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Today's Technical Outlook -7/24/2014

Market Summary

David Chojnacki - Market Technician

It was a bit of a mixed market yesterday as the DJIA did not follow the other major indices to new highs. While the S&P traded in a narrow range, it confirmed last week's new highs in the Nasdaq100 and DJIA, with a small gain. The DJIA diverged from the other major indices closing with a lost. At the close, the DJIA lost 26.9 points, the S&P was up 3.4 points, and the Nasdaq100, the best gainer, up 0.62%. Breadth was positive, 1.4 to 1, on average volume. RSI's were mixed, with the Nasdaq100 moving to 68.5. ROC(10)'s advanced in the session and remain in positive territory. The Nasdaq100 and S&P moved to new highs, while the Nasdaq100 saw its MACD cross over signal. The S&P is now the only major index with its MACD below signal. Though trading was in a fairly narrow range yesterday, the new highs keep the bull market intact. There has been a pick-up in volume over the last 2 weeks as investors rotate through sectors. We see small caps(NYSEARCA:IWM) continue to lag, but have seen some life in the last few sessions. Techs and Telecommunications have been the strongest sectors over the last month. Consumer sectors have been lagging. GLD(gold) which has pulled back recently, has found support and been trading in a narrow range. A move above 127.50 would indicate that it's resuming its uptrend, which started in early June. The VIX lost 5.8%, and finished below 12. Near term support for the S&P remains at 1975 and 1968. Near term upside resistance is now at 1988 and 2000. The Nasdaq100 near term support is now at 3975 and 3962. Near term upside resistance is now at 3988 and 4000. GM reports earnings, before the bell today. Geopolitical issues continue to deteriorate. Some key economic news this morning(see above). Europe is higher in early trade. Futures are higher before the open.

Major Economic Reports Today

Initial/Continuing Claims-8:30am New Home Sales-10:00am NatGas Inventories-10:30am

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