David Chojnacki S1F Market Technician
The Market traded in a very narrow range for the entire session and at the close was down very little. Breadth(on the NYSE) was slightly positive on below average volume. The Nasdaq100 was the biggest loser, after it tested its recent high of 2413, during the session. Watch the 2329 level for short term support. The S&P found resistance near the 1330 level during the session, which is a weak resistance level. At the close, it was at 1325 which is more important of a support/resistance area. Below here and we retest the 1314 area; above we gravitate to 1363, recent high. Watch 12461 as key support for the DJIA. The major indices remain above short term technical levels, so bias remains to the upside. Near term, we expect the volatility to continue. Gold took a
breather yesterday but we still see some continued strength. The VIX lost some ground in yesterday’s session and is now below the 20 area, at 19.09. A few key economic reports today, which may be Market movers. Futures early this morning are slightly lower versus fair value, indicating a weak open.
Major Economic Reports TodayInitial /Continuing Claims-8:30am Phila. Fed-10:00am Leading Ind.-10:00am FHFA Housing-10:00am
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