Levels For The Week

{+++} Short term support is at the 1628 and 1614 pivots, with resistance at SPX 1636-1640 and SPX 1648-1649. Short term momentum ended the week quite overbought, but short term charts remain positive with the reversal level now at SPX 1615.

The SOX and Russell 2000 continue to uptrend from April, the SPX sector XLY has confirmed an uptrend, and the VIX confirmed a downtrend. The general market appears to be gathering upside momentum.



Bonds are still downtrending and lost 0.8% on the week.


Crude is still uptrending and gained 7.3% on the week.


Gold continues to downtrend losing 1.6% on the week.


The USD continues to uptrend gaining 1.6% on the week.


Monday: Consumer credit at 3:00. Wednesday: Wholesale inventories at 10:00, then the FOMC minutes at 2:00. Thursday: weekly Jobless claims  and Export/Import prices at 8:30, then the Budget deficit at 2:00. Friday: the PPI at 8:30, then Consumer sentiment just before 10:00. FED chairman Bernanke gives a speech on Wednesday just after the market closes. Then FED governor Tarullo gives Senate testimony on Thursday at 11:00.

Here we go again

Let’s not forget that Alcoa kicks off the earnings season tomorrow after the close.  I hate earnings season, but I wont be surprised if we see the market at new highs by the end of the month.

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