FOR 5/27 SPX resistance, pivot & support
Resistance R3 1911.36, R2 1906.31, R1 1903.42
Pivot Point 1898.37
Support S1 1895.48, S2 1889.43, S3 1887.54
For Weekly 5/27-5/30 SPX weekly resistance, pivot & support
Resistance R3 1944.93, R2 1923.09, R1 1911.81
Pivot Point 1889.97
Support S1 1878.69, S2 1856.85, S3 1845.57
The USA
stock market last week started with a positive Monday, sold off on Tuesday,
then ended within one point of the SPX 1902 all time high. The SPX/DOW
were +0.95%, the NDX/NAZ were +2.40%, and the DJ World was +0.90%. On the
economic front positive reports outpaced the negative 5 to 1. On the uptick:
existing/new home sales, leading indicators, the WLEI and the M1-multipler. On
the downtick: weekly jobless claims rose. Next week, holiday shortened by
Monday’s Memorial Day, we get the second estimate for Q1 GDP,
Personal income/spending and the Chicago PMI.
Short term support is at SPX 1891 and the 1869 pivot, with
resistance at the 1901 and 1929 pivots. Short term momentum ended the week
quite overbought with a negative divergence. The short term OEW charts remain
positive with the reversal level now SPX 1896.The SPX still needs to rise
between 2.2% and 2.8% from Friday’s 1901 close. This projects a range of SPX 1943
to 1954 before the current uptrend ends. The next OEW pivot after 1929 is 1956.
Support for the SPX remains at 1868, 1850, 1841 and then
1800 resistance at 1902 and then 1929.Best to your trading what sets up to be a
wild week ahead. It looks like we will reach an inflection point in the month
of June. Best to your trading!
FOREIGN MARKETS
FOREIGN MARKETS
The Asian markets were mostly higher for a net gain of 0.8%.
The European markets were also mostly higher for a net gain
of 1.5%.
The Commodity equity group were mixed for a net gain of
1.3%.
The DJ World index is still up trending and gained 0.9% on
the week.
COMMODITIES
Bonds continued their uptrend, but ended the week flat.
Crude (+2.2%) may be up trending again as it continues its
roller coaster ride above $90.
Gold (unch.) is still struggling to start a new uptrend. We
think it will happen soon.
The USD looks like it has bottomed gaining 0.4% on the week.
NEXT WEEK
Earning Calendar May 26-30, 2014
Tuesday: Durable goods at 8:30,
Case-Shiller and the FHFA housing index at 9am,
then Consumer confidence at 10am.
Thursday: Q1 GDP (est. -0.5%) and weekly
Jobless claims at 8:30, then Pending
home sales at 10am. Friday: Personal
income/spending and PCE prices at 8:30,
the Chicago PMI at 9:45, then Consumer sentiment at 9:55. The FED has
nothing scheduled for the week. 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
