FOR 4/21 SPX resistance, pivot & support
Resistance R3 1883.72, R2 1876.67, R1 1870.81
Pivot Point 1863.76
Support S1 1857.90, S2 1850.85, S3 1744.99
For Weekly 4/21-4/25 SPX weekly resistance, pivot & support
Resistance R3 1938.28, R2 1903.95, R1 1884.45
Pivot Point 1850.12
Support S1 1830.62, S2 1796.29, S3 1776.79
The USA stock volatile and somewhat disappointing week for the bears. The week started off with a gap down on Monday, followed by a tradable low at SPX 1815 on Monday. Then after a rally to SPX 1869 at Thursday’s open, the market is close on 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.
Short term support is at the 1841 and 1828 pivots, with
resistance at the 1869 and 1901 pivots. Short term momentum hit overbought
early, dropped to neutral, then was rising into the close. The short term OEW
charts turned positive, negative, and ended positive again, with the reversal
level now SPX 1838. We continue to monitor the NDX/NAZ intraday to get an edge
Short term support is at SPX 1814, SPX 1800, with resistance
at the 1869 and 1901 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 1869 and then 1901.Best to your trading what sets up to be a wild
The Asian markets were quite mixed gain 1.1%.
The European markets were all gain 3.7%.
The Commodity equity group was mixed for a loss of 0.6%.
The DJ World index is still up trending but gain 2.0%.
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 USD appears to be down trending again losing 1.2% on the
SPX DAILY CHARTS
QUICK LOOK ALL MAJOR INDEX WEEKLY
$SPX with component chart
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