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Today's Technical Outlook - 12/31/2014

Market Summary

David Chojnacki - Market Technician

It was another 'holiday' type session with little volume to move equities either direction. The major indices started the session moving to the downside and maintained that direction into the closing bell. It's apparent that many investors have taken time off this week and we expect to coast into the close of the year. All three major indices ended with moderate losses in the session. At the close, the DJIA fell 55 points, the S&P lost 0.49%, and the NDX, the big loser, gave up 00.7%. Breadth was negative, 1.4 to 1, on weak volume. RSI's fell slightly, but remain in bullish territory. ROC(10's) advanced across the board, and all the major indices remain in positive territory. There were no new highs among the major indices in the session and internals were slightly weaker. The ARMS index finished at 1.17 and the A/D line declined. New highs continued to out-number new lows, by more than 3 to 1. Utilities were the weakest sector on the day, with the Materials sector losing the least. There was not much change in technicals as bias remains to the upside. Some consolidation, as seen yesterday, was expected. We continue to expect the NDX and S&P to see formidable resistance at their top channels, which are 4350 and 2100, respectively. The VIX added 5.7% to finish at 15.92. Support for the S&P is now at 2079,2075 and 2062. Upside resistance is now at 2088 and 2100. The NDX near term support is at 4275 and 4250. Upside resistance is at 4300 and 4325. We get a plethora of economic news today(see above), some which could move the market(if anyone is around to notice). Some markets in Europe are closed today. Global issues remain. Futures are pointing slightly higher before the open. Have a Happy New Year to all our friends.

Major Economic Reports Today

Initial/Continuing Claims-8:30am Chicago PMI-9:45am Pending Home Sales-10:00am Crude Inv.-10:30am NatGas Inv.-12:00am

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