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Today's Technical Outlook - 10/18/2012

Market Summary

David Chojnacki S1F Market Technician

The DJIA and S&P began their move to the upside from the opening bell. Good Housing Start numbers helped propel the indices to continue their gains into the PM hours. A brief sell-off in the early PM, was quickly met by buyers and the DJIA and S&P finished positive. The Nasdaq100 had a weak start, did get positive during the session, but after the mid-day selloff could not recover enough to finish in the black. At the close, the DJIA added just 5 points, the S&P up a measly 5.9 points, and the Nasdaq100 a bit weaker, off 2.7 points. Breadth was positive, 2.5 to 1, with volume above average. Internals were much stronger in yesterday's session then the indices would infer. RSI's were little changed in the session and remain strong. ROC(10's) returned to negative and declined in the session. MACD'S remain below signal for the major averages. The DJIA and S&P closed near their highs of the day and remain slightly stronger technically then the Nasdaq100. They are also within striking distance of their recent closing highs of 1465(S&P) and 13610(DJIA). Near and short term bias remains to the upside for the S&P and DJIA, with a neutral short term view for the Nasdaq100. The Nasdaq100 met resistance at its 50D-SMA(2785) and that along with 2795 will provide resistance. Support continues at 2762 and 2750 near term. The S&P met resistance right at the 1462 level during the session. That will continue along with 1465 and 1475. Near term support is now 1450-1447 and 1440. The VIX dropped back for the third straight session and is now at 15.07. Futures are flat this morning versus fair value. Street One Financial WEBINAR-Using Low-Volume ETFs For Maximum Impact and Minimum Cost
*November 07, 2012 2:00-3:00pm EDT
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Major Economic Reports Today

Initial/Continuing Claims-8:30am Phila FED-10:00am Leading Indicators-10:00am

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