David Chojnacki S1F Market Technician
A mixed session yesterday, with the DJIA and S&P closing to the downside, while the Nasdaq100 closed up slightly. The Nasdaq100 closed right at the high it made just the other day(2429). The DJIA moved just below its 20D-SMA, but closed just above the 12500 support level. The DJIA has now had three straight down sessions, with 2 for the S&P. The indices remain above key short term technical levels, but recent sessions have put some weakness into the DJIA and S&P near term technicals. The Nasdaq100 remains the strongest near term, as selected techs continue to exhibit strength. We expect short term bias to continue to the upside and the S&P and DJIA to eventually follow the Nasdaq100 in testing the highs. Near term, volatility is expected to continue. The VIX moved up another 4.5% in yesterday’s session to close back above 20, to 20.23. News events and earnings reports will continue to swing the Market in the near term. Gold continues to make new highs. Futures early this morning are slightly lower versus fair value, indicating a weak open.
Major Economic Reports TodayDurable Orders-8:30am Crude Inv.-10:30am Fed Beige Book-2:00pm
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