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Saturday, September 13, 2014

SPX Technical Analysis September 15-19, 2014

FOR 9/15 SPX resistance, pivot & support
Resistance R3 2011.24, R2 2003.99, R1 1994.76
Pivot Point 1987.51
Support  S1 1978.28 , S2 1971.03, S3 1961.80

For Weekly 9/15-9/19 SPX weekly resistance, pivot & support
Resistance R3 2028.63, R2 2017.90, R1 2001.72
Pivot Point 1990.99
Support S1 1974.81,  S2 1964.08, S3 1947.90

After closing within three points of the all time high last week, the market went into a choppy pullback mode this week. For the week the SPX/DOW were -1.0%, the NDX/NAZ were -0.4%, and the DJ World index was -1.4%. On the economic front, reports came in mostly to the positive. On the up tick: consumer credit, retail sales, wholesale/business inventories, import prices, consumer sentiment, and the budget deficit improved. On the downtick: export prices, the WLEI and weekly jobless claims increased. Next week is FOMC week, and we get reports on Industrial production and Housing.

So the OEW 1973 pivot appears to be the Fibonacci fit on both the larger and smaller waves of this pullback. Short term support is at the 1973 and 1956 pivots, with resistance at SPX 2011 and the 2019 pivot. Short term momentum ended the week just under neutral.

Support for the SPX remains at 1980, 1973, 1960 and then 1930 resistance at 2011 and then 2019.Best to your trading what sets up to be a wild week ahead. Best to your trading!


Asian markets were mostly lower for a net loss of 0.5%.
European markets were mostly lower and lost 1.3%.
The Commodity equity group were all lower losing 3.4%.
The DJ World index lost 1.4%.


Bonds confirmed a downtrend this week, -0.9%, as yields have again began to rise.
Crude remains in a downtrend losing 1.2%.
Gold continues to downtrend losing 3.0% on the week.
The USD uptrend continues gaining 0.5%.


Earning Calendar September 15-19, 2014

Monday: the NY FED at 8:30, then Industrial production at 9:15. Tuesday: the PPI, and senate testimony from FED director Hunter. Wednesday: the CPI, the NAHB, and the FOMC statement. Thursday: weekly Jobless claims, Housing starts, Building permits, the Philly FED, and a speech from FED chair Yelled. Friday: Leading indicators and Options expiration. By the looks of things next week could be quite volatile. 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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