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Today's Technical Outlook - 4/7/2016

Market Summary David Chojnacki - Market Technician The Market opened flat and remained that way through the first hour. After Oil prices reversed their course, equities seemed to follow and mounted a fairly strong move to the upside. Despite a brief pullback in the mid-afternoon, the major averages finished the session with a late day push higher. Bio-techs and I/T were strong in the session making the NDX stand out for the day. The major indices ended the day up moderately to significantly. At the close, the DJIA was up 0.6%, the S&P added 1%, and the NDX gained a strong 1.6%. Breadth was decidedly positive, 3 to 1, on average volume. RSI's moved up slightly with all three major indices in the low to mid 60's. ROC(10)'s advanced in the session, with the DJIA and S&P moving back into positive territory. The NDX remained in positive territory. MACD's remained below signal for the DJIA and SPX. The NDX MACD continues above signal. The ARMS Index ended the day at 0.96, nearly neutral. After the prior 2 sessions moved to the downside, the major indices retraced all of the prior session's loss. The NDX was particularly strong and began to once again close the gap between 4522 and 4592. It remains comfortably above short term support and closed at a new high since the rally began on Feb.12. The DJIA remains comfortably above its 20D-SMA of 17487. It remains slightly below its recent closing high of 17792. The SPX ended the day a few points below where it has met resistance recently, which is the 2072-75 area. There is also formidable resistance just above at 2081. IWM(small-caps) moved up 1.1% and closed at 110.17, attempting to breakout to the upside once again. The VIX finished down 8.6% to 14.09. Near term support for the NDX is at 4522 and 4500. Upside resistance is at 4550 and 4592. Near term support for the S&P is now at 2050 and 2035, 2031. Upside resistance is at 2072-75 and 2081. Europe is down slightly in early trade. 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