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Sunday, July 6, 2014

SPX Technical Analysis July 7-11, 2014

FOR 7/7 SPX resistance, pivot & support
Resistance R3 1998.43, R2 1992.01, R1 1988.72
Pivot Point 1982.30
Support  S1 1979.01 , S2 1972.59, S3 1969.30

For Weekly 7/7-7/11 SPX weekly resistance, pivot & support
Resistance R3 2020.65, R2 2003.12, R1 1994.28
Pivot Point 1976.75
Support S1 1967.91, S2 1950.30, S3 1941.54

The USA market made a new all time last week.The holiday shortened week started on Monday with new bull markets highs, and continued making higher highs nearly every day this week. For the week the SPX/DOW were +1.3%, the NDX/NAZ were +1.3%, and the DJ World index gained 1.4%. Economic reports for the week were mixed. But the big news was the 288k jump in payrolls and the decline in the unemployment rate to 6.1%. On the uptick: pending home sales, construction spending, the ADP index and the Trade deficit improved. On the downtick: the Chicago PMI, factory orders, ISM manufacturing/services, and weekly jobless claims rose. Next week we get reports on Consumer credit, the Treasury deficit, and the FOMC minutes.

Short term support is at the 1973 and 1956 pivots, with resistance at SPX 1989 and the 2019 pivot. Short term momentum ended the week extremely overbought. The short term OEW charts remain positive with the reversal level now SPX 1977.

Support for the SPX remains at 1970, 1956, 1930 and then 1900 resistance at 19200 and then 2019.Best to your trading what sets up to be a wild week ahead. Best to your trading!


The Asian markets were all higher this week for a net gain of 1.5%.
The European markets were all higher as well for a gain of 1.4%.
The Commodity equity group were also all higher gaining 1.1%.
The DJ World index continues to uptrend and gained 1.4%.


Bonds remain in a downtrend and lost 0.9% on the week.
Crude has been struggling of late losing 1.6% for the week.
Gold is still uptrending gaining 0.3% on the week.
The USD bounced around this week gaining 0.2%.


Earning Calendar July 7-11, 2014

Tuesday: Consumer credit at 3pm. Wednesday: the FOMC minutes. Thursday: weekly Jobless claims and Wholesale inventories. Friday: the Treasury deficit. Vice chair Fischer gives his first speech on Thursday right after the close at 4:30. Best to your three day 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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