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Today's Technical Outlook - 8/29/2014

Market Summary

David Chojnacki - Market Technician

Confirmation of the Russians moving into Ukraine spooked the European markets and bled into the U.S. markets yesterday. Equities recovered a good portion of their early weakness by early PM, but continued to trade in negative territory. The major indices traded in a narrow and technical range for the session on weak volume. It seemed like many traders were missing and beginning to celebrate the last summer holiday. At the close, the DJIA was down 42.4 points, the S&P was off 3.3 points, and the Nasdaq100 slipped 6.9 points. Breadth was negative, 1.4 to 1, on weak volume. RSI's were off slightly, with the major averages all above the 60 level. ROC(10)'s were mixed with only the DJIA advancing in the session. All three averages remain in positive territory. MACD's continue positive. The Nasdaq100's streak of eleven straight positive sessions finally came to an below its recent highs. The DJIA remains the only index of the big three unable to move above its July highs. The S&P after closing above 2000 for the prior two sessions was unable to hold that level yesterday. We would expect 2000 to provide some form of resistance, but see more formidable resistance at the 2012 level. All three major indices developed candlesticks in yesterday's session which suggest reversal. The VIX was up for the second straight session closing just above the 12 level. Near term support for the S&P remains at1991 and 1988-85. Near term upside resistance is now at 2000 and 2012. The Nasdaq100 near term support remains at 4062 and 4050. Near term upside resistance continues at 4075 and 4088. European markets are slightly higher in early trade. Expect Ukraine to remain on traders minds today. Futures are higher in pre-market.

Major Economic Reports Today

Personal Income/Spending-8:30am PCE Prices-8:30am Chicago PMI-9:45am Mich Sentiment-9:55am

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