David Chojnacki S1F Market Technician
The indices traded in a narrow range, but managed to continue the upside momentum started three sessions ago. Gains for the big three indices were between 0.5% and 0.8%. Breadth was positive, 3 to 1, on low volume once again. Near term technicals continue to improve, but with little volume this week, it is difficult to put too much credence in the numbers. RSI’s are back near 50, with ROC(10)’s exhibiting some weakness as they are negative and declining. The DJIA and S&P began to have their MACD positively cross signal. The DJIA moved above 12125, which was some important resistance and now appears to be set to move toward the recent high of 12231, which will act as resistance. Look for support now at 12125 and 11958. The S&P continues above some key levels and maintains the short term upside bias. Look for support at 1250 and 1236. On the upside, the S&P has met formidable resistance recently at the 200D-SMA, which is now at 1259. A move through here would put it in the position to test the recent highs of 1285. The Nasdaq100 closed right at its 20D-SMA which is currently 2266. The Nasdaq100 still exhibits some near term weakness and it remains below some short term moving averages and retracement levels. Look for support at 2244, with resistance on the upside at 2288. Once again we saw a small drop in the VIX, closing at 21.16, down 1.2%. It remains significantly below the recent volatile extremes. Some key economic reports this morning, that may have some Market impact. Futures are slightly higher this morning versus fair value.
Major Economic Reports Today
Durable Orders-8:30am Personal Income/Spending-8:30am PCE Prices-8:30am New Home Sales-10:00am
ALL PRICES NOTED IN THIS PUBLICATION ARE AS OF THE CLOSE ON TRADING PRIOR TO TODAY’S DATE, UNLESS OTHERWISE INDICATED
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