News Breaks |
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| September 17, 2012 |
| 08:48 EDT |  | SPX | S&P 500: Pivot points
The following are the pivot points for the SPX. Pivot High: 1477.360, Pivot Low: 1462.920. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.
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News For SPX From The Last 14 Days Check below for free stories on SPX the last two weeks. |
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| May 24, 2013 |
| 09:50 EDT | | SPX | S&P 500 retests the 1640 area, levels to watch
Heading into the holiday, the index is down moderately and is retesting the 1640 area. That puts next support below at 1636, a level we saw briefly touched yesterday. Resistance remains at the 10-day moving average at 1653.58. We should note the 10-day moving average is going to continue to rise for the next couple of session barring a big spike lower. The key is that the average moves, dropping days in the past, which given the pop in the index over the last two weeks means the average will keep rising. That is going to make it more difficult for the index to get back above trend if weakness persists after the holiday. The volatility that was seen in Japan overnight, despite the index finishing off in positive territory, is worth noting. There is a tremendous amount of "hot" money parked in Japanese markets. As we learned during the financial crisis in 2007/2008, seemingly unrelated events in one speculative aspect of markets can have spill-over effects. Losses in Japan by big funds, should they continue, could put pressure on markets globally. And, we should note this potential problem is unfolding as we are likely to hear from companies in the so-called "confession" period before Q2 earnings season begins in July. There is a lot that potentially could go wrong in what has been a long period in which bad news didn't seem to matter. Fundamentals in the end always reassert themselves, whether positively or negatively. As we noted earlier this week, given how far above trend prices have found themselves, even a retest of the 50-day moving average is likely to feel as if markets are crashing. But we have to remind ourselves the level we are talking about is only a few weeks back in time. Rather than a crisis, it could be the healthiest thing to take place before a run-up to even higher levels, presuming fundamentals support it. |
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| 08:45 EDT | | SPX | S&P 500: Pivot points
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| May 23, 2013 |
| 09:21 EDT | | SPX | S&P 500 set for a test, still at an extreme of over-bought
Declines in the indexes have been fleeting. As we noted yesterday, there was a risk that the new all-time high we had seen was a blow-off top. While the popular news is attempting to portray the move as a response to the Fed, the speculative pressures have been building in the markets for many months. Yesterday's action seemed classic in terms of a technical failure at an extreme of sentiment and price that may require no other explanation. Japan's markets appear to have met the same fate overnight. Yen devaluation may have run its course as a salve for speculators there. It is worth noting the co-movement of Japanese and U.S. markets has been quite strong. And we may see that co-movement now on the downside as well but in smaller magnitude. While the S&P 500 index is one for the major-cap stocks in the U.S. it has been clear for weeks that speculative action was focused in the under-$10 and most often under-$5 stocks. The action in solar names in particular was worrisome this week and had all the hallmarks of excessive speculation unmerited by fundamentals. From a sentiment perspective, that may have marked a peak. Futures this morning would suggest a test down to the 1640 area at least is possible today. On that basis support would be at 1636. While that may seem like an extreme decline from yesterday's top price, it would only put the index back to where it was early last week. Key for today is whether or not bulls attempt to buy the dip and push the index back up to resistance at its 10-day moving average, last at 1651.20. As long as index price remains below that former uptrend line, the more likely bearish price behavior is to dominate. The 50-day moving average as we noted yesterday was then in the 1580s area. It would not be out of line if we are getting a substantive test to see that average probed in the next few weeks, putting the index back at its prior life high just below 1580. How the index behaves then will have a great deal to do with how the next several months will unfold. And that test in terms of time, if it comes, might coincide with the start Q2 earnings season. |
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| 08:45 EDT | | SPX | S&P 500: Pivot points
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| May 22, 2013 |
| 11:12 EDT | | SPX | S&P 500 reverses lower from new life high and spike high, levels to watch
