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Saturday, January 11, 2014

SPX Support, Resistance, Moving Averages and Other Important Levels for Trading the Week of Jan 13-17, 2014

FOR 1/13 SPX resistance, pivot &  support
Resistance R3 1856.92, R2 1850.03, R1 1846.20
Pivot Point 1839.31
Support  S1 1835.48,  S2 1828.59, S3 1824.76

For Weekly 1/13 -1/17 SPX weekly resistance, pivot & support
Resistance R3 1868.65, R2 1855.94, R1 1849.15
Pivot Point 1836.44
Support S1 1829.65, S2 1816.94, S3 1810.15

The USA stock Quite a choppy week. After Monday’s SPX 1824 low we see SPX counted seven sub  waves between SPX 1830 and 1843. But other INDEX for the week was mixed in the SPX/DOW, the NDX/NAZ was +0.85%, and the DJ World index gained 0.6%. On the economic front positive reports remained in control. On the up tick: factory orders, the ADP index, wholesale inventories, the WLEI, long term investor Sentiment; plus the unemployment rate, weekly jobless claims and the trade deficit all improved. On the downtick: ISM services, consumer credit, monthly payrolls, and the monetary base. Next week lots of economic data, highlighted by the FED’s beige book, Retail sales, the CPI/PPI and Industrial production. Best to your week!

Short term SPX support is at the 1841 and 1828 pivots, with resistance at SPX 1849 and the 1869 pivot. Short term momentum ended the week overbought. The short term OEW charts have been vacillating since the year began, and are currently positive with the reversal level at SPX 1836.

After Minute wave b concludes, which may reach SPX 1847-1849 if not done, a Minute wave c lower should end the entire Minor wave 2 pullback. Mostly likely support is around SPX 1814, with the 1828 pivot range on the high end and SPX 1800 on the low end. With retail sales Tuesday, the FED’s beige book Wednesday and options expiration Friday, it should be an interesting week.

Support for the SPX remains at 1841, 1828, 1800 and then 1779, resistance at 1849 and then 1869.

Asian market were mixed on the week for a net loss of 0.8%.
European markets were all higher for a net gain of 2.2%.
The Commodity equity group were mixed for a net loss of 1.4%.
The DJ World index is still uptrending and gained 0.6%.

Bonds are still down trending but gained 0.8% on the week.
Crude is also downtrending and lost 1.4% on the week.
Gold continues to try to confirm an uptrend and gained 0.9% on the week.
The USD is uptrending but lost 0.4% on the week.



Monday: the Treasury budget, surplus forecasted, at 2pm. Tuesday: Retail sales, Export/Import prices and Business inventories. Wednesday: PPI, NY FED and the FED’s beige book. Thursday: weekly Jobless claims, CPI, Philly FED, and NAHB housing index. Friday: Options expiration, Housing starts, Building permits, Industrial production, and Consumer sentiment. As for the FED: Senate testimony by Director Gibson on Wednesday. Best to your weekend, week and new year!

Take a look some market indicator charts- Click all charts
$SPX - 60 min

$SPX with component chart 
$CPC daily
QQQQ Daily 

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