FOR 10/20 SPX resistance, pivot & support
Resistance R3 19934.89, R2 1916.52, R1 1901.64
Pivot Point 1883.27
Support S1 1868.39, S2 1850.02, S3 1835.14
For Weekly 10/20-10/24 SPX weekly resistance, pivot & support
Resistance R3 2071.11, R2 1964.60, R1 1925.68
Pivot Point 1873.17
Support S1 1873.25, S2 1781.74 S3 1742.82
What a week in US
market! After the SPX dropped 3.1% last week ending at 1906, it started off
quiet enough with a push to 1912 by around noon
Monday. Then the bottom fell out, as the market dropped, gyrated on Tuesday,
then dropped to 1821 by early afternoon Wednesday. After that it staged one
heck of a come back rally, hitting SPX 1898 on Friday then ending the week at
1887. For the week the SPX/DOW were -1.0%,
the NDX/NAZ were -0.9%, and the DJ World index dropped 0.8%. Economic reports
for the week were biased 8:6 to the positive. On the up tick: business
inventories, industrial production, housing starts, building permits, consumer
sentiment, the monetary base, plus the budget surplus and weekly jobless claims
improved. On the down tick: retail sales, the PPI, the NY/Philly FED,
the NAHB and the WLEI. Next week is highlighted with the CPI,
Existing/New home sales, and Leading indicators.
If we are indeed in Major wave B we should observe a three
Intermediate wave advance, with three Minor waves within each Int. wave. The
same as Major wave A only in reverse. From the SPX 1821 low we have had quite a
complex rally:1869-1835-1868-1852-1876-1857-1898-1878-1892. Notice nearly all
these waves overlap each other as expected. We certainly would not consider
this an impulsive advance. Thus far it appears the entire rally from SPX
1821-1898 can be counted as Minor wave a of Int. wave A. The pullback to SPX
1878 is probably part of Minor wave b. Which suggests some downside early
Monday, providing the market does not exceed SPX 1898 first. After Minor b
completes we should get a Minor c rally to the 1929 pivot ending Int. wave A.
Keep in mind this market remains quite volatile with triple digit DOW
swings nearly every day.
Short term support is at the 1869 and 1841 pivots, with resistance at 1901 and 2019 pivots. Short term momentum ended the week below neutral after getting extremely overbought.
FOREIGN MARKETS
Asian markets were mostly lower on the week for a net 1.0%
loss.
European markets were sharply lower all week but rebounded
Friday for a net 1.9% loss.
The Commodity equity group were all higher for net gain of
0.6%.
The DJ World index lost 0.8% on the week.
COMMODITIES
Bonds had a wild week, remain in an uptrend, and gained 0.9%
on the week.
Crude continues to downtrend losing 3.0% on the week.
Gold is trying to uptrend and gained 1.2% on the week.
The USD looks like it is in a downtrend, unconfirmed, and
lost 0.9% on the week.
NEXT WEEK
Earning Calendar October 20-24, 2014
Tuesday: Existing home sales. Wednesday: the CPI.
Thursday: weekly Jobless claims, FHFA housing prices, and Leading indicators.
Friday: New home sales. 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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