FOR 2/17 SPX resistance, pivot & support
Resistance R3 1861.95, R2 1851.33, R1 1844.91
Pivot Point 1835.29
Support S1 11828.93, S2 1819.23, S3 1812.87
Resistance R3 1861.95, R2 1851.33, R1 1844.91
Pivot Point 1835.29
Support S1 11828.93, S2 1819.23, S3 1812.87
For Weekly 2/17-2/21 SPX weekly resistance, pivot & support
Resistance R3 1906.06, R2 1873.85, R1 1856.24
Pivot Point 1824.03
Support S1 1806.42, S2 1774.21, S3 1756.60
Resistance R3 1906.06, R2 1873.85, R1 1856.24
Pivot Point 1824.03
Support S1 1806.42, S2 1774.21, S3 1756.60
The USA
stock market opened the week at SPX 1797, dipped to 1792 early Monday, then
rallied with only one notable pullback to 1842 by Friday. And all this occurred
during market hours, as the only gap opening on the week was a lower one on
Thursday. For the week the SPX/DOW gained
2.3%, the NDX/NAZ gained 2.9%, and the DJ World index rose 2.4%. On the
economic front negative reports again outpaced positive ones. On the uptick:
wholesale/business inventories, export/import prices and the M1-multiplier. On
the downtick: retail sales, industrial production, capacity utilization, the
WLEI, plus the budget deficit and weekly jobless claims increased. Next week we
get reports on the NY/Philly FED, the CPI/PPI
and Housing.
Short term support is at the 1828 pivot and SPX 1814, with
resistance at the 1841 pivot and SPX 1851. Short term momentum ended the week
extremely overbought, with a negative divergence. The short term OEW charts
remain positive with the reversal level now at SPX 1819.
Support for the SPX remains at 1820, 1800, 1780 and then
1750, resistance at 1841 and then 1851.Best to your trading what sets up to be
a wild week ahead.
FOREIGN MARKETS
The Asian markets were mostly higher for a net gain of 1.8%.
The European markets were all higher for a net gain of 2.2%.
The Commodity equity group were mostly higher for a net gain
of 0.8%.
The DJ World index gained 2.4% on the week.
COMMODITIES
Bonds remain in an uptrend but lost 0.1% on the week.
Crude is uptrending and gained 0.2% on the week.
Gold’s uptrend finally moved higher gaining 4.1% on the
week.
The USD is back in a downtrend and lost 0.7% on the week.
NEXT WEEK
Monday is a holiday. Tuesday: the NY FED
at 8:30 and NAHB housing at 10am. Wednesday: Housing starts, Building
permits, the PPI and the FOMC minutes. Thursday: weekly Jobless claims, the CPI,
the Philly FED and Leading indicators.
Friday: Options expiration and Existing home sales. The FED
will have an open board meeting on Tuesday at 3:15
on banking. Best to your three-day 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
COMPQ
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