FOR 12/9 SPX resistance, pivot & support
Resistance R3 1828.98, R2 1817.51, R1 1811.30
Pivot Point 1799.83
Support S1 1793.62, S2 1782.15, S3 1775.94
For Weekly 12/9 -12/13 SPX weekly resistance, pivot & support
Resistance R3 1841.34, R2 1823.69, R1 1814.39
Pivot Point 1796.74
Support S1 1787.44, S2 1769.79, S3 1760.49
The USA stock market a new all time high last Friday the market traded lower all week. Then Friday's Payrolls report was released and the market nearly managed to get back the entire loss in just one day. For the week the SPX/DOW were -0.2%, the NDX/NAZ were +0.3%, and the DJ World index lost 0.9%. Economic reports for the week were overwhelmingly positive. On the up tick: ISM manufacturing, construction spending, auto sales, the ADP, new home sales, Q3 GDP, monthly Payrolls, personal spending, the PCE, consumer sentiment, consumer credit, the M1-multiplier, the monetary base, the WLEI; plus weekly jobless claims, the unemployment rate and the trade deficit all improved. On the downtick: ISM services, factory orders, personal income and investor sentiment. Next week we get a look at retail sales, inventories and the PPI. Best to your week.
Short term support is at the 1779 pivot and SPX 1746, with resistance at SPX 1810, SPX 1818 and the 1828 pivot. Short term momentum ended the week overbought. The short term OEW charts are positive with the reversal level SPX 1797.
Support for the SPX remains at 1800, 1779 and then 1759, resistance at 1814 and then 1818.
The Asian markets were mostly lower on the week for a net loss of 1.3%. Fifty percent are in confirmed downtrends.
The European markets were all lower on the week for a net loss of 3.1%. Seventy-five percent are in confirmed downtrends.
The Commodity equity group were all lower on the week for a net loss of 1.5%. All three indices are in confirmed downtrends.
The DJ World index is still up trending but lost 0.9% on the week. Currently 65% of the world's indices are in confirmed downtrends.
Bonds continue to downtrend losing 0.8% on the week.
Crude is up trending again and gained 5.4% on the week.
Gold remains in a downtrend losing 1.7% on the week.
The USD is downtrend again losing 0.5% on the week.
Tuesday: Wholesale inventories. Wednesday: Treasury budget. Thursday: weekly Jobless claims, Retail sales, Export/Import prices and Business inventories. Friday: the PPI. The FED has nothing scheduled until the FOMC meeting on the 17th and 18th. Best to your week and Holiday season.