{+++} The net result: SPX/DOW +2.60%, and the NDX/NAZ were +3.65%. Foreign markets fared well: Asia +1.9%, Europe +1.3%, and the DJ World index gained 3.4%.
Short term support is at SPX 1658-1667 and SPX 1648-1649, with resistance at the 1680 and 1699 pivots. Short term momentum ended the week with a negative divergence.
NEXT WEEK
Monday kicks off this busy week with Retail sales and the NY FED at 8:30, then Business inventories at 10:00. Tuesday: the CPI, Industrial production and the NAHB housing index. Wednesday: Housing starts, Building permits, and the FED’s Beige book. Thursday: weekly Jobless claims, the Philly FED and Leading indicators. Friday: Options expiration. One speech and two testimonies from the FED this week. On Wednesday and Thursday FED chairman Bernanke testifies before Congress, and then the Senate, with the Semiannual Monetary Policy Report.
Charts later, enjoy your Sunday
Joe