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Today's Technical Outlook -10/04/2012

|Includes: Apple Inc. (AAPL)

Market Summary

David Chojnacki S1F Market Technician

After opening slightly to the upside, the averages quickly moved into the negative. After 10:00am the indices caught a bid and began to move into positive territory. Strength in AAPL(+1.5%), after its reversal in the prior day's session, helped to propel the Nasdaq100 to a decent gain. The other major averages followed the lead and closed positive at the final bell. At the close, the DJIA was up 12.2 points, the S&P added 5.2 points, and the Nasdaq100 gaining 0.7%. Breadth was almost dead even on the NYSE, on weak volume, for the second straight session. RSI's gained and remain in bullish territory. ROC(10's) remain negative, and were mixed in the session. The S&P and Nasdaq100 advanced, while the DJIA declined. With the S&P and Nasdaq100 closing slightly above the pivot point for near term upside bias, we saw near term technicals improve. The Nasdaq100 still remains below its 20D-SMA(2823) and MACDS for all three major indices remain below signal. This choppy action, in a narrow range, will probably continue as we go through this period of Market impacting news events. The S&P closed above the near term pivot point of 1448, but right at 1450 resistance. Near term resistance is now at 1462 and 1475. Support continues at 1440 and 1425-30. The Nasdaq100 had a fairly good day closing above 2800 and above the 2814 pivot point. It is the only index of the big three that remains below its 20D-SMA(2823). We see near term support at 2812 and 2800. Upside resistance is now at 2823-25 and 2850. The VIX closed at 15.43, down 1.7%. Futures are up this morning versus fair value. Street One Financial WEBINAR-Using Low-Volume ETFs For Maximum Impact and Minimum Cost
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.