Street One Fina...'s  Instablog

Market Summary

David Chojnacki S1F Market Technician

The indices opened the day on a weak note and it looked like they were ready to resume their losing ways. By just after noon support was found at technical levels and a buy program was initiated. The buying accelerated in the last hour and a half to raise the S&P and Nasdaq100 into positive territory and the DJIA just under the flat line. At the close, the DJIA lost 6.6 points, the S&P gained 2.2 points, and the Nasdaq100 adding 7.8 points. Breadth was slightly positive, with volume above average. The S&P and Nasdaq100 managed to hold above their 150D-SMA's, while the DJIA remained below. RSI's improved somewhat and ROC(10's) were mixed. The trading was in technical ranges once again. This was very noticeable in the Nasdaq100, where 2500 and 2550, were key technical levels and the session's range was 2499 to 2553. The Nasdaq100 support level is once again 2525 and 2500. The 150D-SMA is also at 2497. Upside resistance is now 2550 and 2562. The S&P held above its 150D-SMA(1315), which is key to longer term technical strength. It will find support at that level, 1312 and also at 1300. Upside resistance is set at 1320-25 and at 1337. The DJIA will continue to find resistance at 12400, 12500 and near its 150D-SMA(12552). Support on the downside is 12300 and 12276. With the VIX moving up and volatility increasing, we can expect more sessions with up/down action and intra-day reversals. The VIX closed slightly lower to 22.33. It traded in a wide range and was as high as 24.62 during the session. We may continue to trade within technical levels until some fundamental events push the Market decidedly in one direction. Some key economic reports this morning(see above). Futures are slightly higher versus fair value in the early going.

Major Economic Reports Today

Initial/Continuing Claims-8:30am Durable Orders-8:30am Michigan Sentiment-9:55am

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