FOR 1/20 SPX resistance, pivot & support
Resistance R3 1855.56, R2 1850.80, R1 1844.80
Pivot Point 1839.99
Support S1 1833.94, S2 1829.18, S3 1823.13
For Weekly 1/20 -1/24 SPX weekly resistance, pivot & support
Resistance R3 1889.84, R2 1870.34, R1 1854.52
Pivot Point 1835.02
Support S1 1799.70, S2 1799.70, S3 1783.88
The USA stock market was very volatile last week. The market started the week trading from SPX 1843 to 1816 on Monday. Rallied to all time new highs at SPX 1851 on Wednesday. Then dropped to SPX 1835 on Friday, before closing the week nearly unchanged. For the week the SPX/DOW were mixed, the NDX/NAZ gained 0.65%, and the DJ World index gained 0.1%. Economic reports for the week were positive two to one. On the up tick: the treasury budget, retail sales, export prices, business inventories, the NY/Philly FED, the CPI/PPI, industrial production, capacity utilization, the WLEI, plus weekly jobless claims improved. On the downtick: import prices, the NAHB index, housing starts, building permits, consumer sentiment and the M1-multiplier. Next week will be highlighted by Housing and the Leading indicators.
Short term support is at the 1828 pivot and SPX 1816, with resistance at the 1841 pivot and SPX 1851. Short term momentum ended the week oversold. The short term OEW charts are negative, with the reversal level now SPX 1841.
Support for the SPX remains at 1831, 1815, 1800 and then 1779, resistance at 1849 and then 1869
The Asian markets were mostly higher on the week for a net gain of 0.7%.
The European markets were also mostly higher for a net gain of 1.3%.
The Commodity equity group was mixed and ended unchanged.
The DJ World index is still uptrending and gained 0.1% on the week.
Bonds are still in a downtrend but gained 0.2% on the week.
Crude is still down trending but gained 1.3% on the week.
Gold continues to try to confirm an uptrend and gained 0.4% on the week.
The USD is up trending and gained 0.8% on the week.
Monday is a holiday and US markets are closed. Nothing gets reported until Thursday: weekly Jobless claims, the FHFA housing index, Existing home sales and Leading indicators wrap up the week. All in one day. The FED has nothing scheduled. A quiet week economically. Best to your extended weekend and week!
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