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The week started off with a gap down on Monday, rallied back to within one point of the uptrend high, and then did not recover for the rest of the week. Disappointing after last week suggested some more upside potential. For the week the SPX/DOW were -1.30%, the NDX/NAZ were -0.80%, and the DJ World index lost 0.4%.
Short term support is at 1680 and SPX 1658-1667, with resistance at the 1699 and SPX 1717. Short term momentum ended the week below neutral.
NEXT WEEK
Monday: Budget deficit at 2:00. Tuesday: Retail sales, Export/Import prices and Business inventories. Wednesday: the PPI. Thursday: weekly Jobless claims, the CPI, the NY FED, Industrial production, the Philly FED and NAHB housing. Friday: Housing starts, Building permits, Consumer sentiment and Options expiration. Nothing on the FED’s agenda.
Here is a Stocktwits post I did yesterday in case you missed. I will be sending out the Sunday video with set ups later today Enjoy your Sunday.