FOR 10/27 SPX resistance, pivot & support
Resistance R3 1990.14, R2 1977.70, R1 1971.14
Pivot Point 1958.70
Support S1 1952.14, S2 1939.70, S3 1933.14
For Weekly 10/27-10/31 SPX weekly resistance, pivot & support
Resistance R3 2075.43, R2 2020.35, R1 1992.46
Pivot Point 1937.38
Support S1 1909.49, S2 1954.41, S3 1826.82
What a week in US
market! One impressive rally this week! The week started off at SPX
1887. After a notable pullback to SPX 1882 the market rallied straight up to
1949 by Wednesday. Then after a pullback to SPX 1927 on Wednesday, the market
rallied to 1965 to end the week. For the week the SPX/DOW
gained 3.35%, the NDX/NAZ gained 5.60%, and the DJ World index gained 3.10%. On
the economic front things were not as rosy, as positive reports nudged out
negative ones. On the uptick: existing home sales, the CPI,
the FHFA index and leading indicators. On the downtick: new home sales, the
WLEI, plus weekly jobless claims rose. Next week is FOMC week! Plus we get
reports on Q3 GDP, the PCE and the Chicago PMI.
During the Major wave A downtrend we noted the decline was
occurring in a series of seven waves sets. The market was quite volatile and
making notable waves several times a day. The last decline was also seven waves
into the SPX 1821 low. And then suddenly the market changed its
characteristics. As the rally progressed from the low it was quite volatile,
but after several days it started to settle down. At the peak of the
volatility, into the low and coming out of it, we counted ten waves on each of
those two days.
Our upside target
has been the OEW 1973 pivot range, so we expect this last rally to top within
the 1966-1980 range. Of note, Int. wave B of Major wave A ended at SPX 1978.
Short term support is at the 1956 and 1929 pivots, with resistance at the 1973
and 2019 pivots. Short term momentum continues to form a negative divergence as
the market has worked its way higher. The first 10 point reversal off of any
high could suggest the top has been achieved. Best to your trading!
FOREIGN MARKETS
The Asian markets were nearly all higher and gained a net
1.8% on the week.
The European markets were all higher gaining 3.2% on the
week.
The Commodity equity group were mixed and lost 2.7% on the
week.
The DJ World index gained 3.1% on the week.
COMMODITIES
Bonds continue to uptrend but lost 0.5% on the week.
Crude remains in a downtrend and lost 2.0% on the week.
Gold is trying to uptrend, but lost 0.6% on the week.
The USD looks like it is heading into a downtrend, but
gained 0.6% on the week.
During the Major wave A downtrend we noted the decline was
occurring in a series of seven waves sets. The market was quite volatile and
making notable waves several times a day. The last decline was also seven waves
into the SPX 1821 low. And then suddenly the market changed its
characteristics. As the rally progressed from the low it was quite volatile,
but after several days it started to settle down. At the peak of the
volatility, into the low and coming out of it, we counted ten waves on each of
those two days.
Our upside target
has been the OEW 1973 pivot range, so we expect this last rally to top within
the 1966-1980 range. Of note, Int. wave B of Major wave A ended at SPX 1978.
Short term support is at the 1956 and 1929 pivots, with resistance at the 1973
and 2019 pivots. Short term momentum continues to form a negative divergence as
the market has worked its way higher. The first 10 point reversal off of any
high could suggest the top has been achieved. Best to your trading!
FOREIGN MARKETS
The Asian markets were nearly all higher and gained a net
1.8% on the week.
The European markets were all higher gaining 3.2% on the
week.
The Commodity equity group were mixed and lost 2.7% on the
week.
The DJ World index gained 3.1% on the week.
COMMODITIES
Bonds continue to uptrend but lost 0.5% on the week.
Crude remains in a downtrend and lost 2.0% on the week.
Gold is trying to uptrend, but lost 0.6% on the week.
The USD looks like it is heading into a downtrend, but
gained 0.6% on the week.
NEXT WEEK
Earning Calendar October 27-31, 2014
Monday: Pending home sales at 10am.
Tuesday: Durable goods orders, Case-Shiller and Consumer confidence. Wednesday:
FOMC statement at 2pm. Thursday:
weekly Jobless claims and Q3 GDP (est.
+2.65). Friday: Personal income/spending, the PCE, the Chicago PMI,
and Consumer sentiment. This certainly looks like it could be quite a wild
week. 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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