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SPX Technical Analysis February 3-7, 2014

FOR 2/3 SPX resistance, pivot & support
Resistance R3 1815.18, R2 1804.53, R1 1793.56
Pivot Point 1782.91
Support S1 1771.94, S2 1761.29, S3 1750.32

For Weekly 2/3-2/7 SPX weekly resistance, pivot & support
Resistance R3 1825.74, R2 1812.25, R1 1797.42
Pivot Point 1783.93
Support S1 1769.10, S2 1755.61, S3 1740.78

The USA stock market was another volatile down week. While the range for the week was not that wide, (SPX 1770-1799), the wild swings every day, and sometimes intraday, were. For the week the SPX/DOW were -0.75%, the NDX/NAZ were -0.60%, and the DJ World index was down 1.20%. Economic reports for the week were about two to one on the positive side. On the up tick: Q4 GDP, Case-Shiller, consumer confidence/sentiment, personal spending, PCE prices, Chicago PMI, monetary base, and the WLEI. On the downtick: new/pending home sales, durable goods orders, the M1-multiplier, and weekly jobless claims rose. Next week will be highlighted by Payrolls, ISM and Auto sales.

Short term support is at the 1779 pivot and SPX 1768, with resistance at SPX 1800 and SPX 1814. Short term momentum ended the week around neutral. The short term OEW charts remain negative with the reversal level now SPX 1793.

Support for the SPX remains at 1770, 1767, 1760 and then 1750, resistance at 1800 and then 1810.Best to your trading what sets up to be a wild week ahead. Quite a volatile market this week. Best to your trading in February!


The Asian markets were mostly lower for a net loss of 1.3%.

The European markets were also mostly lower for a net loss of 0.4%.

The Commodity equity group were all lower for a net loss of 1.7%.

The DJ World index lost 1.2%.


Bonds are up trending, as expected, and gained 0.7% on the week.

Crude is trying to confirm an uptrend, and gained 0.6% on the week.

Gold is up trending, but lost 1.9% on the week.

The USD is up trending and gained 1.0% on the week.


Earning Calender Feb 3-7, 2014

Monday: ISM manufacturing and Construction spending at 10am, also monthly Auto sales during the day. Tuesday: Factory orders. Wednesday: ADP index and ISM services. Thursday: weekly Jobless claims and the Trade deficit. Friday: monthly Payrolls and Consumer credit. As for the Bernanke-less FED. Tuesday: FED governor Tarullo gives Congressional testimony on the Volcker rule. Wednesday: FED governor Tarullo gives Senate testimony on Dodd-Frank. Should be an interesting defensive week.

Take a look some market indicator charts- Click all charts

$SPX - 60 min


$SPX with component chart

$CPC daily
QQQQ Daily