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Sunday, August 23, 2015

Averages suffer worst week since 2011 -8/23/15

  • The major averages all plunged another 3%-plus to close the week.
  • The Dow (NYSEARCA:DIA) lost 5.8% for the week - it's worst weekly stretch since September 2011 when the European debt crisis was at its peak and the U.S. had just been downgraded. The S&P 500 (NYSEARCA:SPY) fell 5.5% - also its worst week since Sept. 2011. The Nasdaq (NASDAQ:QQQ) fell 6.7%, its worst week since Aug. 2011.
  • The Dow is lower by 7.6% YTD, the S&P 500 3.75%, and the Nasdaq 0.55%.
  • The 10-year Treasury yield slipped three basis points to 2.04%, its lowest print since before the summer, and oil briefly fell below $40 per barrel (it's back to $40.34 at pixel time).
  • Apple's (AAPL -6.1%) decline today put that stock 20% below its level of just one month ago, and the shares are in the red for the year to the tune of 4.2%. On a year-over-year basis, they're higher by 7.95%.
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SPX Technical Analysis -August 24-28, 2015

For 8/24 SPX Resistance, Pivot & Support
Resistance R3 2076.20, R2 2055.14, R1 2013.01
Pivot Point 1991.95Support  S1 1989.82 S2 1928.76, S3 1886.63

For Weekly 8/24-8/28 SPX Weekly Resistance, Pivot and Support
Resistance R3 2191.85, R2 2147.66, R1 2054.27
Pivot Point 2095.08
Support  S1 1926.69, S2 1882.50, S3 1794.11

The ELLIOTT WAVE lives on - Anthony Caldaro  said

The market started the week at SPX 2092. After a gap down opening on Monday the market quickly recovered to hit SPX 2103. It traded at that level again on Tuesday, and then ran into three straight gap down openings for the rest of the week. On Friday the SPX hit 1971 and closed there. For the week the SPX/DOW were -5.8%, the NDX/NAZ were -7.1%, and the DJ World index was -5.3%. On the economic front reports came in slightly to the positive. On the uptick: the NAHB, the CPI, housing starts, existing home sales, the Philly FED and the GDPN. On the downtick: the NY FED, building permits, leading indicators, the WLEI, plus weekly jobless claims rose. Next week’s reports will be highlighted by the next report on Q2 GDP, Durable goods, and PCE prices.

With Thursday’s/Friday’s market activity, we not only updated the hourly chart to match the daily chart. But also shifted the first significant wave of the downtrend over to the SPX 2052 level. This would put it more in proportion with the recent selloff. At Friday’s SPX 1971 low Minor C is within one point of a 1.618 relationship (1972) to Minor A. Should the 1973 pivot range hold the market could experience a good rally next week. If not, the 1956, 1929 and even 1901 pivots would be next.

After four years of a rising market, and the loss of the six month support at SPX 2040, it appears many are hedging or simply taking profits. Short term support is at the 1956 and 1929 pivots, with resistance at the 1973 and 2019 pivots. Short term momentum ended the week extremely oversold. Best to your weekend and week!


The Asian markets were all lower for a loss of 5.6%.
The European markets were all lower as well for a loss of 6.3%.
The Commodity equity group also all lower losing 6.0%.
The DJ World index lost 5.3%.


Bonds remain in an uptrend and gained 1.1%.
Crude remains in a downtrend and lost 4.1%.
Gold has nearly confirmed an uptrend and gained 4.2%.
The USD confirmed a downtrend and lost 1.6%.


Tuesday: Case-Shiller, FHFA housing, New home sales and Consumer confidence. Wednesday: Durable goods orders. Thursday: Q2 GDP (est. +3.1%), weekly Jobless claims and Pending home sales. Friday: Personal income/spending, PCE prices, and Consumer sentiment. Saturday: a Jackson Hole speech by FED vice chair Fischer.

Take a look some market indicator charts- Click all charts
$SPX - 60 min

$SPX with component chart 
$CPC daily
QQQQ Daily 

For the latest updates on the stock market, visit,