Issues in the Ukraine weighed on international markets over-night and spilled onto the U.S. bourses as they opened the day and week. Stocks were off significantly at the open and carried that weakness into the noon hour. Part of that weakness was based on rumor that Russia had set a deadline for surrender in Crimea or an all-out attack would commence. Once this rumor was squashed, the major indices began to recover as buyers of the dip came into the market. The major averages closed with moderate losses. At the close, the DJIA was off 0.94%, the S&P gave up 0.74%, and the Nasdaq100 lost 0.75%. Breadth was negative, 2 to 1, on slightly below average volume. RSI's declined in the session, with the major indices back in the 50's. ROC(10's) declined in the session and the Nasdaq100 fell into negative territory. The DJIA traded below its 50D-SMA(16155) intra-day, but closed above at the final bell. The ¾ to 1% pullback in the indices, sets the stage for some additional near term weakness. Near term, we will be watching 1840 and 1825 in the S&P for holding upside bias. The GLD(Gold) traded as high as 130.59, right near the 130.50 resistance level; may see some stalling at this level. The VIX spiked 14.29% to finish at 16.00. The big move is indicative of the fear instilled from the international tensions. Near term support for the S&P is now 1840-37 and 1825. Near term upside resistance for the S&P is now at 1850 and 1862. The Nasdaq100 near term support is now at 3662 and 3650. Near term upside resistance is now at 3675 and 3700. The Nikkei was up over-night, and Europe is up strong in early trade, as tensions in Ukraine eased somewhat over-night. Futures are significantly higher this morning versus fair value.
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