David Chojnacki S1F Market Technician
A big push up at the open as the Market was encouraged by Apple's earnings. The indices were near their highs within the first half hour and then held those levels into the close. The Nasdaq100, propelled by AAPL, gained 2.69% in the session, with the DJIA adding 0.69%, and the S&P gaining 1.3%. AAPL was up 8.8% on the day. Breadth was positive, 3.3 to 1, with volume average. Near term technicals improved, with RSI's moving back into the low 50's for the big three indices. For the DJIA, we have the MACD crossing above signal, and moving above its 20 and 50D-SMA's. The DJIA closed just near the top of the recent trading range, where it meets resistance at 13125. A push through this level and we can see short term bias reverse to the upside. We will find resistance at the 13125 level and at 13264. Support can now be found at 13021 and 12810. The S&P held on to its gains into the close and finished just above the top of its recent range. In doing so it moved through its 20 and 50D-SMA's. Should the S&P be able to hold the 1390 level, short term bias will reverse to the upside. Support now sets up as 1381 and 1370. Upside resistance can be found at 1397-1400 and 1412. The Nasdaq100 had a big day, closing above its 50D-SMA(2681), but unable to crack through its 20D-SMA(2721). It will now find resistance at 2712 and 2721-25. Support sets up as 2700 and 2681. The VIX closed down once again, 7% to 16.82. This morning we have a Claims Report and last night's earnings to set the mood of the Market. Early Futures are slightly lower versus fair value.
Major Economic Reports Today
Initial/Continuing Claims-8:30am Pending Home Sales-10:00am
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