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Today's Technical Outlook - 5/3/2017

Major Economic Reports Today

ADP Employment Change-7:30am ISM Services-10:00am FOMC announcement-2:00pm

Market Summary

David Chojnacki - Market Technician

The major indices moved lower early in the session and then gyrated back and forth from positive to negative territory. The averages traded in a very narrow range, as investors waited for some key earnings reports(e.g. AAPL) after the bell. They also had the FOMC ahead of them today and the Employment Report at the end of the week. The NDX managed to eke out a small gain, making new highs. By the end of the session, the DJIA and SPX also ended with small gains. At the close, the DJIA added 36.4 points, the SPX inched up 2.8 points, and the NDX gained 14.4 points. Breadth was just marginally positive, on weak volume. ROC(10)'s advanced in the session, with all three major averages remaining in positive territory. RSI's were slightly higher, with the NDX becoming strongly over-bought at 80.1. The SPX is at 63 and the DJIA finished at 60.6. All three major averages remain with their MACD above signal. The ARMS index ended the day at 1.02, a neutral indication. Once again the NDX made new highs( 5644 and 5645) for the fourth consecutive session. It is over-bought near term, as noted earlier, and is just above its Bollinger Band top of 5639. Our near term target is 5667. Critical near term support remains at 5353. The SPX closed at 2391, just 4 points from its record closing high of 2395. Its intra-day high, set in March, was 2400. 2400 is also the top of Its Bollinger Band. The DJIA remains comfortably above its 50D-SMA(20772) and within 1% of its all-time high. A decline in Oil prices kept Energy issues lower, impacting the DJIA. GLD(SPDR Gold) gave up just 0.02 points, and remained under its 200D-SMA. IWM(iShares Russell) has a moderate loss of 0.5% to 139.15. The VIX added 4.75% to 10.59. Near term support for the NDX is at 5625 and 5600. Near term resistance is at 5650 and 5667. Near term support for the SPX is at 2388 and 2375. Near term resistance is at 2395 and 2400. Europe is lower in early trade. US Futures are pointing slightly lower in the pre-market.

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