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Stock Market & Financial Investment News

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March 25, 2014
08:45 EDTSPXS&P 500: Pivot points
The following are the pivot points for the SPX. Pivot High: 1865.390, Pivot Low: 1841.740. 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.
News For SPX From The Last 14 Days
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February 5, 2016
14:10 EDTSPXOn The Fly: Weekly technical notes for S&P 500
The week has not ended well for the bulls, who came into Monday with high expectations that the bottom was in. A spate of weak earnings, mixed economic data, and differing of opinion over the timing and direction of the next Fed interest rate move all conspired to take shares down. We're now back to where we were last Thursday before the big pop up last Friday. But unfortunately that isn't quite all there is to say technically. What we have because of that peculiar big bump up is a potential bearish head and shoulders on the S&P 500 chart that is best seen on a 1-month daily chart. The 1875 level is the neckline, the point below which the pattern would be active. If price breaks that level and there is no counter-reaction higher, the pattern will be active. Downside potential for the pattern, presuming it completes, would be to the 1800 area. For the pattern to be voided would require a sustained move above the right shoulder at 1925 or better. Interestingly this bearish pattern has a corresponding, inverted, potential bullish head and shoulders on the chart of the ProShares Short High Yield (SJB) ETF. At time of writing, much like the S&P 500, it is directly at its decline at $29.55. We have seen these two charts move in contra-lock-step for much of the prior year, but the co-movement of the two seems particularly tight at the moment.
10:29 EDTSPXS&P 500 falls to session lows, levels to watch
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08:45 EDTSPXS&P 500: Pivot points
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February 4, 2016
11:53 EDTSPXS&P 500 slides back into the red as crude price sinks
The correlation between crude pricing and stocks is continuing to be tight, with the index giving up all its gains for the day as oil goes negative. At the current price of 1908.38, support is at 1900. Resistance is at the 1920 area.
10:19 EDTSPXS&P 500 moves up off lows
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08:45 EDTSPXS&P 500: Pivot points
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February 3, 2016
10:38 EDTSPXS&P 500 drops further, levels to watch
The index is now down over 1.5% on the day to 1872.76. At that price next support is at 1865. Resistance is at 1881.97.
10:14 EDTSPXS&P 500 accelerates to the downside
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10:05 EDTSPXS&P 500 slips below 1900, levels to watch
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08:45 EDTSPXS&P 500: Pivot points
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February 2, 2016
13:56 EDTSPXS&P 500 hits session lows as later session trading begins
The index has hit a fresh intraday low at 1903.78. At that price level, next support is at 1888.86. Resistance is at 1918.46.
08:45 EDTSPXS&P 500: Pivot points
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February 1, 2016
09:36 EDTSPXS&P 500 gaps down, levels to watch
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08:45 EDTSPXS&P 500: Pivot points
The following are the pivot points for the SPX. Pivot High: 1963.360, Pivot Low: 1917.120. 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.
January 29, 2016
12:41 EDTSPXOn The Fly: Weekly technical notes for S&P 500
The S&P 500 index traded within a much narrower range in the past week, and appears at time of writing to be set to close near the highs of the week above 1916. That is somewhat remarkable given the relatively high number of blow-ups in major names. Much of the gain is due to the better performance of Energy (XLE), Consumer Staples (XLP), and Utilities (XLU) over the week and the relative stabilization of other sectors to at least not subtract from those advances. We should note that these are typically the sectors that are risk-averse and that their leadership may not be bullish overall. The key concern now is, "can energy continue to outperform?" Many would likely welcome a break in the correlation between crude and the index, but that isn't likely to go away. A breakdown next week in crude could undo most of the gains we've seen as well as potentially induce another round of selling from oil-dependent sovereigns. A perceived positive that the bulls received overnight was the extreme action taken by the Bank of Japan to set a negative interest rate policy in a bid to stimulate the economy and lower its currency further. Many have taken this action as a confirmation along with weak GDP data that the U.S. Fed is likely not to raise rates for the entire year. A chorus of "ZeroB4One", that the Fed will relent and ease along with the rest of the world, is buoying bullish sentiment. While on balance in the near-term this looks favorable, there is plenty that can go wrong. Notably, although GDP was weak, regional data reports appear to be improving. The economy continuing to strengthen, which ought to provide the best hope for higher stock prices, may be the enemy of the bulls from a perceived policy perspective. Bad news used to be good news, but it's possible that good news could become bad news. That oxymoron is our context heading into next week as earnings season winds down by February 10. On a technical basis a key factor to watch is the continuing decline in price in the ProShares Short High Yield (SJB) ETF. It worked well this week as an indicator that was bullish, falling in price, through the entire week even while index prices searched for a floor that at times seemed much lower. The 1-month chart for the S&P 500 (SPX) itself shows the start of a rounding bottom, and possibly a somewhat irregular bullish head and shoulders pattern. The next important level up for both factors would be at the 1934 area. For support, the 1895 area looks to be the level that has to hold.
09:53 EDTSPXS&P 500 nears highs of the week, levels to watch
The index was last at 1913.04, heading for a test of the high of the week at 1916.96 which is current resistance. Support is at 1900.33.
08:45 EDTSPXS&P 500: Pivot points
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January 28, 2016
10:40 EDTSPXS&P 500 turns negative on the day, levels to watch
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09:40 EDTSPXS&P 500 levels to watch
The index is meeting resistance near the 1902 area, last at 1898.80. At that price next resistance is at 1902 and then at 1910.26. Support is at 1892.11.
08:45 EDTSPXS&P 500: Pivot points
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