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Today's Technical Outlook - 2/15/2017

Major Economic Reports Today

CPI-8:30am Empire Manufacturing-8:30am Retail Sales-8:30am Capacity Utilization/Industrial Prod.-9:15am NAHB Housing-10:00am Crude Inv.10:30am

Market Summary

David Chojnacki - Market Technician

After opening flat or slightly lower yesterday, equities finally found some Valentine love, and rocketed higher in the afternoon. Yellen's congressional testimony, hinting of 3 rate hikes in 2017 did not spook the market. The major averages maintained their strength into the close and ended with moderate gains. For the second straight session, the major indices closed at record highs. The Russell 2000 also followed for the second straight session, closing at a new high. This depicts the widespread strength we are seeing in equities. At the close, the DJIA gained 0.45%, the SPX added 0.4%, and the NDX moved up 0.27%. Breadth was just slightly positive, on below average volume. ROC(10)'s advanced in the session, with all three major indices remaining in positive territory. RSI's moved higher, with the NDX at the strongest at 79.6. The DJIA and SPX continue in over-bought territory at 74.7 and 75.3, respectively. All three major indices continue with their MACD above signal. The ARMS index ended the day at 0.60, a bullish reading. The strength at the end of the day, had the major indices ending at their highs of the session. Breadth was only slightly positive in the session, but equities continued their march higher. The DJT(Dow Transports) did not participate in yesterday's rally and ended slightly lower. Financials were the leading sector. IWM(Russell 2000) ETF closed at a new high of 138.76. All three major indices remain comfortably above their 20D-SMA's, which has been providing support over the last few months. 2348 remains as a near term target for the SPX. The VIX was slightly lower in the session, ending at 10.74, down 3%. Near term support for the NDX is at 5250 and 5234. Near term resistance is at 5275 and 5288. Near term support for the SPX is at 2325 and 2312. Near term resistance is at 2337 and 2348-50. Europe is slightly higher in early trade. US Futures are pointing slightly higher pre-market.

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