FOR 1/6 SPX resistance, pivot & support
Resistance R3 1845.80, R2 1842.02, R1 1836.69
Pivot Point 1832.91
Support S1 1827.58, S2 1823.80, S3 1818.47
Resistance R3 1845.80, R2 1842.02, R1 1836.69
Pivot Point 1832.91
Support S1 1827.58, S2 1823.80, S3 1818.47
For Weekly 1/6 -1/10 SPX weekly resistance, pivot & support
Resistance R3 1866.32, R2 1857.80, R1 1844.62
Pivot Point 1836.18
Support S1 1822.18, S2 1814.48, S3 1801.22
Resistance R3 1866.32, R2 1857.80, R1 1844.62
Pivot Point 1836.18
Support S1 1822.18, S2 1814.48, S3 1801.22
The USA
stock ending interesting split-week to
start 2014. The USA Stock market started the week ending 2013 and closing within one
point of all time new highs. Then it began 2014 with a gap down opening and
finished the week negative in market. The last time the USA stock market had a down opening and a down
week to start the year was 2008. All years, 2009 through 2013, had up openings
and up weeks. This could be the signal for a bull market top this year. For the
week the SPX/DOW were -0.3%, the NDX/NAZ
were -0.8%, and the DJ World index was -0.50%. On the economic front it was a
quiet week, which came in split. On the up tick: Case-Shiller, pending home
sales, construction spending and the M1-multiplier. On the downtick: ISM
manufacturing, auto sales, the WLEI and weekly jobless claims ticked up. Next
week’s reports will be highlighted by ISM services, the FOMC minutes and the
Payrolls report.
Short term support is at the 1828 pivot and SPX 1814, with
resistance at the 1841 pivot and SPX 1849. Short term momentum ended the week
around neutral. The short term OEW charts are negative with the reversal level
now SPX 1835.
With the recent Minor wave 1 topping at SPX 1849 it traveled
81 points. This makes looking for pullback levels relatively simple. A 23.6% Fib retrenchment
occurs at SPX 1830, a 38.2% at SPX 1818, a 50% at SPX 1808, and a 61.8% at SPX
1799. The 1828 pivot just about covers the first two, SPX 1814 the next one,
and SPX 1800 the last one. These are the three levels we will be observing
during this pullback.
Support for the SPX remains at 1820, 1800 and then 1779,
resistance at 1841 and then 1849.
FOREIGN MARKETS
Asian markets were mixed on the week for a net loss of 0.6%.
Asian markets were mixed on the week for a net loss of 0.6%.
European markets were also mixed and ended overall
unchanged.
The Commodity equity group were all lower losing 0.4%.
The DJ World index remains in an uptrend, but lost 0.5%.
COMMODITIES
Bonds continue their downtrend but gained 0.1%.
Crude sold off 5.9% this week as it looks like it is back in
a downtrend.
Gold is trying to confirm an uptrend gaining 1.9% on the
week.
The USD is uptrending gaining 0.7% on the week.
Monday: Factory orders and ISM services at 10am. Tuesday: the Trade deficit. Wednesday:
the ADP index, FOMC minutes and Consumer
credit. Thursday: weekly Jobless claims. Friday: the Payrolls report,
Unemployment rate and Wholesale inventories. The FED
has nothing else scheduled at this time. Wishing you all, and yours, a healthy
and prosperous New Year!
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
COMPQ
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