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Saturday, August 16, 2014

SPX Technical Analysis August 18-22, 2014

FOR 8/18 SPX resistance, pivot & support
Resistance R3 1988.10, R2 1976.07, R1 1965.56
Pivot Point 1953.53
Support  S1 1943.02 , S2 1930.99, S3 1920.48

For Weekly 8/18-8/22 SPX weekly resistance, pivot & support
Resistance R3 2005.72, R2 1984.88, R1 1969.97
Pivot Point 1949.13
Support S1 1934.22,  S2 1913.38, S3 18798.47

The USA market opened the week with a gap up to SPX 1945, pulled back to 1928 by Tuesday, then gapped up twice more during the week to hit 1964 on Friday. Then some geopolitical news spooked the market and it sold off to SPX 1942 before rebounding in the afternoon. For the week the SPX/DOW 0.95%, the NDX/NAZ were +2.40%, and the DJ World index rose 1.65%. On the economic front positive reports were slightly more than negative ones. On the uptick: business inventories, export prices, the PPI, industrial production, capacity utilization and the budget deficit improved. On the downtick: the NY FED, consumer sentiment, the WLEI and weekly jobless claims rose. Next week we get the FOMC minutes, reports on Housing, Jackson Hole, Wy., and Leading indicators.

Short term support is at SPX 1942 and the 1929 pivot, with resistance at the 1956 and 1973 pivots. Short term momentum ended the week above neutral. The short term OEW charts ended positive with the reversal level now 1951.

Support for the SPX remains at 1928, 1908, 1900 and then 1870 resistance at 1956 and then 1973.Best to your trading what sets up to be a wild week ahead. Best to your trading!


The Asian markets were all higher on the week for a net gain of 2.2%.
European markets were also all higher for a net gain of 1.8%.
The Commodity equity group were all higher gaining 3.1%.
The DJ World index gained 1.65%.


Bonds are still up trending and gained 0.6% on the week.
Crude is still down trending but only lost 0.1% on the week.
Gold is still up trending but lost 0.4% on the week.
The USD remains in an uptrend but finished flat.


Earning Calendar August 18-22, 2014

Monday: the NAHB at 10am. Tuesday: the CPI, Housing starts and Building permits. Wednesday: the FOMC minutes. Thursday: weekly Jobless claims, Existing home sales, the Philly FED and Leading indicators. Friday: a speech from FED chair Yellen at Jackson Hole, Wy. at 10am. Jackson Hole, FOMC minutes, Housing reports, should be 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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