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Today's Technical Outlook 9/12/2012

|Includes:iShares Russell 2000 ETF (IWM)

Market Summary

David Chojnacki S1F Market Technician

The Market displayed strength right out of gate yesterday, but then lost momentum by early PM. By late PM, we saw sellers step in once again, giving us a mixed close. For the second day in a row, the Nasdaq100 was the weakest of the big three. At the close, the DJIA added 0.5%, the S&P rose by 4.4 points, and the Nasdaq100 gave up just 3.4 points. Breadth was positive, 2 to 1, on below average volume. RSI's were little changed as they remained in bullish territory. ROC(10's) rose for the DJIA and S&P, but fell for the Nasdaq100. Technical bias remains to the upside for the short and the long term. The weakness in the Nasdaq100 over the last two sessions raises the caution flag for the near term. This is not a major concern, but its MACD remains below signal and it had met resistance at lower levels for the last two sessions. In yesterday's session the Nasdaq100 could not get above the 2800 level. It did manage to hold its 20D-SMA(2776). It closed right at its spring closing high of 2784, but below the upside bias pivot point of 2807. Below 2784, the next near term support level is 2750. Upside resistance is at 2825. The S&P held the 1425 support level and maintained its near term strength. It has met resistance now several times in the last three sessions near the 1437-38 area. We originally expected this to be weak resistance, with more importance resistance near the 1440-1450 area, however, it is proving to be rather formidable. IWM(iShares Russell 2000) has yet to close above its March 2012 closing high of 84.40. The VIX inched up to close at 16.41, off its recent lows, but still relatively tame. Futures are higher this morning versus fair value, on news from Germany that the courts ruled to back the rescue plan with a limit on liability.

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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: IWM