Resistance R3 1862.27, R2 1857.42, R1 1849.27
Pivot Point 1844.42
Support S1 1836.27, S2 1831.42, S3 1823.27
Resistance R3 1911.91, R2 1897.13, R1 1869.13
Pivot Point 1854.35
Support S1 1826.35, S2 1811.57, S3 1883.57
The USA stock market last week started off well enough with a rally to within two points of the SPX 1884 all time high by Tuesday. Then weakening upside momentum and the continuous slide in the NAZ (down 6 of the last 7 days) helped take the market down for the rest of the week. For the week the SPX/DOW lost 2.20%, the NDX/NAZ lost 2.05%, and the DJ World index lost 2.40%. Economic reports for the week were good: seven positive to three negative. On the uptick: wholesale/business inventories, retail sales, export prices, the M1-multiplier, the WLEI, and weekly jobless claims were lower. On the downtick: import prices, the PPI and consumer sentiment. Next week is FOMC week: with Industrial production, housing and options expiration. Could be a wild one.
The Asian markets were mostly lower on the week losing 2.0%.
Bonds remain in a downtrend losing 0.6%.
Monday: the NY FED at 8:30, Capacity utilization at 9:15, then the NAHB housing index at 10am. Tuesday: Housing starts, Building permits and the CPI. Wednesday: the Current account deficit and the FOMC ends it meeting. Thursday: weekly Jobless claims, existing Home sales, the Philly FED and Leading indicators. Friday: Options expiration. There will be a press conference on Wednesday at 2:30 with FED chair Yellen. On Friday: FED governor Stein gives a speech after the market close. Best to your weekend and week!
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