David Chojnacki S1F Market Technician
Monday's session was the exact inverse of last Friday's session. The Market opened up in the first fifteen minutes and then traded sideways into the close for the remainder of the session. At the final bell, the DJIA was up .57%, the S&P gained .68%, and the Nasdaq100 was up .87%. Breadth was positive, 3 to 1, on below average volume. The DJIA and S&P developed an 'engulfing candle', wiping out the loss that occurred on Friday. RSI's remain high, indicating the near term technical strength, but also signaling the short term over-bought condition. ROC(10's) are positive and advancing. The only technical weakness is in the DJIA which has its MACD below signal. This is a result of the DJIA and S&P trading and closing in a narrow range over the last
seven sessions. In the 7 sessions, the S&P had closed in a 9 point range. The S&P is close to crossing negative, but has not yet done so. The DJIA is now back above into three year high territory, closing at 12874, just below the 12890 close established last week. Resistance is now 13000 and 13125. Support is at 12810 and 12724. The S&P once again traded near its July high of 1353, but pulled back and closed just below. The S&P sees resistance at 1353 and 1363. Support lies at 1335 and 1325. The Nasdaq100 closed at a new eleven year high once again, closing at 2569. We see resistance now at 2575 and 2600. Support can be found at 2550 and 2525. The VIX reversed 8.4%, after three straight gains, on news that the Greece debt plan had been approved. Remainder of the week is full of Economic reports. Futures are slightly higher versus fair value, early this morning.
Major Economic Reports Today
Retail Sales-8:30am Export/Import Prices-8:30am Business Inv.-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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