David Chojnacki S1F Market Technician
After a good open, the Market met resistance at the suspect resistance levels and made no further moves to the upside in the AM. In the early PM, the indices made one more charge to break through the levels, but once again were thwarted and the averages fell into the close. All three major indices did manage to eke out a small gain at the final bell. At the close, the DJIA was up 9.9 points, the S&P added 3 points, and the Nasdaq100 tacked on 6.7 points. Breadth was positive, 2 to 1, on below average volume. RSI's were little changed, once again, and ROC(10's) remained in positive territory and rose during the session. The S&P and the Nasdaq100 met resistance once again at the 1438 and 2800 levels respectively. These two levels have proved to be fairly formidable levels. The DJIA, however, moved to new high territory intra-day(13373), but was unable to hold that level. The DJIA did close above the May closing high of 13279. While the DJIA and S&P closed above the 'bull' candle of Sep. 6, the Nasdaq100 has completely retraced the candle and yesterday closed near the bottom. Technicals remain strong but, we will continue to monitor near term weakness in the Nasdaq100. Any further move to the downside in the Nasdaq100 should find support at the 2750 level. A move below 2750 would indicate additional deterioration. The S&P has near term support in the 1419-1425 area, and any move below should find fairly good support near 1400. The 1437-38 area has proven to be fairly formidable resistance. Expect the 1440-1450 area to provide formidable resistance. The VIX pulled back 3.7% in the session to close at 15.80. Futures are mixed this morning, as we await the Fed decision this afternoon.
Major Economic Reports Today
Initial/Continuing Claims-8:30am PPI-8:30am FOMC Rate Decision-12:30 and 2:15pm Treasury Budget-2:00pm
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