Market Summary
David Chojnacki S1F Market Technician
Another claims report which was not great, but not drastically bad, did not ruin a good open to the Market. Many traders called it the 'Romney Rally'. The major indices moved close to their highs of the day in the first 45 minutes of trading and then slugged sideways for the remainder of the session. At the close, the DJIA was up 0.6%, the S&P gained 0.7%, and the Nasdaq100 up just 0.35%. Breadth was decidedly positive, 2.7 to1, but volume was once again extremely weak. This is the third session in a row that volume has been anemic. RSI's moved to the upside again and depict the near term gain in technical strength. ROC(10's) advanced in the session and the S&P's moved into positive territory. The Nasdaq100 which was not as strong as the other indices did manage to close above its 20D-SMA(2823). MACD's remain below signal, but are just catching up with the last near term upside moves. The bias near term, remains to the upside and the next headwinds are the recent highs. The recent closing highs were: DJIA-13596, S&P-1465, Nasdaq100-2864. Today's Employment Report will set the stage for how the Market goes into the weekend. The S&P closed a point below near term resistance of 1462 and is within 4 points of the recent closing high of 1465. These will pose resistance along with 1474-75. Near term support now sets up as 1449-50 and 1440. The Nasdaq100, while not as strong as the other indices, managed to get above its 20D-SMA and closed above the 2825 resistance level. Next level of resistance is 2837 and 2850. Downside support is 2823-25 and 2812. The VIX closed at 14.55, down 5.7%. Futures are up this morning versus fair value. Street One Financial WEBINAR-Using Low-Volume ETFs For Maximum Impact and Minimum Cost
*November 07, 2012 2:00-3:00pm EDT
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Major Economic Reports Today
Employment Report-8:30am Consumer Credit-3:00pm
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