Weekly S&P Report

October 24, 2011 in Financial by PFG Best

E Mini S&P settles 1229.75 up 10.50

For the week ended (10/17-10/21)

Stock futures ended the week near session highs

Friday following news that a group of Euro Zone

Finance ministers have approved the next round

of aid for Greece and amid optimism over the Euro

Zone ahead of the EU summit on Sunday.

S&P and Dow futures were lifted to positive territory

for the week as expectations that European officials

will find a workable solution to the sovereign debt crisis.

The market however traded in a seesaw fashion for the most

of the week due to the fact scheduled meetings in the EU

were delayed or pushed to later dates. These meetings were

designed to finally resolve Greece’s payments, but to shore

up European banks with exposure to the bailout, along with

recapitalizing the EFSF fund, which would provide enough stability

for other EU nations that have been downgraded recently, along

with providing stability for their banks as well. Clearly the Euro Zone

situation is number one on the minds of investors globally.

For the week, the Dow rose 1.4 percent, posting its fourth weekly

Gain, and its longest weekly winning streak since January. The S&P 500,

Up 1.1 percent for the week, is now down 9 percent from its April high.

The tech heavy NASDAQ was negative for the week, off 1.1 percent.

     Headlines from the EU will be the main story as we go forward next

Week, but there are some major economic reports in the U.S. to be released,

along with a bulk of earnings releases as well. 193 companies, which includes

40 percent of the S&P 500 are reporting next week. Economic releases highlighted

By Q3 GDP, Home prices, consumer sentiment, and spending data top the economic

calendar. Many investors noted this week that if the U.S. market was able to

focus on decent earnings and  some improvement from economic releases on the

economy, that a move higher in the market will be coming in the fourth quarter,

to finish the year strong. According to Reuters, 68 percent of the S&P 500 companies

that have reported so far have come in above estimates.

     Going forward the main driver will be developments from the EU. The second day of the

Latest summit will be this Wednesday.

For Greece, and then the proposal to increase the size of the EFSF fund will be the headliners of the meeting.

Investors should stay tuned. My technical numbers for the upcoming week come in as follows

for the mini S&P. Initial support is down at 1217, with stronger support down at the 1198 level.

A Close below here and 1166.75 is next. Resistance comes in first 1248.50 and then up at

1267.25. A close over here and look for 1300 to be next target.

Please call me with any questions or comments. I can be reached at 877 294 7757 or

slusk@pfgbest.com

Daily Swing #s ESZ1  (10/24)

R2-1252.25
R1-1241.00
Pivot-1224.50
S1-1213.25
S2-1196.75
Weekly Swing #s ESZ1 (10/24-10/28)
R2-1267.25
R1-1248.50
Pivot-1217.00
S1-1198.25
S2-1166.75

Daily Swing #s YMZ1  (10/24)

R2-11965

R1-11861

Pivot-11659

S1-11555

S2-11353

Weekly Swing #s YMZ1 (10/24-10/28)

R2-12123

R1-11935

Pivot-11579

S1-11395

S2-11035

Sean Lusk

Stock Indices Analyst

Research Division

877 294 7757

312 775 3541

312 379 5808 fax

slusk@pfgbest.com

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.