Weekly S&P Report
E Mini S&P settles 1103.50 up 39.75 for the week (8/30-9/3)
The S&P and Dow rose this week, snapping three
weeks of declines, as better than estimated growth
in private employment and manufacturing raised
optimism the economy will avoid a recession. The S&P
500 advanced 3.75 percent this week, which was the biggest
weekly gain since the week of July 9. The Dow futures contract
Gained 2.93% this week, after losing 4.5 percent the three weeks
Prior. The S&P has rallied four straight days, which is the longest
winning streak in seven weeks, trimming its loss since a 19 month high in
April to 9.3 percent. The benchmark index rebounded in a big way this week
from the biggest monthly plunge in nine years as companies in the
U.S. added more jobs than forecast in August and the Institute for
Supply Management’s factory index unexpectedly increased.
Other reports this week showed that U.S. retail sales improved
and pending home sales unexpectedly rose.
In the day’s economic news, the government reported August nonfarm
Payrolls fell by 54,000 jobs in August, far less than the 105,000
anticipated decline. The unemployment rate rose to 9.6 percent. Private
payrolls gained 67,000 jobs, better than the 41,000 expected.
The private sector payrolls was the number most investors watched
for. Because it came in better than expected, the S&P shot up to the
1100 level in seconds after the release. Meanwhile, non-manufacturing
In the U.S. grew less than forecast, according to the Institute for Supply
Management. The index of national services activity fell to 51.5 in
August, the second lowest for the year. The survey of services activity
was expected to show a slight decline, after July’s rise to 54.3.
Next week, investors will have their eye on the Federal Reserve’s
Beige book, which will be released on Wednesday, for a better idea of what
the Fed thinks about the labor market and overall economy.
Technically speaking we should drift higher in the near term after a
settle over 1100 in the S&P. Near term resistance is 1110-1113 in the S&P.
With a close over 1126 to 1130 is next. Support is seen at the 1079-1081
Area, with the next stop down at 1059-1061. Please call me for intraday
updates to your email. I can be reached at 877 294 7757 or slusk@pfgbest.com
Swing #s ESU0 9/7
Resistance#2-1116.25
Resistance#1-1109.75
Pivot 1098.00
Support#1 1091.50
Support#2 1079.25
Weekly Swing #s ESU0 9/7-9/10
Resistance#2-1148.75
Resistance#1-1126.00
Pivot 1081.75
Support#1 1059.00
Support#2 1014.75
Daily Swing #s YMU0
Resistance#2-10548
Resistance#1-10491
Pivot 10388
Support#1 10331
Support#2 10228
Weekly Swing #s YMU0 9/7-9/10
Resistance#2-10800
Resistance#1-10618
Pivot 10263
Support#1 10081
Support#2 9726
Sean Lusk
Senior Broker
877 294 7757
312 775 3541
312 379 5808 fax
slusk@pfgbest.com
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