FOR 3/21 SPX resistance, pivot & support
Resistance R3 1899.68, R2 1891.82, R1 1879.17
Pivot Point 1871.31
Support S1 1858.66, S2 1850.80, S3 1838.15
Resistance R3 1899.68, R2 1891.82, R1 1879.17
Pivot Point 1871.31
Support S1 1858.66, S2 1850.80, S3 1838.15
For Weekly 3/21-3/24 SPX weekly resistance, pivot & support
Resistance R3 1927.21, R2 1905.59, R1 1886.43
Pivot Point 164.89
Support S1 1844.89, S2 1823.27, S3 1803.73
Resistance R3 1927.21, R2 1905.59, R1 1886.43
Pivot Point 164.89
Support S1 1844.89, S2 1823.27, S3 1803.73
The USA
stock market last week started the week gapping up after last Friday’s decline
to SPX 1840. The rally carried it into FOMC Wednesday to SPX 1874. Then right
after the FOMC statement was released the market dropped to SPX 1850. Another
rally carried the market to match the all time high at SPX 1884 on Friday. Then
right after the open Techs sold off and the market pulled back again. Another
choppy week, only this time to the upside. For the week the SPX/DOW
were +1.45%, the NDX/NAZ were +0.7%, and the DJ World index rose 0.7%. Economic
reports for the week were positive. On the uptick: NY/Philly FED,
capacity utilization, industrial production, NAHB, housing starts, building
permits, CPI, leading indicators and the
monetary base. On the downtick: existing home sales, and weekly jobless claims
edged higher. Next week: Q4 GDP, Durable
goods orders, and more Housing reports.
Short term support is at the 1841 and 1828 pivots, with
resistance at the 1869 pivot and SPX 1884. Short term momentum declined to
oversold after hitting quite overbought on Friday. The short term OEW charts
have been vacillating of late, ending the week positive with the reversal level
still at SPX 1869.
As noted above the market activity from the Minor wave 1
high at SPX 1868, and even before, has been quite choppy. It does look like
Minor wave 2 bottomed recently at SPX 1840. The rally from that low, however,
is also a bit choppy: 1874-1850-1884-1863. Either the market is setting up,
with subdividing waves, for a surge higher. Or this week’s rally is corrective
as well, and a retest of SPX 1834-1840 is next. With the SPX hitting its high
right after the open on Friday, and then pulling back during options
expiration. We lean towards the former rather than the latter. Once SPX 1884 is
cleared we will likely label the two recent highs as Minute i at SPX 1874, and
Micro 1 at 1884.
Support for the SPX remains at 1841, 1828, 1820 and then
1800, resistance at 1869 and then 1884.Best to your trading what sets up to be
a wild week ahead.
FOREIGN MARKETS
FOREIGN MARKETS
The Asian markets were quite mixed on the week losing 0.4%.
The European markets were all higher on the week gaining
2.3%.
The Commodity equity group also rose gaining 4.3%.
The DJ World index is still up trending and gained 0.7%.
COMMODITIES
Bonds continues to downtrend losing 1.0% on the week.
Crude appears to be down trending but gained 0.6% on the
week.
Gold appears to entering a downtrend and lost 3.5% on the
week.
The USD set up a positive divergence for a potential
uptrend, it gained 1.0% on the week.
NEXT WEEK
Earning Calender March 21-24, 2014
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!
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!
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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