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Today's Technical Outlook - 3/31/2016

Market Summary David Chojnacki - Market Technician Equities began the session following through on the prior day's strength, which was triggered by dovish comments from FED Chair Yellen. There was not much economic news to add any momentum and it didn't take long for the rally to slow. By late morning the indices made their highs of the session and then gradually pulled back for the remainder of the day. By the end of the session, the major averages finished with moderate gains. At the close, the DJIA gained 0.47%, the S&P added 0.44%, and the NDX was up 0.5%. Breadth was positive, 1.7 to 1, on below average volume. RSI's continue bullish, nearing over-bought levels, with the DJIA at 72.4. ROC(10)'s advanced in the session, and remain in positive territory. MACD's remain above signal, though barely. The ARMS Index finished at 0.84, slightly bullish. The DJIA and SPX developed 'inverted hammers' and the NDX developed a 'gravestone doji', both signs of a possible topping situation. This would be interesting since the prior sessions have taken the indices through some break-out levels. There is some resistance just ahead and the major indices may be running into some walls. The NDX, which has been the recent leader in the last two sessions, has some good resistance at 4592. The SPX runs into key resistance at 2081. The SPX got to just near the 2072 level yesterday several times and pulled back each time. So that is a level to watch for the near term. The indices are holding their key 200D and 50 week average levels. IWM added just .01 to finish at 110.32. A confirmation above 110, would be a breakout for the ETF. The VIX fell 1.9% to 13.56. Near term support for the NDX is at 4450 and 4428. Upside resistance is at 4500 and 4522. Near term support for the S&P is now at 2056, 2050 and 2033. Upside resistance is at 2072 and 2081. Traders may be waiting for the Employment Report tomorrow(or maybe not). Europe is up moderately in early trade. 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