FOR 5/19 SPX resistance, pivot & support
Resistance R3 1895.94, R2 1887.11, R1 1882.48
Pivot Point 1873.65
Support S1 1869.65, S2 1860.19, S3 1855.56
For Weekly 5/19-5/23 SPX weekly resistance, pivot & support
Resistance R3 1939.04, R2 1920.60, R1 1899.23
Pivot Point 1880.79
Support S1 1859.42, S2 1840.98, S3 1819.61
stock market another week in which a new all time high was sold off. For the
week the SPX/DOW were -0.3%, the NDX/NAZ
were +0.7%, and the DJ World index was +0.2%. Economic reports came in about 2
to 1 to the positive. On the up tick: retail sales, business inventories, the
PPI/CPI, the NY FED,
housing starts, building permits, the WLEI, the monetary base, plus, weekly
jobless claims improved and the treasury ran a surplus. On the downtick:
export/import prices, industrial production, the Philly FED,
the NAHB index, and consumer sentiment. Next week few economic reports, but we
do have the FOMC minutes plus existing/new home sales.
Short term support is at the 1869 pivot and SPX 1860, with
resistance at the 1901 and 1929 pivots. Short term momentum ended the week
slightly overbought. The short term OEW charts are positive with the reversal
level at SPX 1873.
As we can observe from the above chart the price activity in
the SPX has remained in a narrow range since March. For the most part between
the OEW 1841 and 1901 pivots. During a bull market these consolidations are
usually bullish. But after a five year bull market they can also be considered
to be a topping formation. This kind of action has kept many pundits guessing
the next major move in this market. When one compares the SPX daily chart with
the NAZ daily chart, both above, it is quite clear why the SPX has been in a
trading range. The NAZ has been heading lower for most of that period. An
upside surge in that index, which is expected eventually, will certainly usher
in an upside breakout in the SPX.
The Asian markets were mostly higher on the week for a net
gain of 1.5%.
The European markets were mostly lower for as net loss of
The Commodity equity group were mostly higher gaining 1.3%.
The DJ World index continues to uptrend and gained 0.2%.
Bonds continue their uptrend gaining 0.5% on the week.
Crude is still in a downtrend but gained 2.1% on the week.
Gold continues to act choppy, getting no support from
Silver, and it appears its downtrend is continuing. Yet it gained 0.3% on the
The USD looks like it is up trending and gained 0.2% on the
SPX DAILY CHARTS
QUICK LOOK ALL MAJOR INDEX WEEKLY
$SPX with component chart
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