FOR 11/3 SPX resistance, pivot & support
Resistance R3 2040.75, R2 2029.47, R1 2023.76
Pivot Point 2012.48
Support S1 2006.77, S2 1995.49 S3 1989.78
For Weekly 11/3-11/7 SPX weekly resistance, pivot & support
Resistance R3 2107.19, R2 2062.69, R1 2040.87
Pivot Point 1995.87
Support S1 1973.55, S2 1929.05, S3 1906.73
After last week’s big gain SPX 1887 to 1965, the market
rallied strongly again this week. Monday, however, started the week with a gap
down to SPX 1951. The market then rallied to SPX 1991 just before the FOMC
statement, ending QE 3, on Wednesday. Then after an initial pullback to SPX
1969, the market rallied for the rest of the week, helped by a gap up on
Friday, to SPX 2018. For the week the SPX/DOW
were +3.1%, the NDX/NAZ were +3.1%, and the DJ World index was +2.5%. On the
economic front there was a higher than expected report for Q3, and positive
reports ended slightly higher. On the uptick: pending homes sales, consumer
confidence/sentiment, Q3 GDP, personal
income, PCE prices, and the Chicago PMI. On
the downtick: durable goods orders, Case-Shiller, personal spending, the WLEI,
the monetary base, and unemployment claims rose. Next week will be highlighted
by monthly Payrolls, ISM and Auto sales.
After completing a somewhat complex zigzag from SPX 2019 to
1821 in three weeks, the market abruptly reversed into one of the best rallies
during the entire bull market. We initially expected a choppy rally off the SPX
1821 low. But when it made such quick upside progress we quickly aborted that
idea. Our upside targets were the OEW 1956 and 1973 pivots for this uptrend.
The market took only seven days to clear the 1956 pivot. When it do so we
noticed every trading day had a higher high and higher low than the day before.
That trend continued throughout this week as well, even though Monday’s high
only matched Friday’s.
Short term support is at SPX 2000 and the 1973 pivot, with
resistance at the 2019 and 2070 pivots. Short term momentum continues to
display negative divergences, but the pullbacks have been small.
FOREIGN MARKETS
Asian markets were all higher for the week, gaining 3.2%.
European market were mostly higher, gaining 1.6%.
The Commodity equity group were all higher, gaining 3.4%.
The DJ World index gained 2.5%.
COMMODITIES
Bonds appear to be down trending and lost 0.5% on the week.
Crude is still down trending and lost 0.9% on the week.
Gold resumed its downtrend losing 4.8% on the week.
The USD is still up trending and gained 1.4% on the week.
NEXT WEEK
Monday: ISM manufacturing, Construction spending and Auto
sales at 10am. Tuesday: Trade deficit
and Factory orders. Wednesday: the ADP index
and ISM services. Thursday: weekly Jobless claims, and a speech from FED
governor Powell. Friday: monthly Payrolls, Consumer credit, plus speeches from FED
chair Yellen and FED governor Tarullo. Busy
week. Best to your weekend and week!
Take a look some market indicator charts- Click all charts
$SPX - 60 min
SPX DAILY CHARTS
QUICK LOOK ALL MAJOR INDEX WEEKLY
$SPX with component chart
$VIX
$CPC daily
QQQQ Daily
COMPAQ
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