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Today's Technical Outlook- 10/17/2012

|Includes: Apple Inc. (AAPL)

Market Summary

David Chojnacki S1F Market Technician

After Monday's first positive session in six, the indices jumped out to an upside move yesterday, that continued till noon. In the PM, the averages moved mostly sideways, but held moderate gains into the closing bell, following through on the prior days gains. At the close, the DJIA was up 0.9%, the S&P gained 1%, and the Nasdaq100 a healthy 1.4%. Breadth was positive, 3 to 1, with volume just below average. RSI's moved to the upside again, with the DJIA and S&P in the upper 50's and the Nasdaq100 just under 50. ROC(10's) turned positive for the S&P and DJIA, remained negative for the Nasdaq100, but advanced for all three major indices. MACD'S remain below signal for the major averages. It was a strong session with the DJIA and S&P moving back above their 20D-SMA's and closing near their highs of the session. The Nasdaq100 also closed near its high of the day and now has had two consecutive strong sessions. It is no coincidence that AAPL has also reversed course and has had 2 strong days. The near term bias is now to the upside with short term remaining to the upside for the S&P and DJIA, with a neutral short term view for the Nasdaq100. The Nasdaq100, remains under its 50D-SMA(2785), but yesterday's action put it comfortably above some critical support levels. Support now is 2762 and 2750 near term. Upside resistance is now 2785 and 2800. The S&P finds support at 1448-50 and 1440. Resistance sets up at 1465(recent closing high) and 1475. The VIX remains tame at 15.22. Futures are slightly higher 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.