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Sunday, June 22, 2014

SPX Technical Analysis June 23-27, 2014

FOR 6/23 SPX resistance, pivot & support
Resistance R3 1969.53, R2 1966.72, R1 1964.79
Pivot Point 1961.98
Support  S1 1960.05  S2 1957.24 S3 1955.31

For Weekly 6/23-6/27 SPX weekly resistance, pivot & support
Resistance R3 2007.21, R2 1985.56, R1 1974.21
Pivot Point 1952.56
Support S1 1941.21, S2 1919.56, S3 1908.21

The USA market bull made news highs this week, after the FOMC meeting, statement, and press conference. For the week the SPX/DOW were +1.3%, the NDX/NAZ were +1.0%, and the DJ World index was +1.0%. On the economic front positive reports continue to outpace negative ones. On the uptick: the NY/Philly FED, industrial production, the NAHB, the CPI, leading indicators, and weekly jobless claims improved. On the downtick: housing starts, building permits, and the WLEI. Next week we get reports on Q1 GDP, Personal income/spending, and the PCE.

Short term support is at the 1956 and 1929 pivots, with resistance at the 1973 and 2019 pivots. Short term momentum ended the week overbought. The short term OEW charts remain positive with the reversal level now SPX 1959.

Support for the SPX remains at 1930, 1925, 1890 and then 1870 resistance at 1979 and then 2019.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!


The Asian markets were mostly lower for a net loss of 0.6%.
The European markets were mostly higher for a net gain of 0.6%.
The Commodity equity sector was mixed for a gain of 0.1%.
The DJ World index is still uptrending and gained 1.0%.


Bonds continued their downtrend and finished flat on the week.
Crude gained 0.1% as it continues to uptrend.
Gold finally confirmed an uptrend and gained 3.1%: Major C should be underway.
The USD is still uptrending but lost 0.3% on the week.


Earning Calendar June 23-27, 2014

Monday: Existing home sales at 10am. Tuesday: Case-Shiller, the FHFA index, New home sales and Consumer confidence. Wednesday: Q1 GDP (est. -1.8%), and Durable goods orders. Thursday: weekly Jobless claims, Personal income/spending, and PCE prices. Friday: Consumer sentiment. The FED has a clean slate ahead of the upcoming three day weekend. Best to your weekend and week!

Take a look some market indicator charts- Click all charts
$SPX - 60 min

$SPX with component chart 
$CPC daily
QQQQ Daily 

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