David Chojnacki S1F Market Technician
It was another 'summer market' day, as the indices traded in a very narrow range on weak volume. The Market started out the morning with some choppy action and then settled into a sideways trade in the PM, which ended with the indices little changed by the final bell. At the close, the DJIA fell 10 points, the S&P gaining 0.58 of a point, and the Nasdaq100 adding 5.5 points. Breadth was positive, 1.3 to 1, on weak volume. RSI's were little changed, however, ROC(10's) declined rather significantly, but remained positive. No major change in technicals. It was the second straight day that we had 'Doji's form for the DJIA and S&P. A repeat of the 'Doji' formation, perhaps re-enforcing the idea that we may be close to a near term top. The 1405 area for the S&P and 2725 for the Nasdaq100, continue to act as resistance levels for the two indices. For the DJIA, 13200 continues to provides near term resistance. With little change in yesterday's action, support/resistance levels remain the same. For the S&P, near term support lies near 1395 and 1388, with more important support at 1375. The Nasdaq100 traded in a strict technical range yesterday and those boundaries should provide support and resistance in the near term. Look for support to be near 2700 and upside resistance at 2725. There was little change once again in the VIX. It closed off just .04 to 15.28. We are approaching the levels of March 2012 when the VIX hit a low just before the last market top. Not much economic news to move the Market today. Poor JC Penney earnings and disappointing economic news from China is helping to push Futures lower this morning. JC Penney numbers just another indication that the consumer continues to pull back spending.
ALL PRICES NOTED IN THIS PUBLICATION ARE AS OF THE CLOSE ON TRADING PRIOR TO TODAY'S DATE, UNLESS OTHERWISE INDICATED
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Major Economic Reports Today
Export/Import Prices-8:30am Treasury Budget-2:00pm