FOR 6/2 SPX resistance, pivot & support
Resistance R3 1933.57, R2 1928.80, R1 1926.18
Pivot Point 1921.18
Support S1 1918.79, S2 1914.02, S3 1911.40
For Weekly 6/2-6/6 SPX weekly resistance, pivot & support
Resistance R3 1953.08, R2 1938.55, R1 1931.06
Pivot Point 11916.53
Support S1 1909.04, S2 1894.51, S3 1887.02
The USA
stock market last week four day trading week the market did fairly well. It
opened at new all time highs on Tuesday. Then made higher highs, with small
pullbacks along the way, every day this week. For the week the SPX/DOW
were +0.95%, the NDX/NAZ were +1.50%, and the DJ World gained 0.75%. On the
economic front reports continue to come in higher. On the uptick: durable
goods, FHFA housing, consumer confidence/sentiment, pending home sales,
personal income, the PCE, Chicago PMI, the
WLEI, the monetary base, and weekly jobless claims improved. On the downtick:
personal spending, Case-Shiller and Q1 GDP.
Next week we get the ISM indices, monthly Payrolls and the FED’s
Beige book.
Short term support is at the 1901 pivot and SPX 1891, with
resistance at the 1929 and 1956 pivots. Short term momentum ended the week with
a negative divergence. The short term OEW charts remains positive from SPX
1877, with the reversal level now 1918.
Minor 1 rose from SPX 1814-1885 (71 pts.). With Minor 3
reaching SPX 1924 on Friday, it is currently only a couple of points longer
than Minor 1: SPX 1851-1924 (73 pts.). If this one to one relationship is to
remain. Then the OEW 1929 pivot should offer some serious resistance for much
of next week. This would allow time for the smaller waves, yet to unfold, to
complete. Adding to this possibility is the series of negative divergences on
the hourly chart, and the fact that the market has not had one notable pullback
in seven trading days. Next week could be quite choppy.
Support for the SPX remains at 1902, 1889, 1870 and then
1850 resistance at 1929 and then 1956.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
The Asian markets were mixed on the week for a net loss of
0.2%.
The European markets were mostly higher for a net gain of
1.8%.
The Commodity equity group were all lower losing 1.8%.
The DJ World index continues to uptrend and gained 0.8%.
COMMODITIES
Bonds continue to uptrend and gained 0.4% on the week.
Crude remains choppy losing 1.5% on the week.
Gold broke down through $1260 support, remains in a
downtrend, and lost 3.3% on the week.
The USD appears to be in an uptrend but ended flat on the
week. Both the EUR and CHF are quite oversold and due for at least a bounce.
NEXT WEEK
Monday: ISM manufacturing and Construction spending at 10am. Tuesday: Factory orders and Auto sales.
Wednesday: the ADP index, Trade deficit, ISM
services and the FED’s beige book. Thursday:
weekly Jobless claims. Friday: the Payrolls report, the Unemployment rate, and
Consumer credit. The ECB meets on Thursday, and FED
governor Powell gives a speech on Friday. 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
COMPQ
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