David Chojnacki S1F Market Technician
The Market traded in an up/down fashion throughout the day, with the indices finishing mixed on the session. Once again we traded in a technical range, with the increased volatility moving the averages swiftly from the low of the range to the high. At the close, the DJIA added 33 points, the S&P was up just 1.8 points, and the Nasdaq100 losing 15.7 points. Breadth was positive, 1.4 to 1 on average volume. The S&P and Nasdaq100 once again closed above their 150D-SMA's, which are respectively, 1316 and 2498. RSI's remain in the mid 30's, recovering from last week's weakness but still low. The trading remains in a technical range since the bounce early in the week, but no real fundamental money to push the averages to the upside. Look for events, particularly Europe to continue to drive the Market through technical ranges. The Nasdaq100 was the only average of the big three to close in negative territory as tech stocks were weak. Look for support at 2500 and 2498(150D-SMA). Upside resistance is now 2550 and 2562. The S&P once again held above its 150D-SMA(1316). We still see additional support at 1312 and 1300. Upside resistance is set at 1320-25 and at 1337. The DJIA will continue to find resistance at its 150D-SMA(12559) and at 12600. Support on the downside is 12500 and 12400. The VIX moved down 3.5% to close at 21.54. It closed just below its 150D-SMA which is at 21.94. Not much in economic reports today, but eyes will remain on Greece and Europe. With the holiday weekend coming up, the afternoon trading volume will probably drop off. Futures are slightly higher versus fair value in the early going.
Major Economic Reports Today
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