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Today's Technical Outlook- 8/28/2012

|Includes: Apple Inc. (AAPL)

Market Summary

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



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