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Today's Technical Outlook 10/25/2012

Market Summary

David Chojnacki S1F Market Technician

A move up at the opening bell was quickly reversed, as the averages moved back near the flat line and huddled that level for most of the day. A sell off late in the session put the indices in the losing column at the final bell. At the close, the DJIA lost 25 points, the S&P gave up 4.3 points, and the Nasdaq100 losing 10 points. Breadth was negative, 1.2 to 1, on average volume. RSI's slipped moving into the lower to mid 30's and head toward the over-sold levels. ROC(10's) remain negative and declined further in the session. There was nothing new in the FED statement, but the continuing message of a weak economy seemed to keep traders depressed and keying in on earning's reports, which have been reflecting the weak economy. Once again key technical levels were breached as the Nasdaq100 slipped below its 50% Fibonacci retracement level(2662). The Nasdaq100 recently had its longer term ROC(150) fall into negative territory for the first time since January of 2012. The S&P closed two points below a 1 year trend-line as indications of a more severe correction are beginning to manifest themselves. The S&P now has support at 1400-1395 and at 1388. Below 1425 we continue to see the short term bias to the downside. Near term resistance is now at 1410 and 1420-25 area. The Nasdaq100, continues to lead us to the downside and it is now nearing longer term support. Remaining below the 1 year trend-line may see us eventually correcting at least 10%. Support now at 2655, its 200D-SMA, where we closed yesterday. Below here we have support at 2650 and 2625. Resistance is at 2675 and 2681. Futures are moderately higher this morning versus fair value. StreetOne Financial WEBINAR-Using Low-Volume ETFs For Maximum Impact and Minimum Cost *November 07, 2012 2:00-3:00pm EDT Register here: https://www2.gotomeeting.com/register/981003234>

Major Economic Reports Today

Initial/Continuing Claims-8:30am Durable Orders-8:30am Pending Home Sales-10:00am

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