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Today's Technical Outlook - 9/16/2013

Market Summary

David Chojnacki S1F Market Technician

Some choppy action in the first hour of trading on Friday as the Market reacted to economic reports. The averages than settled into a narrow trading range for the remainder of the session. By the final bell, the major indices eked out a narrow gain. At the close, the DJIA added 0.49%, the S&P tacked on 4.5 points, and the Nasdaq100 inched up 2.7 points. Breadth was positive, 1.66 to 1, on below average volume. For the week, the DJIA was up 3%, the S&P added 1.9%, and the Nasdaq100 moving up 1.4%. RSI's moved up slightly on Friday, with ROC(10's) advancing. The Nasdaq100 has regained all of the late summer losses and made new 13 year highs. The DJIA and S&P have regained nearly ¾ of the August pullback. With the Nasdaq100 being the leader once again, history exclaims that the other indices will follow. Some major events in the next few weeks to impact the Market. The VIX was off 0.9% to close at 14.16. Keep an eye on the VIX during the upcoming possible volatile period.

Trading Trends

David Chojnacki S1F Market Technician

Long term technicals are positive, and the Nasdaq100 is at new highs, with the DJIA and S&P ready to challenge their highs. Short term technicals, continue positive for the Nasdaq100. The S&P and DJIA moved back into a positive bias last week, with the S&P moving back above 1675. The S&P reached resistance near a gap close at 1685-88. It needs to move through this level to continue upside. Near term, the Nasdaq100 has resistance between 3185 and 3200. The S&P and DJIA are preparing to test the early August highs. A plethora of economic numbers this week, including the FOMC decision. A slew of news items which may impact the Market coming up in the next few weeks. Expect volatility. Futures are up strong pre-market.

MAJOR INDICES Short term support and resistance level

DJIA

close 15376

SP500

close 1687

N100

close 3178

15325

15400

1685

1688

3175

3185

15277

15450

1675

1700

3162

3188

15250

15500

1672

1709

3150

3189

15125

15550

1662

1712

3143

3200

15002

15658

1656

1725

3137

3212

15000

 

1650

1730

3125

3225

14907

 

1637

1750

3115

3237

   

1625

1775

3112

3250

   

1612

 

3100

3262

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Major Economic Reports Today

Empire Manufacturing-8:30 Industrial Prod./Capacity Util.-9:15am