David Chojnacki S1F Market Technician
The Market moved to the downside in the first half hour, but then slowly built some momentum to the upside. The volume was weak again and the indices managed to eke out a small gain at the close. At the final bell, the DJIA was up 33 points, the S&P gaining 2.7 points, and the Nasdaq100 moving to the upside by 3.7 points. Breadth was positive, 1.4 to 1, on below average volume. Technicals remain strong near term, as RSI's are in the mid to upper 70's for the S&P and Nasdaq100, and near 70 for the DJIA. The indices remain near term over-bought. We see some slowing of momentum as ROC(10's) are positive, but declined in the last session. After the S&P and DJIA broke out of a trading range last Friday, they have managed to trade near their highs, but the
last several sessions have lacked the volume of a true follow through. Even so, the DJIA and Nasdaq100 closed yesterday's session at new highs. The S&P is yet to break the July high of 1353. The DJIA did manage to see its MACD cross back above signal. It also closed right below the 12880 resistance level and we see this continuing to provide some resistance, along with 13000. Support lies at 12810 and 12724. The S&P continues with resistance at 1353 and 1363. Support lies just below at 1337 and 1325. The Nasdaq100 closed at a new high of 2532 and we see no real resistance until 2550 and 2575. Support is found at 2525 and 2512. The VIX lost 0.6% to close at 17.65. Futures are slightly higher versus fair value, early this morning.
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