FOR 5/12 SPX resistance, pivot & support
Resistance R3 1893.91, R2 1886.24, R1 1882.36
Pivot Point 1874.69
Support S1 1870.81, S2 1863.14, S3 1859.26
For Weekly 5/12-5/16 SPX weekly resistance, pivot & support
Resistance R3 1921.05, R2 1905.06, R1 1891.77
Pivot Point 1875.78
Support S1 1862.49, S2 1846.50, S3 1833.21
markets spent the whole week in a small range of SPX 1860 to 1889, which
occurred between 10am Wednesday and noon Thursday. The low, in fact, was hit just
before FED chair Yellen addressed Congress,
and the high occurred right after she addressed the Senate. For the week the
SPX/DOW were mixed, the NDX/NAZ were -1.1%,
and the DJ World was -0.3%. Economic reports for the week were all positive:
ISM services, consumer credit, wholesale inventories, the WLEI, the
M1-multiplier, plus the trade deficit and weekly jobless claims improved. Next
week we get Retail sales, the CPI/PPI, and
the NY/Philly FED.
Short term support is at the 1869 pivot and SPX 1851, with
resistance at SPX 1889/1891 and the 1901 pivot. Short term momentum ended the
week above neutral. The short term OEW charts are slightly positive, with the
reversal level now SPX 1877.
Asian markets were mostly mixed on the week for a net loss
European markets were also mixed for a net loss of 0.3%.
The Commodity equity group were mostly higher for a net gain
The DJ World index continues to uptrend with a net loss of
0.3% on the week.
Bonds remain in an uptrend and gained 0.3% on the week.
Crude is still down trending but gained 0.2% on the week.
Gold is having a difficult time getting an uptrend going and
lost 0.9% this week.
The USD had a good two day rally off this week’s DXY 78.93
low and gained 0.5% on the week.
SPX DAILY CHARTS
QUICK LOOK ALL MAJOR INDEX WEEKLY
$SPX with component chart
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