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Sunday, July 27, 2014

SPX Technical Analysis July 28 - August 1, 2014

FOR 7/28 SPX resistance, pivot & support
Resistance R3 1994.06, R2 1989.33, R1 1983.83
Pivot Point 1979.10
Support  S1 1973.60 , S2 1968.87, S3 1963.37

For Weekly 7/28-8/1 SPX weekly resistance, pivot & support
Resistance R3 2016.81, R2 2004.09, R1 1991.21
Pivot Point 1978.49
Support S1 1965.61, S2 1952.89, S3 1940.01

The USA market last week Exciting week? Not quite. The market started the week at SPX 1978, dropped 12 points below that on Monday, rallied to 13 points above that by Thursday, then ended the week where it started: SPX 1978. For the week the SPX/DOW were -0.4%, the NDX/NAZ were +0.5%, and the DJ World index was +0.3%. Economic reports came in mostly positive. On the uptick: the CPI, the FHFA, existing homes sales, durable goods orders, the monetary base, and weekly jobless claims hit an eight year low. On the downtick: new home sales. Next week is FOMC week with a plethora of economic reports. Q2 GDP, monthly Payrolls and PCE prices to note a few. Should be a wild week.

Short term support is at the 1973 and 1956 pivots, with resistance at SPX 1986 and SPX 2000. Short term momentum ended the week just above oversold. The short term OEW charts ended the week negative with the reversal level now at SPX 1982.We should be able to determine which scenario is underway during the first few days of next week.
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 higher for a net gain of 1.6% on the week.
The European markets were also mostly higher for a net gain of 1.4% on the week.
The Commodity equity group were mixed but gained 0.1% on the week.
The DJ World index continues to uptrend and gained 0.3% on the week.


Bonds continue to uptrend but finished flat on the week.
Crude is trying to uptrend again and gained 0.4% on the week.
Gold is uptrending but lost 0.6% on the week.
The USD remains in an uptrend, and gained 0.7% on the week.


Earning Calendar July 28 -August 1, 2014

Monday: Pending homes sales at 10am. Tuesday: Case-Shiller and Consumer confidence. Wednesday: Q2 GDP (est. +3.4%), the ADP, and the FOMC statement. Thursday: weekly Jobless claims, and the Chicago PMI. Friday: monthly Payrolls (est. 235k), the Unemployment rate, Personal income/spending, PCE prices, Consumer sentiment, ISM manufacturing, Construction spending, and monthly Auto sales. 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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