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Sunday, August 10, 2014

SPX Technical Analysis August 11-15, 2014

FOR 8/11 SPX resistance, pivot & support
Resistance R3 1963.01, R2 1947.69, R1 1939.64
Pivot Point 1942.32
Support  S1 1916.27 , S2 1900.95, S3 1892.901

For Weekly 8/11-8/15 SPX weekly resistance, pivot & support
Resistance R3 1986.22, R2 19.64.57, R1 1948.08
Pivot Point 1926.08
Support S1 1909.00 S2 1888.09, S3 1871.80

Quite a roller coaster week for such a small correction. The market started the week at SPX 1925 and rallied to 1943 on Monday. Then it made a choppy eleven small waves on its way down to SPX 1905 on Thursday. On Friday it turned the whole week’s losses green. For the week the SPX/DOW were +0.35%, the NDX/NAZ were +0.30%, but the DJ World index lost 0.9%. On the economic front positive reports outpaced negative ones 7 to 2. On the uptick: factory orders, ISM services, wholesale inventories, the monetary base, long term investor sentiment, plus both weekly jobless claims and the trade deficit improved. On the downtick: consumer credit and the WLEI. Next week we get reports on Industrial production, Retail sales and the PPI.

Short term support is at the 1929 and 1901 pivots, with resistance at SPX 1943 and the 1956 pivot. Short term momentum ended the week quite overbought. The short term OEW charts are positive from SPX 1917 with the reversal level now SPX 1921.

This current/recent downtrend can best be counted as a complex zigzag, alternating somewhat with the irregular Int. wave ii zigzag in March/April. Since there is no overlap between the Int. i high and the Int. iv low the count/labeling remains the same. At Thursday’s low all four major indices displayed daily positive divergences at their lows. This is usually a very positive sign for a completed downtrend. We had the same exact situation at the downtrend low in February. Naturally, the hourly charts are also displaying positive divergences.

Support for the SPX remains at 1916, 1900, 1890 and then 1870 resistance at 1943 and then 1956.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 1.6%.
The European markets were all lower losing 3.6%.
The Commodity equity group were all lower losing 1.3%.
The DJ World index was lower losing 0.9%.


Bonds continue to uptrend gaining 0.5% on the week.
Crude is still downtrending but finished about flat on the week.
Gold is still uptrending and gained 1.2% on the week.
The USD is uptrending but finished about flat on the week also.


Earning Calendar August 11-15, 2014

Monday: a speech from FED vice chair Fischer before the open. Tuesday: Budget deficit. Wednesday: Retail sales and Business inventories. Thursday: weekly Jobless claims and Export/Import prices. Friday: the PPI, the NY FED, Industrial production, Consumer sentiment and its Options expiration Friday. 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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