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Today's Technical Outlook - 10/02/2012

|Includes:Microsoft Corporation (MSFT)

Market Summary

David Chojnacki S1F Market Technician

Early strength began to wane late morning, and seemed to accelerate after some remarks by Bernanke. Bernanke defended the new FED program by stating the economy is just not growing fast enough and feared the fiscal cliff. At the end of the day, the indices finished mixed. At the close, the DJIA gained 0.58%, the S&P added 3.8 points, and the Nasdaq100, the only loser, off 4.9 points. Breadth was positive, 1.5 to 1, on above average volume. While RSI's increased somewhat for the DJIA and S&P, we saw a small drop for the Nasdaq100. RSI's still remain in bullish territory. ROC(10's) remain negative, and advanced for the DJIA and S&P, but declined for the Nasdaq100. The indices MACD remains below signal. The major averages are also flirting with the 20D-SMA, with the DJIA and S&P just above, and the Nasdaq100 below. With the Nasdaq100 being the leader since 2009, it raises concern when see weakness in that index. Yesterday we saw AAPL reverse during the session to close lower and MSFT was weak the entire day. Bucking the trend was GOOG, which closed at a new high. The S&P closed below the near term pivot point of 1448, where we see downside bias below this level. We continue to see near term resistance at 1448-50 and 1462. Support now sets up at 1443 and 1425-30. The Nasdaq100 closed below 2800. We see support below 2800 at 2775 and 2762. We see upside bias above 2814 and near term resistance at its 20D-SMA(2819) and 2825. The VIX added 3.7% to close at 16.32, remaining relatively calm. Futures are higher this morning versus fair value. Street One Financial WEBINAR-Using Low-Volume ETFs For Maximum Impact and Minimum Cost
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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: MSFT