Market Summary David Chojnacki, Market Technician Weak Employment numbers had the indices moving to the downside at the open on Friday. The averages gyrated for the first hour and half, but then moved steadily to the upside for the remainder of the day. By the end of the session, the major averages were moderately higher. At the close on Friday, the DJIA added 0.45%, the S&P was up 0.32%, and the NDX moved up 0.48%. Breadth was positive, 2 to 1, on weak volume. RSI's moved slightly higher, with the NDX in the upper 30's and the other indices in the upper 40's. MACD's remain below signal, indicating the near term technical weakness. ROC(10)'s moved higher, but remained in negative territory. The ARMS index finished at a fairly neutral 0.95. For the week, the averages closed lower for the second straight week. The DJIA was down 0.1%, the S&P lost 0.3%, and the NDX fell 0.2%. The VIX finished at 14.72, down 7.4%. For the week, the VIX was down 6%. It is a light week for economic reports, however, we get Retail Sales on Friday. Trading Trends Longer term, the SPX remains above its 50WK average of 2028, however, the NDX remains below its 50WK of 4428. The NDX, which has been hit by a weak Tech sector is out of the long range trend for now. The other major indices still have the potential to reverse and test their May 2015 highs. Short term, we have the NDX beginning to break down, but it is holding above the 50% retracement level of 4256, which keeps its bias to the upside. The DJIA and S&P remain to the upside. Near term, the averages have broken down and bias is to the downside. Look for the S&P to get back above 2081 to reverse the near term trend. Its 50D-SMA is 2045 and it remains 5 points above that level, which may provide some near term support. US Futures pointing slightly higher before the bell. 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