FOR 4/7 SPX resistance, pivot & support
Resistance R3 1921.15, R2 1909.21, R1 1887.21
Pivot Point 1875.21
Support S1 1853.15, S2 1841.21, S3 1819.15
Resistance R3 1921.15, R2 1909.21, R1 1887.21
Pivot Point 1875.21
Support S1 1853.15, S2 1841.21, S3 1819.15
For Weekly 4/7-4/11 SPX weekly resistance, pivot & support
Resistance R3 1926.64, R2 1911.96, R1 1885.52
Pivot Point 1873.52
Support S1 1850.40, S2 1836.72, S3 1812.28
Resistance R3 1926.64, R2 1911.96, R1 1885.52
Pivot Point 1873.52
Support S1 1850.40, S2 1836.72, S3 1812.28
The USA stock market was interesting finish to quite a positive week. The week
started off by gaping up Monday/Tuesday and hitting a record high.
Wednesday/Thursday also produced record highs, and the DOW
made an all time high too. The NDX/NAZ, however, came under selling pressure at
the open on Thursday, and remained under selling pressure into Friday’s close.
The SPX/DOW gaped up to new highs early
Friday, but then gave way ending the week with moderate gains. For the week the
SPX/DOW were +0.5%, the NDX/NAZ were -0.8%,
and the DJ World index rose 1.0%. Economic reports for the week were again
mainly to the upside. On the uptick: ISM manufacturing/services, construction
spending, auto sales, the ADP, factory
orders, Payrolls, the WLEI and Investor sentiment rose. On the down tick: Chicago
PMI and the monetary base, plus weekly
jobless claims and the trade deficit rose. Next week we get the FOMC minutes,
Export/Import prices and the PPI.
Short term support is at the 1841 and 1828 pivots, with
resistance at the 1869 and 1901 pivots. Short term momentum ended the week
extremely oversold. The short term OEW charts are negative with the reversal
level now SPX 1879.
We have been counting this uptrend, since early February at
SPX 1738, as Intermediate wave iii. Thus far it has completed Minor waves 1 and
2 at SPX 1884 and 1842 respectively. The recent rally to all time highs at SPX
1897 should be Minute one of Minor wave 3. And Friday’s decline to SPX 1863
should be all, or most, of Minute wave ii.
We counted five waves up from SPX 1842 to 1897:
1867-1853-1894-1883-1897. Since the fifth wave was the shortest in the
structure, and it ended in a diagonal triangle on the one minute chart. It was
not too surprising to see Fridays pullback go below the high of the first wave
(1867). Pullbacks are usually fairly steep when fifth waves are short. On
Friday the SPX dropped from the OEW 1901 pivot range (1894-1908) to the OEW
1869 pivot range (1862-1876) which is currently creating support.
With the short term momentum extremely oversold the market
should experience at least a bounce quite soon. The down trending NDX/NAZ are
also displaying a positive RSI/MACD divergence at Friday’s low on their hourly
and daily charts. In the past this has usually led to an uptrend. While
Friday’s selloff looked quite nasty, it may be quite positive longer term.
However, should the SPX continue to decline and break below the OEW 1841 pivot
range (1834-1848) it will likely be in a downtrend as well. Next week we will
be watching the NDX/NAZ for signs of a reversal, plus the 1869 and 1841 pivots.
Support for the SPX remains at 1857, 1850, 1830 and then
1800, resistance at 1869 and then 1884.Best to your trading what sets up to be
a wild week ahead.
FOREIGN MARKETS
The Asian markets were mostly higher on the week for a net
gain of 1.3%.
The European markets were also mostly higher on the week for
a net gain of 1.6%.
The Commodity equity group were all higher on the week for a
net gain of 2.5%.
The DJ World index is still up trending and gained 1.0% on
the week.
COMMODITIES
Bonds remain in a downtrend and lost 0.2% on the week.
Crude remains in an uptrend but lost 0.6% on the week.
Gold is also in a downtrend but gained 0.6% on the week.
The USD is uptrending again and gained 0.2% on the week.
NEXT WEEK
Earning Calender April 7-11, 2014
Monday: Consumer credit at 3pm.
Wednesday: Wholesale inventories and the FOMC minutes. Thursday: weekly Jobless
claims, Export/Import prices, and the Budget deficit. Friday: the PPI and
Consumer sentiment. As for the FED. Tuesday:
Congressional testimony from General counsel Alvarez, and a FED
board meeting right after the close. Wednesday: a speech from FED
governor Tarullo in the evening. Sunday afternoon: a speech from FED
governor Stein. Busy week for the FED and
likely for the markets too. Enjoy 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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