The index hit a new life high today, touching above 1685 to 1687.16. That level now becomes key resistance. It puts the index tantalizing close to the 1700 level which many sell side analysts had set as a year-end target. At the current level of 1675.26, the index is teetering on support. A move lower could see a test down to the low of the session at 1669.39. A further break would put 1665 in play. There is a risk that today was a blow-off top in response to Bernanke's testimony before Congress. With "fear" gauges near lows, that may not seem important but it could become a theme in coming weeks if the index fails to make new highs nearly each day. The index is extraordinarily over-bought, which may not be the negative most analysts assume unless it ceases to become so. The gap between the 50-day moving average and current price is large, by any historical measure. The 50-day was last at 1586.46. A test down to that average, which shouldn't be unexpected on big profit taking, would probably feel as if the wheels were coming off the wagon to the bulls. That however would just be a test to long-term support, which is quite normal in bull markets. |
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| 10:06 EDT | | SPX | S&P 500 rises to fresh life high on dovish Bernanke testimony
Traders appear to be taking Bernanke's testimony before Congress as an assurance that there will be no substantial tapering of quantitative easing in the near future. The index has risen to a fresh life high, now at 1679.96. The 1680, then 1685 areas are likely next upside targets as we climb new territory by "5s" and "10s". Support is now at 1675. |
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| 08:45 EDT | | SPX | S&P 500: Pivot points
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| May 21, 2013 |
| 11:33 EDT | | SPX | S&P 500 has a potential bearish intraday pattern
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| 10:32 EDT | | SPX | S&P 500 turns down from resistance at 1670 area
The index can't seem to hold above 1670, and is now turning lower as we head into the second half of the trading morning on the east coast. At the current level of 1664.86, next support is at 1659.77 and then at 1655.16. Resistance is at 1670. |
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| 08:45 EDT | | SPX | S&P 500: Pivot points
The following are the pivot points for the SPX. Pivot High: 1674.225, Pivot Low: 1664.905. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low. |
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| May 20, 2013 |
| 14:23 EDT | | SPX | S&P 500 falls to session lows in later afternoon trading
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| 11:13 EDT | | SPX | S&P 500 nears another new life high, levels to watch
The 1670 level appears likely to be touched today. A breakout above it would mean a probable set of upside objectives at the "5s" and "10s", 1705 and 1710 respectively. Support is at 1664.63, today's session low. Energy and the Financials are doing most of the upside heavy lifting today. Consumer Staples, Consumer Discretionary, and Health Care are laggards or red on the day. |
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| 08:45 EDT | | SPX | S&P 500: Pivot points
The following are the pivot points for the SPX. Pivot High: 1674.980, Pivot Low: 1659.960. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low. |
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| May 17, 2013 |
| 10:02 EDT | | SPX | S&P 500 moves higher after sentiment data, levels to watch
The index may be ready to push through 1660, which would put next upside objectives at the "5s" and "10s", 1665 and then 1670. First resistance is 1661.49, which is the life high for the index. Support on a failure to punch through is at 1652.45. |
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| 08:45 EDT | | SPX | S&P 500: Pivot points
The following are the pivot points for the SPX. Pivot High: 1655.490, Pivot Low: 1643.580. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low. |
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| May 16, 2013 |
| 15:58 EDT | | SPX | S&P 500 heads to close on lows of the session, levels to watch
The index is heading down to support at the 1650 area, going out very close to the lows of the day. The only sector in the green today is Technology. Consumer Discretionary, Health Care, and the Financials are the sectors leading on the downside. A breakdown tomorrow below 1650 would be psychologically problematic for the bulls. Next support below 1650 would be at 1645.56. Resistance is at 1654.96. |
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| 08:45 EDT | | SPX | S&P 500: Pivot points
The following are the pivot points for the SPX. Pivot High: 1667.540, Pivot Low: 1652.730. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low. |
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| May 15, 2013 |
| 13:17 EDT | | SPX | S&P 500 climbs to another record high by round number, levels to watch
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| 08:45 EDT | | SPX | S&P 500: Pivot points
The following are the pivot points for the SPX. Pivot High: 1659.395, Pivot Low: 1642.045. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.
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| May 14, 2013 |
| 11:01 EDT | | SPX | S&P 500 breaks out, levels to watch
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