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Today's Technical Outlook - 10/09/2012

|Includes:Apple Inc. (AAPL)

Market Summary

David Chojnacki S1F Market Technician

The Market moved lower in the first 5 minutes of trading and then muddled sideways through the rest of the session. At the end of the day, the indices were down slightly, except for a bigger loss in the Nasdaq1000. Again, we see more weakness in the techs and AAPL causing the Nasdaq100 to lose 0.89%. At the close, the DJIA was off 26 points, and the S&P finishing down 5 points. Breadth was negative, 1.5 to1, but volume was once again extremely weak. This time the holiday contributed to the extremely low volume. RSI's moved lower and the Nasdaq100 is back in the mid 40's. We continue to see the Nasdaq100 acting weaker since the recent highs. The DJIA on the other hand is just below the recent new high of 13610. ROC(10's) were up in the session, but the Nasdaq100 remains in negative territory. MACD's remain below signal for all three major indices. The Nasdaq100 fell below its 20D-SMA which stands at 2822. It is now within striking distance of its 50D-SMA(2774). Interestingly, AAPL broke key support and closed below its 50D-SMA(657). For the Nasdaq100, the 2774-75 level and 2750 are critical support areas. A break below these levels and we may be having a bigger pullback before we can go back and test the recent highs. Resistance on the upside is 2800 and 2825. Not much change in the technical levels for the S&P as 1450 and 1452(20D-SMA) are now near term support, along with 1440. The 1462-65 and 1475 areas are providing near term resistance. Earnings reports begin today. The VIX closed at 15.11, moving up 5.4%. Futures are slightly lower 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: AAPL