The Market opened to the downside after Employment claims numbers were again trending to the upside. Good Philly FED and leading indicator numbers at 10:00am, reversed the major averages and they began a steady move to upside. The major indices maintained their strength into the close and closed just below their highs of the session. At the close, the DJIA was up 0.67%, the S&P added 0.6%, and the Nasdaq100 gained 0.31%. Breadth was slightly negative, on below average volume. RSI's moved up and are in the mid to upper 50's. ROC(10)'s advanced in the session, but remain in negative territory. All three major indices remain with their MACD below signal. The DJIA and Nasdaq100 moved back above their 20D-SMA's, which are 16275 and 3688, respectively. The S&P and Nasdaq100 closed above the near term 50% retrace levels of 1860 and 3677, respectively. The DJT(Dow Transports) did not participate in the rally and actually ended to the downside. The IWM(small caps) also only eked out a 0.16 gain at the close. The GLD(Gold) has now pulled back in the last four sessions after breaking out of a key resistance level. The VIX dropped 3.9% to finish at 14.52. Near term support for the S&P is now 1862-60 and 1850. Near term upside resistance for the S&P is now at 1875 and 1888. The Nasdaq100 near term support is now at 3688 and 3677-75. Near term upside resistance is now at 3700 and 3712. The Nikkei was off 1.6% over-night. Europe is slightly higher in early trade. Today is triple witching options expiration. Futures are up slightly this morning versus fair value. It looks like, at least early on, the Market will follow through on yesterday's gains.
Major Economic Reports Today
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