FOR 4/28 SPX resistance, pivot & support
Resistance R3 1892.20, R2 1884.96, R1 1874.18
Pivot Point 1866.94
Support S1 1856.16, S2 1848.92, S3 1838.14
For Weekly 4/28-5/2 SPX weekly resistance, pivot & support
Resistance R3 1892.20, R2 1884.96, R1 1874.18
Pivot Point 1866.94
Support S1 1856.16, S2 1848.92, S3 1838.14
After a good rally last week the USA market, this week made a higher high then pulled back. For the week the SPX/DOW were -0.2%, the NDX/NAZ were -0.25%, and the DJ World index was -0.1%. Economic reports for the week were skewed to the upside. On the up tick: consumer sentiment, the monetary base, the WLEI, leading indicators, the FHFA and durable goods orders. On the downtick: the M1-multiplier, existing/new home sales, and weekly jobless claims were higher. Next week offers a plethora of economic data, including: Q1 GDP, monthly Payrolls and the FOMC.
Short term support is at the 1841 and 1828 pivots, with
resistance at the 1869 and 1901 pivots. Short term momentum is displaying a
positive divergence at the close on Friday. The short term OEW charts are
negative with the reversal level now SPX 1870.
The recent rally from SPX 1814/1816 started off with a
positive short term divergence. After a choppy beginning, due to the continued
selling in the NDX/NAZ, a very strong rally took the SPX to 1885. At that high
short term momentum was extremely overbought, and the market started to
pullback. We labeled that high Minor wave 1.
The pullback has been somewhat choppy:
1874-1884-1870-1883-1860. Normally one should expect a rally and then another
pullback to a lower low to complete this complex pattern. However, Thursday’s
quick surge to SPX 1884 could be the aberration in the pattern, as the market
made a lower pullback low within the first half hour. This would suggest this
simpler pattern: 1870-1883-1860. And, with the short term positive divergence
on Friday it may have ended. Also of note, in recent weeks the 1880′s area has
been general resistance, while the 1840′s area has been general support. So a
continued pullback into the 1841 pivot range can not be totally ruled out.
Support for the SPX remains at 1859, 1841, 1814
and then 1800 resistance at 1869 and then 1884.Best to your trading what sets
up to be a wild week ahead.
FOREIGN MARKETS
FOREIGN MARKETS
The Asian markets were mostly lower on the week for a net
loss of 0.8%.
The European markets were mixed for a net loss of 0.3%.
The Commodity equity group were mostly lower for a net loss
of 1.8%.
The DJ World index lost 0.1% on the week.
COMMODITIES
Bonds remain in a downtrend but gained 0.1% on the week.
Crude appears to be in a downtrend and lost 3.8% on the
week.
Gold may have recently bottomed near our $1260 support area,
rising 0.5% on the week.
The USD has remained in a narrow trading range for quite a
few months. During the past six years this has occurred 4 previous times. Every
time has resulted in a breakout to the upside. The USD lost 0.1% on the week.
NEXT WEEK
Earning Calendar April 28-May 2, 2014
Monday: Pending home sales at 10am.
Tuesday: Case-Shiller and Consumer confidence. Wednesday: the ADP
index, Q1 GDP (est. -0.7% to +1.0%), the
Chicago PMI, and the FOMC statement.
Thursday: weekly Jobless claims, Personal income/spending, PCE prices, ISM
manufacturing, Construction spending and Auto sales. Friday: monthly Payrolls
and Factory orders. The FED has its two day
FOMC meeting Tuesday-Wednesday. Then FED
chair Yellen gives a speech at 8:30am
on Thursday. With all this activity this could be quite a wild week ahead. 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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