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Sunday, September 7, 2014

SPX Technical Analysis September 8-12, 2014

FOR 9/8 SPX resistance, pivot & support
Resistance R3 2031.19, R2 2019.45, R1 2013.58
Pivot Point 2001.84
Support  S1 1995.97 , S2 1984.23, S3 1978.36

For Weekly 9/8-9/12 SPX weekly resistance, pivot & support
Resistance R3 2036.95, R2 2024.06, R1 2015.88
Pivot Point 2002.99
Support S1 1994.81,  S2 1981.92, S3 1973.74


Summer holiday traders returned this week in the sell mode. Every new high, Tuesday Thursday, was sold within the first hour and a half, or less, of trading. But the market managed to turn the tide on Friday. For the week the SPX/DOW were +0.20%, the NDX/NAZ were +0.15%, and the DJ World index was +0.20%. On the economic front, positive and negative reports came in about even. On the up tick: ISM manufacturing/services, construction spending, factory orders, the unemployment rate, and the trade deficit improved. On the downtick: the ADP, payrolls, the WLEI, the monetary base, and weekly jobless claims rose. Next week we get a look at Consumer credit, Retail sales and Business inventories.

Short term support is at SPX 1990 and the 1973 pivot, with resistance at SPX 2011 and the 2019 pivot. Short term momentum ended the week overbought.

The short term wave pattern defined above is easily seem in the above chart. We labeled the recent high with a 5 to indicate that five waves had completed from SPX 1905. Since we are not completely sure what degree it was we will leave that labeling for now until the inflection point clears. Recent corrections, during Jan/Feb and July/Aug, have corrected about 50% of the previous uptrend. If they were a series of 1-2’s, as the alternate count suggests, then a 50% pullback of the recent SPX 1905-2011 rally would be quite normal. Another interesting juncture in this relentless bull market.

Support for the SPX remains at 1990, 1973, 1960 and then 1930 resistance at 211 and then 2019.Best to your trading what sets up to be a wild week ahead. Best to your trading!

FOREIGN MARKETS

Asian markets were mostly higher for a net gain of 1.4%.
European markets were all higher for a gain of 2.8%.
The Commodity equity group were mostly higher gaining 1.7%.
The DJ World index is up trending and gained 0.2%.


COMMODITIES

Bonds continue to uptrend but lost 0.6% on the week.
Crude has been quite volatile this week, remains in a downtrend and lost 2.7%.
Gold is still down trending losing 1.6% on the week.
The USD uptrend continues and it gained 1.3% on the week.

NEXT WEEK

Earning Calendar September 8-12, 2014


Monday: Consumer credit at 3pm. Tuesday: Senate testimony by FED governor Tarullo. Wednesday: Wholesale inventories. Thursday: weekly Jobless claims and the Budget deficit. Friday: Retail sales, Export/Import prices, Consumer sentiment, and Business inventories. Best to your weekend and week!

Take a look some market indicator charts- Click all charts
$SPX - 60 min
SPX DAILY CHARTS
QUICK LOOK ALL MAJOR INDEX WEEKLY

$SPX with component chart 
$VIX
$CPC daily
QQQQ Daily 
COMPAQ


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