David Chojnacki S1F Market Technician
The session began with a weak open and continued to the downside through-out the day. A rally in the last half hour, left the indices near their highs of the session. The DJIA and Nasdaq100 were able to get into the black by a few points, while the S&P lost 1.2 points. Breadth was negative, 1.7 to 1, on below average volume. The S&P joined the DJIA, with its MACD falling below signal. This is a result of a flat 8 sessions in a row. This is a signal we need to watch, but not particularly alarming at the moment. RSI's remain strong and the Nasdaq100 is short term over-bought with an RSI of 78. ROC(10's) remain positive, but declined in the session as upside momentum waned. The late day rally was indicative of day traders not wanting to hold short positions
over- night. The DJIA remained in three year high territory and resistance continues at 13000 and 13125. Support continues at 12810 and 12724. The S&P traded in a narrow range and once again was unable to break the 1353 resistance level. There is also resistance at the 1363 area. Support lies at 1335 and 1325. The little push in the last half hour was enough to lift the Nasdaq100 to a new high at 2575. 2575 was also a resistance level and will remain, along with 2600. Support continues at 2550 and 2525. The VIX added 2.6% to close at 19.54, remaining below 20. It traded above the 20-handle during the session. The bevy of economic reports this week continues today. It's also important to remember that options expire at the end of this week. Futures are higher versus fair value, early this morning.
Major Economic Reports Today
Empire Man.-8:30am Net Long-Term TIC Flows-9:00am Industrial Prod./Capacity Util.-9:15am NAHB Housing-10:00am Crude Inv.-10:30am
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