For Weekly 12/23 -12/27 SPX weekly resistance, pivot & support
Resistance R3 1894.54, R2 1859.14, R1 1838.73
Pivot Point 1803.33
Support S1 1782.92, S2 1747.52, S3 1727.11
The USA stock market gaped up on Monday, rallied to SPX 1792 in the opening minutes, then pulled back until just after the FOMC statement at 2pm on Wednesday. After that the market soared right into late Friday afternoon reaching all time new highs. For the week the SPX/DOW were +2.7%, the NDX/NAZ were +2.3%, and the DJ World gained 2.1%. Economic reports for the week were quite positive. On the uptick: the NY/Philly FED, industrial production, capacity utilization, the CPI, NAHB housing, housing starts, leading indicators, Q3 GDP, and the current accounts deficit improved. On the downtick: building permits, existing home sales, the WLEI, the M1-multiplier and weekly jobless claims increased. Next week is highlighted by Durable goods orders, the PCE and Consumer sentiment.
Short term support is at SPX 1814 and the 1779 pivot, with resistance at the 1828 and 1841 pivots. Short term momentum declined from extremely overbought on Friday to near neutral. The short term OEW charts remain positive with the reversal level SPX 1803.
Support for the SPX remains at 1772, 1765 and then 1759, resistance at 1828 and then 1841.
Asian markets were mostly higher on the week for a net gain of 0.5%.
European markets were mostly sharply higher for a net gain of 2.9%.
The Commodity equity group were all higher on the week for a net gain of 2.7%.
The DJ World index is trying to uptrend again and had a gain of 2.1%.
Bonds are still down tending and lost 0.3% on the week.
Crude is still up trending and gained 3.0% on the week.
Gold remains in a downtrend and lost 2.8% on the week.
The USD is trying to uptrend again and gained 0.6% on the week.
Monday: Personal income/spending and PCE prices at 8:30, then Consumer sentiment at 10am. Tuesday: Durable goods orders, FHFA housing prices and New home sales. Thursday: weekly Jobless claims. Nothing on tap for the FED during this holiday week. It appears there will be only a 1/2 day of trading on Tuesday, and closed Wednesday. Thursday should be back to a full day, with probably quite a few less participants. Best to your weekend and Holidays!
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