Today's Technical Outlook - 12/13/2017

Dec. 13, 2017 8:51 AM ET
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Growth

Contributor Since 2009

Street One Financial LLC (S1F or Street One) is an independent entity affiliated with Precision Securities, LLC., a full service registered broker dealer and a member of FINRA/SIPC. Street One specializes in educating, evaluating and trading ETFs, equities and options. Our firm assists portfolio managers in constructing their portfolios and identifying which ETF products may provide the best desired exposure by specific manager objective, fees and liquidity. The ETF/ETP landscape is evolving rapidly and has diversified quickly beyond passive equity index ETFs. Now actively managed strategies, fundamental and quantitative ETFs, as well as those that offer exposure to fixed income, commodities or even volatility indexes are available to all investors. Street One believes the key to understanding this rapidly changing environment is to learn how specific products work and where they may fit within a manager's portfolio. In addition to ETFs, options, and equities, we also handle closed end funds (CEF) trade execution and access to liquidity. All Street One Financial trades are executed by Precision Securities, LLC.

Summary

  • Major Economic Reports Today CPI-8:30am EIA Report-10:30am FOMC Announcement-2:00pm.
  • Market Summary David Chojnacki – Market Technician, StreetOne Technical Analysis.

Equities got off to a mixed start as PPI numbers came in as expected.   The DJIA and SPX were moving to the upside, while the NDX was taking a breather.   Techs have been pushing the NDX to the upside for 5 straight sessions.  Techs were weaker on Tuesday, as were many small-cap issues.  IWM(Russell 2000) was down for the second day in  a row.   This action did not interrupt the DJIA and SPX, as they managed to hold on to early gains for new record closing and intra-day highs.   Volume was low again and momentum was weak.   At the close, the DJIA was up 0.49%, the SPX eked out a gain of 4.1 points, and the NDX fell 0.16%.  Breadth was slightly negative, 1.2 to 1, on below average volume.   ROC(10)’s  declined across the board.  The DJIA and SPX remained in positive territory, while the NDX continued in negative territory.  RSI’s  were mixed, with the DJIA(77.5) and SPX(74.7) inching higher and in over-bought territory.  The NDX ended lower at 59.3. The DJIA and SPX remain with their MACD above signal, while the NDX remains below.  The ARMS index ended at 0.65, a  bullish indication at the close.  The DJIA closed at 24504, the third record high in as many sessions. It traded as high as 24552.  It continues well above its 20D-SMA of 23875, its first level of critical support. The NDX ended its string of gains, but was only off slightly.  It closed at 6383, above its 20D-SMA of 6339. The NDX met resistance right near 6400, at 6403. It continues below its record closing high of 6422.  The SPX closed at 2664, its third record high in a row.   The SPX traded as high as 2669 in the session, comfortably above its 20D-SMA of 2617.    The VIX finished to the upside, gaining 6.2% to 9.92.  It remains at extremely low levels.  Near term support for the NDX is at 6350 and 6339. Near term resistance is at 6400 and 6422.  Near term support for the SPX is at 2650 and 2625. Near term resistance is at 2665 and 2675. Europe is mixed in early trade.  US Futures are mixed pre-market.        

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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