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Today's Technical Outlook - 3/29/2018

Summary

Major Economic Reports Today Jobless Claims-8:30am Personal Income-8:30am Chicago PMI-9:45am Consumer Sentiment-10:00am EIA NatGas-10:30am.

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

Decent GDP and Home Sales reports Wednesday morning, helped push the DJIA and SPX to early gains. The NDX continued to move lower as AMZN and NFLX were taking it on the chin. The FANG stocks came off one of their worst days on Tuesday and the weakness continued. The DJIA and SPX traded in a choppy manner on both sides of the flat line. By the end of the day, the NDX continued its losing ways with another significant loss. The DJIA and SPX closed with losses of only a few points. At the close, the DJIA fell just 9.2 points, the SPX slipped 7.6 points, and the NDX lost 1%. Breadth was slightly positive, on above average volume. ROC(10)’s were mixed with the DJIA and SPX advancing and the NDX declining. All three major indices remain in negative territory. RSI’s moved slightly lower in the session, with the strongest being the DJIA at 38.9. The SPX finished at 37 and the NDX at 36.5. All three major averages continue with their MACD below signal. The ARMS index ended the day at 1.05, which is a neutral reading. Tech stocks continue to move lower on technical, political and legal issues. They continue to drag down on the major indices, specifically the NDX. The NDX closed at 6460, which is just below its 1 year Trend-line of 6500. It holds just above its 10% correction level of 6418. The NDX is well below its 50D-SMA of 6811. The NDX ended the day just below its lower Bollinger band of 6477. The DJIA ended the day at 23848, just above its 1 year Trend-line of 23800. It is below its 10% correction level of 23955. It holds above its 200D-SMA of 23398 and it lower Bollinger band of 23668. The SPX closed at 2605, just below its 1 yr. trend-line of 2612. It closed just above its 10% correction level of 2587. The SPX holds just above its 200D-SMA of 2588. The VIX added 1.6% to finish at 22.87. Near term support for the NDX is at 6450 and 6418. Near term resistance is at 6500 and 6550. Near term support for the SPX is at 2600 and 2588. Near term resistance is at 2612 and 2625. Europe is trading higher in early trade. US Futures are pointing higher in the pre-market.

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