Market Remarks

Key Levels & Charts – Tuesday September 04, 2012

Stock Trader’s Almanac informs us that on the first trading day in September, S&P 500 has been up 12 of last 17 years and on the day after Labor Day, Dow Jones Industrial Average has been up 13 of last 17 years.

Daily Pivots:

  Dow S&P500 NASDAQ DJTRA R2K FTSE DAX
Previous 13,001 1,399 3,049 4,993 809 5,711 6,971 17.83
Open 13,003 1,400 3,070 4,994 814 5,711 6,947 17.25
High 13,152 1,413 3,079 5,036 815 5,758 7,016 18.04
Low 13,003 1,399 3,041 4,987 806 5,701 6,944 16.56
Close 13,091 1,407 3,067 5,007 812 5,758 7,015 17.47
Change % 0.7% 0.5% 0.6% 0.3% 0.4% 0.8% 0.6% (2.0)%
Change 90.13 7.10 18.25 14.46 3.45 46.93 44.04 (0.36)
Close (vs. MidPoint) Hi Hi Hi Low Hi Hi Hi Hi
TR % 1.2% 1.0% 1.2% 1.0% 1.1% 1.0% 1.0% 8.3%
Resistance 2 13,231 1,420 3,100 5,060 820 5,797 7,064 18.84
Resistance 1 13,161 1,413 3,083 5,034 816 5,778 7,039 18.15
Pivot 13,082 1,406 3,062 5,010 811 5,739 6,992 17.36
Support 1 13,012 1,399 3,046 4,984 807 5,720 6,967 16.67
Support 2 12,862 1,385 3,008 4,934 798 5,663 6,895 15.19

Chairman Bernanke’s Jackson Hole speech was the catalyst that catapulted GLD above a descending triangle – a bullish move.

But the speech didn’t do that much for the crude oil. USO is still in a trading range indicating that global demand and by inference global economy is also stuck in neutral.

This is how major S&P sectors fared last week:

 Consumer Discretionary was the best performing sector.

 Heatlh Care was the second best.

Industrials sector was the worst performer but it is forming a symmetrical triangle. A break above the upper bound will be bullish.

 

 

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