FOR 6/16 SPX resistance, pivot & support
Resistance R3 1949.35, R2 1943.32, R1 1939.74
Pivot Point 1933.71
Support S1 1930.13, S2 11924.10 S3 1920.52
For Weekly 6/16-6/20 SPX weekly resistance, pivot & support
Resistance R3 1982.31, R2 1968.93, R1 1952.54
Pivot Point 1939.16
Support S1 1922.77, S2 1909.39, S3 1893.60
After hitting an all time high right at the OEW 1956 pivot
at noon Monday, the market went into
pullback mode for the rest of the week. For the week the SPX/DOW
were -0.8%, the NDX/NAZ were -0.4%, and the DJ World index lost 0.3%. On the
economic front, positive reports edged out negative ones for the week. On the
uptick: business/wholesale inventories, retail sales, export prices, the
monetary base, plus the budget deficit improved. On the downtick: the PPI, the
WLEI, consumer sentiment, plus weekly jobless claims rose. Next week should be
a busy one. Besides the FOMC meeting Tues/Wed, we have Options expiration
Friday, plus reports on Capacity utilization and Housing. Best to your week!
Short term support is at the 1929 pivot and SPX 1916-1919,
with resistance at the 1956 and 1973 pivots. Short term momentum ended the week
above neutral. The short term OEW charts are positive with the reversal level
now SPX 1935.
With all the economic activity next week we would not be
surprised to see lots of volatility. In fact, Minor 3/Minute v could end just
before or right after the FOMC statement on Wednesday. Then Friday’s Option
expiration could set up another swift move down for Minor wave 4 into the
following week. With the Iraq
situation in the forefront, and the Ukraine
situation in the back ground, it could be a volatile mid to end of June. We are
still expecting the OEW 1973 pivot to be hit before this uptrend ends.
Support for the SPX remains at 1930, 1925, 1890 and then
1870 resistance at 1956 and then 1973.Best to your trading what sets up to be a
wild week ahead. It looks like we will reach an inflection point in the month
of June. Best to your trading!
FOREIGN MARKETS
FOREIGN MARKETS
The Asian markets were mixed on the week for a net gain of
0.2%.
The European markets were mostly lower losing 0.7%.
The Commodity equity group were all higher gaining 1.8%.
The DJ World index continues to uptrend but lost 0.3%.
COMMODITIES
Bond prices confirmed a downtrend this week losing 0.7%.
Crude confirmed an uptrend this week gaining 4.0%.
Gold again is in rally mode, gaining 1.7%, but no uptrend
confirmation yet.
The USD continues to uptrend and gained 0.2%.
NEXT WEEK
Earning Calendar June 16-20, 2014
Monday: NY FED at 8:30, Industrial production at 9:15, and NAHB housing at 10am. Tuesday: Housing starts, Building permits, and the CPI.
Wednesday: FOMC statement. Thursday: weekly Jobless claims, the Philly FED,
and Leading indicators. Friday: Options expiration. 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
COMPAQ
For the latest updates on the stock market, visit,
http://daytradingstock-blog.blogspot.com
