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Today's Technical Outlook - 9/28/2012

Market Summary

David Chojnacki S1F Market Technician

Poor GDP and Durable Goods reports did not deter the Market from opening to the upside and continuing the move through the morning hours. After several sessions of falling prices this may have just been a technical snap back. The indices traded side- ways in the PM into the close with little change, but breadth was decidedly positive 3 to 1. Volume was below average in the session. At the close, the DJIA gained 0.5%, the S&P added 0.96%, and the Nasdaq100, the big winner, up 1.4%. Part of the Nasdaq100's big gain can be attributed to AAPL finally catching a bid and moving up 2.4%. RSI's moved to the upside and are now in the mid to upper 50's. ROC(10's) remain negative, but advanced in the session. The S&P and Nasdaq100 bounced back above their 20D-SMA's but, their MACD's remain below signal. Yesterday's session improved near and short term technicals, however, the S&P closed a point below the pivot point of 1448. Above this level, bias would favor the upside. We continue to see near term resistance at 1448-50 and 1462. Support now sets up at 1439 and 1425-30. The Nasdaq100 exhibited strength in the session and closed above its 2814 pivot point, and its 20D-SMA(2816). Support is now at 2800 and 2775. Upside resistance sets up as 2825 and 2850. The VIX lost 11.7% to 14.84, its first loss in four sessions. Today's economic reports may impact the Market and all eyes continue on Europe. Futures are lower this morning versus fair value. Street One Financial WEBINAR-Using Low-Volume ETFs For Maximum Impact and Minimum Cost
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Major Economic Reports Today

Personal Income/Spending-8:30am PCE Prices-8:30am Chicago PMI-9:45am Mich Senetiment-9:55am

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