Market Summary
David Chojnacki - Market Technician
The prior session's mid-day turnaround continued with a strong open in yesterday's session. Earnings reports continue to beat on the bottom line and the Sec. of State was going to the Middle East to broker a cease fire. The major indices were near their highs around noon and then flat lined into the close. Gains were moderate with the S&P hitting intra-day new high and the Nasdaq100 making new highs. At the close, the DJIA was up 0.36%, the S&P gained 0.5%, and the Nasdaq100 moving up 0.7%. Breadth was positive, 2.1 to 1, on below average volume. RSI's moved higher with the Nasdaq100 back in the mid 60's. ROC(10)'s were mixed, with the S&P the only index advancing. The Nasdaq100 and S&P remain with their MACD's below signal. The Nasdaq100 continues to be the leader making new closing and intra-day highs. The Nasdaq100 is now only 1% from testing the 4000 level. The S&P briefly traded at 1986, which is a new intra-day high, but finished 2 points below its prior closing high of 1985. The DJIA traded within 6 points of its all-time intra-day high, but was unable to hold that territory. IWM(small-caps) were up 0.84%, but remains several points below its closing high of 120.02. The VIX was down 4.4% to finish at 12.24. Near term support for the S&P is now at 1975 and 1968. Near term upside resistance is now at 1985-88 and 2000. The Nasdaq100 near term support is now at 3950 and 3937. Near term upside resistance is now at 3975 and 3988. AAPL and MSFT reported earnings that were good, however, AAPL lowered expectations for the coming quarter. Not much in economic news today, as Geopolitical issues remain on the radar. Ukraine and Israel continue to heat up, but so far not making a large impact on the markets. Europe is higher in early trade. Futures are higher before the open.
Major Economic Reports Today
Crude Inventories-10:30am Home SalesHome
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