your 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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