David Chojnacki S1F Market Technician
After a little blip up at the opening, investors soured on some economic news and the averages begun to pull back. At the close, the averages managed to eke out some small gains, as the near term technical strength prevailed. Breadth was slightly positive, 1.6 to 1, on a pick-up in volume, but still slightly below average. Once again we saw the S&P mange to hold above the recent high, and the Nasdaq100 which has been strong recently, unable to push through the recent high(2401). RSI’s remain in the low to mid 60’s and ROC(10)’s remain positive. Not much change in support and resistance levels, with the DJIA once again finding support at 12400 and 12300. Resistance to the upside remains 12500 and 12600. The S&P, as mentioned, held on to its position
above the recent high of 1285, and in addition saw its 20D-SMA cross above its 200D-SMA. It continues to exhibit near and short term strength. 1285 will continue as support along with 1263. On the upside, we see resistance at 1300 and 1312. Expectations are that we test the July high of 1353. The Nasdaq100 strengthened its short term technicals, with the 20D-SMA crossing above its 50D and 200D-SMA. Resistance on the upside is at 2401 and 2412. Near term support continues at the 2350 and 2325 levels. The VIX lost 2.7% to close at 20.47, continuing to hold the 20 handle. Futures are slightly lower early this morning, suggesting a flat to weak open.
Major Economic Reports Today
Trade Balance-8:30am Export/Import Prices-8:30am Mich. Sentiment-9:55am
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