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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!

    FOREIGN MARKETS

    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%.

    COMMODITIES

    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.

    NEXT 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 DAILY CHARTS
    QUICK LOOK ALL MAJOR INDEX WEEKLY

    $SPX with component chart

    $VIX
    $CPC daily
    QQQQ Daily
    COMPQ

    Feb 02 4:12 PM | Link | Comment!
  • SPX Resistance, Pivot, Support & Other Important Levels For Trading The Week Of January 20-24, 2014

    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

    FOREIGN MARKETS

    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.

    COMMODITIES

    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.

    NEXT WEEK

    Earning Calender Jan 20-24, 2014

    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!

    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

    Jan 18 1:47 PM | Link | Comment!
  • SPX Support, Resistance, Moving Averages And Other Important Levels For Trading The Week Of Jan 6-10, 2014

    FOR 1/6 SPX resistance, pivot & supportResistance R3 1845.80, R2 1842.02, R1 1836.69Pivot Point 1832.91Support S1 1827.58, S2 1823.80, S3 1818.47 For Weekly 1/6 -1/10 SPX weekly resistance, pivot & supportResistance R3 1866.32, R2 1857.80, R1 1844.62Pivot Point 1836.18Support S1 1822.18, S2 1814.48, S3 1801.22

    The USA stock ending interesting split-week to start 2014. The USA Stock market started the week ending 2013 and closing within one point of all time new highs. Then it began 2014 with a gap down opening and finished the week negative in market. The last time the USA stock market had a down opening and a down week to start the year was 2008. All years, 2009 through 2013, had up openings and up weeks. This could be the signal for a bull market top this year. For the week the SPX/DOW were -0.3%, the NDX/NAZ were -0.8%, and the DJ World index was -0.50%. On the economic front it was a quiet week, which came in split. On the up tick: Case-Shiller, pending home sales, construction spending and the M1-multiplier. On the downtick: ISM manufacturing, auto sales, the WLEI and weekly jobless claims ticked up. Next week's reports will be highlighted by ISM services, the FOMC minutes and the Payrolls report.

    Short term support is at the 1828 pivot and SPX 1814, with resistance at the 1841 pivot and SPX 1849. Short term momentum ended the week around neutral. The short term OEW charts are negative with the reversal level now SPX 1835.

    With the recent Minor wave 1 topping at SPX 1849 it traveled 81 points. This makes looking for pullback levels relatively simple. A 23.6% Fib retrenchment occurs at SPX 1830, a 38.2% at SPX 1818, a 50% at SPX 1808, and a 61.8% at SPX 1799. The 1828 pivot just about covers the first two, SPX 1814 the next one, and SPX 1800 the last one. These are the three levels we will be observing during this pullback.

    Support for the SPX remains at 1820, 1800 and then 1779, resistance at 1841 and then 1849.

    FOREIGN MARKETS

    Asian markets were mixed on the week for a net loss of 0.6%.

    European markets were also mixed and ended overall unchanged.

    The Commodity equity group were all lower losing 0.4%.

    The DJ World index remains in an uptrend, but lost 0.5%.

    COMMODITIES

    Bonds continue their downtrend but gained 0.1%.

    Crude sold off 5.9% this week as it looks like it is back in a downtrend.

    Gold is trying to confirm an uptrend gaining 1.9% on the week.

    The USD is uptrend gaining 0.7% on the week.

    NEXT WEEK

    Earning Calender Jan 6-10, 2014

    Monday: Factory orders and ISM services at 10am. Tuesday: the Trade deficit. Wednesday: the ADP index, FOMC minutes and Consumer credit. Thursday: weekly Jobless claims. Friday: the Payrolls report, Unemployment rate and Wholesale inventories. The FED has nothing else scheduled at this time. Wishing you all, and yours, a healthy and prosperous New Year!

    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

    Jan 05 9:47 AM | Link | Comment!
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