David Chojnacki S1F Market Technician
A gap-up at the open in the major indices, prevailed throughout the session and we closed with significant gains for the day. We continue to see the volatility in the Market with day to day, and intra-day swings. The three major indices closed with 2.4 to 2.8% gains, however, while breadth was positive nearly 7 to 1, volume was extremely weak. Leaving us to believe there was only little conviction to the move. The session did prop up near term technicals once again, as RSI’s are near 50, and ROC(10) is once again positive and rising The DJIA and S&P did move back above their 20D-SMA. Once again, the S&P moved above the 1175 level, which suggests we may have some additional upside. There is some resistance in the 1200-1210 area, however, we should eventually
test the 1225 level. The DJIA should find some resistance just near the 11485 area. We should see support near 11255. The Nasdaq100 remains above its 20D-SMA and should see near term support at the 2200-2212 level. Resistance on the upside is at 2245 and again at 2265. We continue to be in consolidation, however, the range is wide enough to be tradable near term. The VIX dropped 9.7% yesterday, but still remains at 33.3, a relatively high level. Today is filled with a few economic reports which may be Market movers(see above). Early futures are slightly lower versus fair value.
Major Economic Reports TodayInitial/Continuing Claims-8:30am Traded Balance-8:30am Crude Inventories-11:00am Consumer Credit-3:00pm
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