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Saturday, July 12, 2014

SPX Technical Analysis July 14-18, 2014

FOR 7/14 SPX resistance, pivot & support
Resistance R3 1980.05, R2 1974.36, R1 1971.01
Pivot Point 1965.32
Support  S1 1961.97 , S2 1956.28, S3 1952.93

For Weekly 7/14-7/18 SPX weekly resistance, pivot & support
Resistance R3 2015.00, R2 1999.61, R1 1983.64
Pivot Point 1968.25
Support S1 1952.28, S2 1936.89, S3 1920.92

The USA market  market opened the week on a gap down, one of several, as it started to correct from last week’s SPX 1986 all time high. After hitting SPX 1953 on Thursday the market tried to rebound into Friday’s close. For the week the SPX/DOW were -0.80%, the NDX/NAZ were -1.05%, and the DJ World index was down 1.55%. Economic reports were sparse on this first full trading week of the quarter. On the uptick: consumer credit, wholesale inventories, the WLEI, a Treasury surplus, and weekly jobless claims improved. On the downtick: the monetary base. Next week we have the FED’s beige book, Industrial production and reports on Housing, to name a few, within a busy week.

Short term support is at the 1956 and 1929 pivots, with resistance at the 1973 pivot and SPX 1986. Short term momentum ended the week overbought. The short term OEW charts flip-flopped all week, which is generally a sign of a correction, and ended with the reversal level at SPX 1965.

Thus far we are counting this potential downtrend with three Minor waves. Minor wave A appears to have completed with an a-b-c down (1959-1974-1953). Minor wave B looks to be doing an a-b-c up (1970-1960-1969 so far). Resistance should remain at the 1973 pivot range, and support at the 1956 pivot range until it breaks.

Support for the SPX remains at 1952, 1945, 1930 and then 1900 resistance at 1985 and then 2000.Best to your trading what sets up to be a wild week ahead. Best to your trading!

The Asian markets were mostly lower for a net loss of 0.5%.
The European markets were all lower for a net loss of 3.9%.
The Commodity equity group were mixed for net gain of 0.1%.
The DJ World index lost 1.5% on the week.

Bond yields are very close to confirming a downtrend, Bonds gained 0.9% on the week.
Crude is in a downtrend and lost 3.1% on the week.
Gold continues to uptrend gaining 1.3% on the week.
The USD is still barely in an uptrend but lost 0.1% on the week.


Earning Calendar July 14-18, 2014

Tuesday: Retail sales, the NY FED, Export/Import prices and Business inventories. Wednesday: the PPI, Industrial production, NAHB housing and the FED’s beige book. Thursday: weekly Jobless claims, Housing starts, Building permits, and the Philly FED. Friday: Consumer sentiment, Leading indicators and Options expiration. FED chair Yellen gives her semi-annual report to the Senate on Tuesday, and House on Wednesday. Also on Tuesday FED general counsel Alvarez testifies in Congress. It looks to be quite an interesting week. 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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