FOR 9/29 SPX resistance, pivot & support
Resistance R3 2012.06, R2 199.51, R1 1991.08
Pivot Point 1978.53
Support S1 1970.10, S2 157.55, S3 1949.12
For Weekly 9/29-10/3 SPX weekly resistance, pivot & support
Resistance R3 2048.78, R2 2028.89, R1 2005.77
Pivot Point 1985.88
Support S1 1962.76, S2 1942.87 S3 1919.75
After establishing an all time high on OPEX Friday a week
ago the market went into volatility mode this week. Every day we observed the DOW
moving triple digits: three down and two up. For the week the SPX/DOW
were -1.2%, the NDX/NAZ were -1.3%, and the DJ World index lost 2.0%. Economic
reports for the week were skewed to the downside. On the up tick: the FHFA, new
home sales and Q2 GDP. On the down tick:
existing home sales, durable goods, the WLEI and weekly jobless claims rose.
Next week, end of month/quarter, will be highlighted by Friday’s Payrolls
report and the PCE and ISM during the week.
As noted above we have an odd configuration from the SPX
1905 low that could be counted as three waves to SPX 2019, or five waves. The
activity since that high is clearly corrective: SPX 1979-2000-1966-1986. The
bulls could count the SPX 1966 low as the end of Minor wave 2, with Minor wave
3 underway. The bears can count the SPX 1966 low as the end of Minor wave A,
with Minor B underway. The bulls need a rally above SPX 2019 to confirm their
Minor 3 scenario is underway. The bears need a decline below SPX 1966 to
confirm their Primary IV scenario is underway. Bullish and bearish these are
our two parameters: SPX 1966 and SPX 2019.
Short term support is at the 1973 and 1956 pivots, with
resistance at SPX 2000 and the 2019 pivot. Short term momentum ended the week
overbought.
Short term support is at SPX 1973 and SPX 1956, with
resistance at the 2000 and 2019pivots.
FOREIGN MARKETS
The Asian markets were nearly all lower losing a net 1.2% on
the week.
The European markets were all lower losing 2.2% on the week.
The Commodity equity group were all lower losing 1.2% on the
week.
The DJ World index lost 2.0% on the week.
COMMODITIES
Bonds continue to downtrend but gained 0.3% on the week.
Crude remains in a downtrend but gained 1.7% on the week.
Gold is also down trending but gained 0.3% on the week.
The USD remains in an uptrend gaining 1.1% on the week.
NEXT WEEK
Earning Calendar September 29-October 3, 2014
Monday: Personal income/spending, and the PCE at 8:30, then Pending home sales at 10am. Tuesday: Case-Shiller, Consumer
confidence, the Chicago PMI, and a speech
from FED governor Powell. Wednesday: the ADP,
ISM manufacturing, Construction spending and Auto sales. Thursday: weekly
Jobless claims and Factory orders. Friday: Payrolls (est. +228K), the Trade
deficit and ISM services. Best to your weekend and week!
Take a look some market indicator charts- Click all charts
$SPX - 60 minSPX DAILY CHARTS
QUICK LOOK ALL MAJOR INDEX WEEKLY
$SPX with component chart
$VIX
$CPC daily
QQQQ Daily
COMPAQ
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