David Chojnacki S1F Market Technician
The indices made attempts to move to the upside in yesterday's session, but after mid-day began to decline. By the final bell, the averages were near their lows of the day. The Nasdaq100 had traded above its April high for a brief period, but it too was unable to hold that level, even though it did finish slightly positive. At the close, the DJIA was down 33 points, the S&P off just .69 of a point, and the Nasdaq100 adding 4.5 points. The Nasdaq100 was aided by AAPL hitting a new all-time high, closing at 657.68. Breadth was slightly negative, on very weak volume. RSI's remain strong and ROC(10's) turned down for the DJIA and S&P, but advanced for the Nasdaq100. MACD's for the DJIA and S&P remain below signal and this flashes a caution signal for the upside momentum. The DJIA also closed below its 20D-SMA indicating that some short term weakness may be working its way into the Market. Technicals continue to be strong with bias to the upside, but we will monitor these indicators to see if they are signaling any prolonged pullback. Near term, we are watching 1411 in the S&P as a pivot level for upside bias. Look for the S&P to have the wider range of 1375 on the downside for support and 1425 as upside resistance. The Nasdaq100 has 2755 as this near term pivot point. The wider trading range for Nasdaq100 is 2725 for support, and upside resistance remains the spring closing high of 2784. The VIX spiked up 7.7% to 16.35 in yesterday's session. We are expecting volatility to increase with the upcoming events of the next two weeks. Futures are slightly weaker this morning versus fair value.
Major Economic Reports Today
Case-Shiller Index-9:00am Consumer Confidence-10:00am
ALL PRICES NOTED IN THIS PUBLICATION ARE AS OF THE CLOSE ON TRADING PRIOR TO TODAY'S DATE, UNLESS OTHERWISE INDICATED
This publication is neither an offer to sell nor a solicitation to buy any securities mentioned herein. The information contained herein is based on data obtained from recognized sources that are believed to be reliable. Street One Financial LLC (S1F) have not independently verified the facts, assumptions and estimates contained in this publication. Accordingly, no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this publication. The information contained in this publication is not and does not purport to be a complete analysis of every material fact respecting any company, industry, ETF or other security. Additional information concerning this publication may be available on request, if available. Many of the securities mentioned in this publication involve a higher degree of risk and more volatility than the securities of more established securities. For these and other reasons, the investments discussed in this publication may be unsuitable for investors depending on their specific investment objectives and financial position. Each investor should complete his or her own additional investigation and assessment prior to making investments in any securities. Transactions in securities mentioned herein may be effected only in those states where such securities are qualified for sale. Street One Technical Analysis LLC is an independently owned Company from Street One Financial LLC (S1F). S1F is an independent Company specializing in ETF's, equities, and options. S1F specializes in agency ETF/ETP, equities, and options trade execution. On the ETF/ETP end, S1F may work with the ETF issuers to understand their products more thoroughly and how they can complement an investor's portfolio
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.