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Today's Technical Outlook - 10/19/2012

|Includes:Apple Inc. (AAPL), GOOG, XLF

Market Summary

David Chojnacki S1F Market Technician

The Market began the day moving sideways un-phased by the Initial Claims numbers, and then began to move slowly to the upside. Just after the noon hour the S&P was within a point of the recent closing high of 1465. Then the leak… GOOG's bad numbers were accidentally released early and the stock and related indices began a precipitous to fall. Techs had been weak early and this just accelerated the down swing. The Nasdaq100 closed off 1.1%, lead by GOOG down 8% and AAPL off 1.8%. At the close, the DJIA was off 8 points and the S&P down 3.5 points. Breadth was slightly negative, on volume which was above average. RSI's moved slightly lower, with the Nasdaq100 sliding a bit more, down to 43. ROC(10's) remained negative and accelerated the decline. MACD'S remain below signal for the major averages. With the DJIA and S&P pulling back from the recent high area, it looks like they could be forming a triple top. The DJIA also formed a 'Doji' in the session, indicating a possible reversal. The DJIA and S&P remain technically strong, with the Nasdaq100 continuing to show weakness. The Nasdaq100 had its 20D-SMA crossing below its 50D-SMA in yesterday's session. The Nasdaq100 now has resistance at 2750 and 2762. Support is now at 2725 and 2712. The S&P was close to testing its recent closing high of 1465, but met resistance near there and closed 8 points below. Resistance continues at 1462-65 and 1475. Near term support continues at now 1450-1447 and 1440. The VIX was down slightly for the fourth straight session. The XLF(Financials) made a new closing 52 week high. 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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Major Economic Reports Today

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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, GOOG, XLF