by David Chojnacki
A Market which opened to the upside lost momentum and trended lower during the session finishing mixed. The DJIA and S&P500 managed small gains at the close while the Nasdaq100 finished to the downside. At the close, the DJIA was up 49 points, the S&P500 moved up 3 points, and the Nasdaq100 again the big loser down 0.7%. Breadth was positive, 1.2 to 1, on above average volume. Volume enhanced by options expiration. For the week, the DJIA was up 0.7%, the S&P500 off 0.7%, and the Nasdaq100 pulling back 2.3%. The DJIA closed the week at a new high and its RSI remains high at 74. Near term support for the DJIA is now 11867 and 11777. Near term resistance becomes 11889 and 11900. The S&P500 held above 1275, but the MACD is slightly negative. Near term support remains at 1275 and 1262. 1275 is critical support. Near term resistance becomes 1288 and 1300. The Nasdaq100 closed near its 20D-SMA and its RSI dropped to 53. Its MACD remains negative, as it was the weakest of the three major indices for the week. Near term support is now 2262 and 2250. Near term resistance now becomes 2275 and 2288. The VIX was up for the fourth straight session, 2.6% to 18.47. It moved just above its 50D-SMA.
Trading Trend
Long term, the bias remains to the upside for all three major indices. Short term, bias continues to the upside. Near term, the weakness in the Nasdaq100 is making the DJIA new high suspicious as the Nasdaq100 has been the leader of the indices. The Nasdaq100 is suggesting more near term weakness, while the S&P500 still has support near 1275 before more downside risk. Earnings reports will continue to impact the Market. Futures at(8:15am) are flat to slightly higher versus fair value. The European debt crisis and U.S. economic recovery confirmation are the top Market movers.
Major Economic Reports Today:
No reports scheduled
MAJOR INDICES Short term support and resistance level | |||||
|
DJIA close 11871 |
SP500 close 1283 |
N100 close 2268 | |||
11867 | 11889 | 1281 | 1288 | 2262 | 2269 |
11777 | 11900 | 1275 | 1297 | 2250 | 2275 |
11734 | 11950 | 1273 | 1300 | 2238 | 2288 |
11692 | 12000 | 1262 | 1312 | 2225 | 2289 |
11658 | 12125 | 1250 | 1325 | 2216 | 2300 |
11635 | 12250 | 1249 | 1337 | 2212 | 2312 |
11500 |
| 1244 |
|
| 2325 |
11495 |
| 1243 |
|
| 2326 |
11491 |
| 1239 |
|
|
|
Trade Ideas
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