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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