Street One Fina...'s  Instablog

Market Summary

David Chojnacki S1F Market Technician

The Market opened on an up note following through on last week's bounce. There was some selling coming into the Market mid-day, but the indices held on and finished to close at their highs of the day. At the close, the DJIA was up 1%, the S&P added 1.1%, and the Nasdaq100 finishing up 1.2%. Breadth was decidedly positive, 4 to 1 on below average volume. RSI's strengthened to the low 40's and ROC(10's) advanced in the session. The S&P ROC (10) moved into positive territory. MACD's took a decided turn to the upside and are very close to crossing above signal for all three major indices. The DJIA moved back above its 150D-SMA, joining the S&P and Nasdaq100. We have been up five of the last six sessions, improving near and short term technicals. The short term bias, however, still remains to the downside. Look for the DJIA to find resistance near 12600 and 12715. Near term support lies at 12570 and 12500. The Nasdaq100 continued to hold its longer term support and is improving the near and short term technicals. Support is now at 2550 and 2525. It will run into some resistance near 2570 and 2600 area. Above 2600 and we begin talking about short term technical strength coming back into the Market. The S&P, after spending four sessions in a very narrow range, moved back above 1325. The S&P is currently trading in a congestion area; a range between 1306 and 1340. For shorter term bias to turn positive we would want to see the S&P move through and hold the 1344-1350 area. Support now lies at 1320-25 and 1317. Resistance on the upside is 1340-50 area and 1375. The VIX lost 3.3% to 21.03. It has now traded between 21 and 25 for the last two weeks. Europe is pressuring the Futures this morning with news from Spain. Futures are lower versus fair value in the early going.

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