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Today's  Technical Outlook - 3/9/2018

Summary

Major Economic Reports Today Employment Report-8:30am Wholesale Trade-10:00am.

Market Summary David Chojnacki – Market Technician, StreetOne Technical Analysis.

Economic numbers were mixed on Thursday, but Investors continue to speculate on the impact of tariffs on the economy. Equities opened slightly higher, but were in a slow slide through the day in a narrow range. The 10YR has been fairly flat recently and ended the day at 2.87, down 2 basis points. The major averages became volatile after 2PM moving, to the upside and reversing lower. After Trump signed the tariff deal late in the day, equities moved higher into the final bell. The major indices ended with moderate gains. At the close, the DJIA gained 0.38%, the SPX moved up 0.45%, and the NDX added 0.53%. Breadth was positive, 1.4 to 1, on below average volume. ROC(10)’s were mixed in the session, with the DJIA moving back into negative territory. The SPX and NDX advanced in the session and remained in positive territory. RSI’s were moved higher with the NDX ending at 59.8. The DJIA and SPX ended at 47.6 and 52.6, respectively. The NDX and SPX remain with their MACD above signal. The DJIA continues with its MACD below signal. ARMS index ended the day at 1.07, a neutral reading, Another somewhat lethargic session yesterday, as investors await this morning’s Employment Report. The NDX continues to be the best performer near term. It continues to put distance from its 20D-SMA of 6761. It is now only 56 points below its record closing high in February of 7022. Once again, we see the SPX trading around key technical levels. Yesterday it closed right at its 50D-SMA of 2738. It is now above its 50% retrace level of 2726. It is moving towards the 61% retrace level of 2760, which will provide the next critical resistance. The DJIA closed at 24895, moving back above its 20D-SMA of 24869. It remains below its 50D-SMA of 25284. The VIX fell 6.8% to 16.54. Near term support for the NDX is at 6950 and 6900. Near term resistance is at 7000 and 7022. Near term support for the SPX is at 2726 and 2703. Near term resistance is at 2750 and 2760. Europe is trading mixed in early trade. US Futures are slightly higher in the pre-market.

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