David Chojnacki S1F Market Technician
The day and the week began with the Market moving to the upside, unfortunately we reached the highs of the session in the first minutes. The indices degraded as the day wore on and ended near their lows. At the close, the DJIA was off 0.46%, the S&P down 0.47%, and the Nasdaq100 losing 6 points. Breadth was negative, 1.5 to 1, on average volume. RSI's retraced near 50, with the Nasdaq100 at 55. ROC(10's) remain positive, and declined in the session. ROC(150's) are negative for the DJIA and the Nasdaq100, with the S&P just slightly positive. MACD's continue above signal for all three major indices. The indices attempted to resume the 2 weeks ago rally at the open, but quickly lost steam as the DJIA dropped back below its 200D-SMA(12996). The Nasdaq100 traded between its 50 and 200D-SMA's during the session. The S&P also found resistance at its 50D-SMA in the session, but remains comfortably above its 200D-SMA(1385). The S&P did close just below its one year trend-line(1411). As we have noted in our recent discussions, we are trading on both sides of key technical levels, with some variation in each index. We are just at or below 50% retracement levels on the down leg formed from mid-September to November 15th. The Nasdaq100 closed just above its 200D-SMA(2669) and we now see that level , 2661, and 2653-50 as near term support. We find resistance at 2675 and 2694-97. The S&P closed right at the 50% retracement level and just below the one year trend-line. We look for 1409 and 1400-1396 to provide near term support. On the upside we look for 1411 and 1420-25 area to provide near term resistance. The VIX is now up for two sessions in a row, closing at 16.64. No major economic reports today, but again we focus on Washington for some type of fiscal resolution. Futures are mixed, early morning, versus fair value.
ALL PRICES NOTED IN THIS PUBLICATION ARE AS OF THE CLOSE ON TRADING PRIOR TO TODAY'S DATE, UNLESS OTHERWISE INDICATED
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Major Economic Reports Today
No reports scheduled