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Today's Technical Outlook - 7/14/2017

Summary

Major Economic Reports Today Consumer Price Index-8:30am Retail Sales-8:30am Industrial Prod.-9:15am Bus. Inventories-10:00am Consumer Sentiment-10:00am

Market Summary David Chojnacki – Market Technician, StreetOne Technical Analysis

Mixed economic news pushed the major averages  to the upside at the open on Thursday.   The little rally ended quickly and equities became choppy in a narrow range for the remainder of the session.   The DJIA held on to enough of a gain to close at a new high(21553), however, it was unable to challenge the prior session’s intra-day high(21580).  The NDX and the SPX were able to close with little gains on missing volume.   It was a bit of a dull session, except for the DJIA closing at a record high.   At the close, the DJIA was up 20.9 points, the SPX added 4.5 points, and the NDX inching up 14.4 points.    Breadth was slightly positive, 1.1 to 1, on below average volume.   ROC(10)’s declined in the session, but all three major indices remained in positive territory.   RSI’s inched higher, with the DJIA continuing to lead at 61.9.  The SPX is at 58.7 and the NDX at 57.2.  The SPX MACD crossed above signal, joining the NDX.  The DJIA MACD remains

below its signal.  The ARMS index ended the day at 0.66, a fairly bullish reading.   As noted earlier, the DJIA new closing high was the highlight of the session.   The DJIA met resistance during the session near its upper Bollinger Band of 21561.  It remains above its 20D-SMA of 21417.  The NDX held above its 50D-SMA of 5723, closing at 5793.  It traded just below its upper Bollinger Band of 5839 in the session.   The SPX had its MACD cross above signal which is a positive near term technical signal.  It closed at 2447, just 6 points below its record high, and is above its 20D-SMA of 2432. It also found resistance near its upper Bollinger band of 2452.  FNG(AdvisorShares New Tech and Media)  a new ETF, which traded just for the second day, ended slightly lower, after hitting a new high of 20.74.  Near term support for the NDX is at 5775 and 5750. Near term resistance is at 5800 and 5839. Near term support for the SPX is at 2432 and 2425.  Near term resistance is at 2450, 2452 and 2462.  Europe is mixed in early trade.  US Futures are mixed in the pre-market.                                   

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