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Market Summary David Chojnacki – Market Technician, StreetOne Technical Analysis
The major indices opened mixed and were choppy through the early going. When the averages finally caught a bid to the upside, it was the big techs which were leading the way again. This propelled the NDX to new closing and intra-day highs. AAPL moving to new all-time highs contributed to the NDX, and the other major indices. All three major indices closed at new all-time highs, but the DJIA and SPX were unable to meet their record intra-day highs. Volume fell off in the session. At the close, the DJIA was up 6.1 points, the SPX inched up 3.7 points, and the NDX gained 0.4%. Breadth was just slightly positive, on below average volume. ROC(10)’s advanced in the session, with all three major averages continuing in positive territory. RSI’s moved slightly higher, with the DJIA barely holding its lead at 77.9, with the NDX now at 77.4. The SPX finished at 72.5. All three major indices are now in over-bought territory. The SPX MACD crossed above signal in the session, joining the NDX. The DJIA is the only major index with its MACD remaining below signal. The ARMS index ended the day at 0.97, a nearly neutral reading. Yesterday’s session was typical of so many we have seen in the last few weeks. Once again we had small gains propelling the major indices to new highs. Volume was absent, leading to little conviction to the move. The DJIA closed at 23563 (record high). Intra-day it traded as high as 23575, below the record of 23602. Its 20D-SMA is now at 23304. The NDX also closed with a new record high of 6345. It hit an intra-day record high of 6346. The NDX is up 5.1% since 10/26. The SPX recorded a new closing high of 2594. Its 20D-SMA is now at 2571. The VIX lost 1.1% to finish at 9.78. Near term support for the NDX is at 6325 and 6300. Near term resistance is at 6350 and 6368. Near term support for the SPX is at 2588 and 2575. Near term resistance is at 2600 and 2612. Europe is lower in early trade. US Futures are pointing moderately lower in the pre-market.
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