FOR 10/6 SPX resistance, pivot & support
Resistance R3 1999.75, R2 1985.47, R1 1976.68
Pivot Point 1962.40
Support S1 1953.61, S2 1939.33, S3 1930.54
For Weekly 10/6-10/10 SPX weekly resistance, pivot & support
Resistance R3 2052.51, R2 2048.84, R1 1993.37
Pivot Point 1959.70
Support S1 1934.23, S2 1900.46 S3 1875.09
Quite a volatile week. The market started at SPX 1983 on
Monday, gaped down to open the week, rallied back to slightly above 1983 on
Tuesday, then declined, without any gap downs, to 1926 by midday Thursday. Then the market rallied, with a gap up
opening on Friday, and still ended the week lower. For the week the SPX/DOW
were -0.7%, the NDX/NAZ were -0.7%, and the DJ World index lost 2.0% again. On
the economic front there was good news and not so good news. On the uptick:
personal income/spending, the PCE, the ADP,
monthly payrolls; plus the unemployment rate, weekly jobless claims and trade
deficit all improved. On the downtick: pending home sales, construction
spending, Case-Shiller, the Chicago PMI, ISM
manufacturing/services, factory orders, the WLEI and the monetary base. Next
week we get the FOMC minutes, export/import prices and consumer credit.
Short term support is at the 1956 and 1929 pivots, with
resistance at the 1973 pivot and SPX 1985/1986. Short term momentum ended the
week overbought.
Short term support is at SPX 1956 and SPX 1941, with
resistance at the 2000 and 2019pivots.
FOREIGN MARKETS
The Asian markets were mostly lower for a net loss of 1.7%.
The European markets were all lower losing 2.5%.
The Commodity equity group were also all lower losing 3.9%.
The DJ World index remains in a downtrend losing 2.0%.
COMMODITIES
Bonds are up trending again and gained 0.7% on the week.
Crude remains in a downtrend losing 3.9% on the week.
Gold is also still down trending and lost 2.4% on the week.
The USD continues its uptrend gaining 1.2% on the week.
NEXT WEEK
Earning Calendar October 6-10, 2014
Tuesday: Consumer credit. Wednesday: the FOMC minutes.
Thursday: weekly Jobless claims and Wholesale inventories. Friday:
Export/Import prices and the Treasury Budget. Quiet week for economic reports,
but expecting stock market volatility to continue. 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
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