David Chojnacki S1F Market Technician
The Market opened to the downside, but quickly reversed direction and moved to the upside. After the S&P neared the 1462 resistance level, the indices began to fall off again and found support just after the noon hour. It was pretty much sideways the rest of the session, as we traded in a very narrow range and closed mixed. At the close, the DJIA managed to gain 11.5 points, the S&P slipped 1.8 points, and the Nasdaq100 added just 0.94 of a point. Breadth was negative, 1.2 to 1, on below average volume. RSI's and ROC(10's) remain bullish, as near term strength continues. The Market continues to consolidate the recent big moves. This is healthy after moving to new highs. Recent action across our trading desk suggests managers are repositioning their portfolios to reflect the open ended FED policy. The Nasdaq100 with a less than one point gain, did manage to develop a new closing high(2857). Technicals did not change much in yesterday's session and upside bias continues above the 2813 level. Near term support is at 2850 and 2825 level. Upside resistance is at 2865, recent intra-day high, and at 2875. The S&P continues to find resistance intra-day near the 1462 level. We need to push through that level in order to test last week's intra-day high of 1474. We have support at 1448-50 and 1440. We still see upside target at 1504. The DJIA has upside bias above 13434, with near term resistance at 13593. The DJIA has support at 13525 and 13400. The VIX closed down 2.8% to 14.18, remaining near multi-year lows. Several housing reports this morning will give us a hint if the sector is beginning to turn around. Futures are higher this morning versus fair value.
Major Economic Reports Today
Housing Starts/Building Permits-8:30am Existing Home Sales-10:00am Crude Inv.-10:30am
ALL PRICES NOTED IN THIS PUBLICATION ARE AS OF THE CLOSE ON TRADING PRIOR TO TODAY'S DATE, UNLESS OTHERWISE INDICATED
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