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Today's Technical Outlook 11/7/2012

Market Summary

David Chojnacki S1F Market Technician

A strong, positive move in the Market surprised everyone who was looking for another dull session until the election was completed. Some late day selling kept the advance moderate, but firmly positive. At the close, the DJIA gained 1%, the S&P added 0.79%, and the Nasdaq100, the weakest, tacked on just 8 points. Breadth was positive, 2.3 to 1, on below average volume. There was some pick-up in volume from yesterday's session, but volume was still low. RSI's edged up and are firmly in the mid to upper 40's. ROC(10's) were mixed and remain negative. MACD's remain below signal. The DJIA met resistance right near its 20D-SMA(13299) and the ROC(150) moved back into positive territory. The S&P traded in a technical range once again and met resistance right near its 50D-SMA(1435) and closed just below its 20D-SMA(1430). The S&P has support now at 1420-25 and 1412. Resistance will be the MA's noted above and 1450. The Nasdaq100 after trading near its 200D-SMA intra-day closed well above and though it was a lackluster session it closed above the 2675. Look for 2675 to become support now and also 2661 which is the 50% retracement level and the 200D-SMA. Upside resistance sets up as 2688 and 2700. The VIX lost 4.5% to close at 17.58%. After last night's election results, we wake up this morning to find ourselves with the same president, congress and senate. That means, if no one blinks on either side, we find ourselves in a stalemate for at least two more years. This could not be good for the Market or the over-all economy. We'll see how this plays out. Futures are moving lower this morning and may be reflecting the scenario proposed above. Street One 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

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