FOR 4/14 SPX resistance, pivot & support
Resistance R3 1849.76, R2 1842.41, R1 1829.05
Pivot Point 1821.70
Support S1 1808.34, S2 1800.99, S3 1787.63
For Weekly 4/14-4/18 SPX weekly resistance, pivot & support
Resistance R3 1912.19, R2 1892.36, R1 1854.02
Pivot Point 1834.19
Support S1 1795.85, S2 1776.02, S3 1737.68
The USA stock volatile and somewhat disappointing week for the bulls.
The week started off with a gap down on Monday, followed by a tradable low at
SPX 1837 on Tuesday. Then after a rally to SPX 1873 at Thursday’s open, the market
sold off rapidly into Friday. For the week the SPX/DOW
were -2.50%, the NDX/NAZ were -2.85%, and the DJ World index was -2.0%.
Economic reports for the week, oddly enough, were all to the upside. On the
uptick: consumer credit, wholesale inventories, export/import prices, the PPI,
consumer sentiment, the WLEI, the M1-multiplier, plus the budget deficit and
weekly jobless claims both improved. Next week we get reports on the FED’s
beige book, Industrial production, the NY/Philly FED
and Housing.
When reviewing the SPX should find support around 1800. If
this level does not hold, and the downtrend creates more of a channel than a
rising wedge. Then our alternate count, in green on the daily chart, would
suggest a retest of SPX 1738. We are likely to find out which count is in play
this week. Medium term support is at the SPX 1779 and 1699 pivots, with
resistance at the 1828 and 1841 pivots.
Short term support is at SPX 1814, SPX 1800, with resistance
at the 1828 and 1841 pivots. Short term momentum ended the week oversold, with
a positive divergence. The short term OEW charts remain negative from SPX 1860,
with the reversal level now 1846.
Support for the SPX remains at 1800, 1790, 1762 and then 1737
resistance at 1835 and then 1841.Best to your trading what sets up to be a wild
week ahead.
FOREIGN MARKETS
The Asian markets were quite mixed ending -0.1%.
The European markets were all lower losing 3.7%.
The Commodity equity group was mixed for a loss of 0.6%.
The DJ World index is still up trending but lost 2.0%.
COMMODITIES
Bonds are getting close to confirming an uptrend and gained
0.9% on the week.
Crude is still up trending and gained 2.7% on the week.
Gold is trying to establish and uptrend and gained 1.3% on
the week.
The USD appears to be down trending again losing 1.2% on the
week.
FOREIGN MARKETS
NEXT WEEK
Earning Calender April 14-18, 2014
Monday: Retails sales at 8:30,
then Business inventories at 10am.
Tuesday: the CPI, NY FED
and NAHB housing index. Wednesday: Housing starts, Building permits, Industrial
production and the FED’s Beige book.
Thursday: weekly Jobless claims and the Philly FED.
The FED has several speeches scheduled this
week. Sunday: FED governor Stein at 1:30. Tuesday: FED
chair Yellen at 8:45. Wednesday: FED
governor Stein at 8:15, and FED
chair Yellen at 12:45. 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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