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Today's Technical Outlook-05/15/2012

Market Summary

David Chojnacki S1F Market Technician

The Market began the week continuing to be concerned with Greece and the health of the Financial industry. Part of the concern was talk of further tightening of banking regulations. The Market was in the red for the entire session, but did trade in technical ranges, and closed near its lows of the day. At the close, the DJIA and Nasdaq100 were off 0.98%, with the S&P down 1.1%. Breadth was decidedly negative, 5.2 to 1, on average volume. Near and short term technicals remain weak. RSI's have dropped into the lower 30's and ROC(10's) are negative and declining. The Nasdaq100 broke through the 2600 level once again, but this time was unable to recover, and it closed below. The Nasdaq100 is now 6.9% from its recent high in early April. It has some support at 2588 and 2575, with additional chart support at 2550. Upside resistance is now at 2600 and 2612. The DJIA broke through 12715, which now takes us back to the levels of early February. The DJIA has now lost 4.3% in just the last 9 sessions. The next level of support is now 12600. Resistance becomes 12715 and 12810. The S&P traded in a technical range during the session, and at the close was just below an important level of support, which stood at 1340. There is some interim support below here(1337 and 1325), with more important Fibonacci support at 1320. Upside resistance, near term, is now at 1340 and 1348. The VIX spiked up 9.9%, to close at 21.87, comfortably above the 20 handle. There is some resistance at 22, but a move through that level would signify an increase in volatility once again. There is a slew of economic reports this morning which may impact the Market. Futures are slightly higher versus fair value in the early going.

Major Economic Reports Today



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