Today's Free Feature

Technical Snapshot

Key Takeaways

• The S&P, Nasdaq, and Russell finished Wednesday's session lower, while the Dow was largely unchanged. All the indices gave up their early session gains after reversing from their respective initial overhead resistance ranges. Downside support ranges remain unchanged. The Daily trends on the S&P, Nasdaq, and Russell remain neutral, while the uptrend on the Dow remains intact. Momentum readings across all four indices are confirming price action, holding below resistance, alongside price.
• The Volatility Index (VIX) finished Wednesday's session lower closing well above its initial downside support range from 16.10-15.65. A continued move lower toward support and a break below 15.65 would likely lead to a test of the 15.25-14.45 support range below. A move lower in the VIX would likely align with renewed buying pressure in equities. Conversely, a move higher in the VIX would likely lead to a test of its 18.90-18.30 resistance range, followed by 20.55-19.65. A move higher in the VIX would likely lead to continued selling pressure in equities.
• S&P 500 GIC Sector Rankings (12-Week: Strongest-Weakest): [1] XLE (Energy), [2] XLRE (Real Estate), [3] XLU (Utilities), [4] XLP (Consumer Staples), [5] XLF (Financials), [6] XLC (Communications), [7] XLV (Healthcare), [8] XLK (Technology), [9] XLB (Materials), [10] XLY (Consumer Discretionary), [11] XLI (Industrials)

Key Technical Levels to Watch

S&P 500 Index

• Resistance: the S&P finished Wednesday's session slightly lower after reversing from its initial overhead resistance range from 7535-7500. If price moves back into this range and breaks above 7535, it would likely test the 7580-7560 resistance range above.
• Support: downside support ranges remain unchanged, with the first support range coming in from 7450-7430, followed by 7415-7390 below.
• Daily Trend: Direction (Neutral), Uptrend Terminated (7338)
• Momentum (RSI): is holding below resistance, alongside price.

Nasdaq 100 Index

• Resistance: similar to the S&P, the Nasdaq finished Wednesday's session lower after reversing from its initial overhead resistance range from 29150-28880. If price moves back into this range and breaks above Tuesday's 29192 high, it would likely test the 29550-29365 resistance range above.
• Support: downside support ranges remain unchanged, with the first support range coming in from 28700-28535, followed by the 27715-26875 support range below.
• Daily Trend: Direction (Neutral), Uptrend Terminated (28628)
• Momentum (RSI): is holding below resistance, alongside price.

Dow Jones Industrial Average

• Resistance: the Dow finished Wednesday's largely unchanged after reversing from its initial overhead resistance range from 52615-52500. A move back into this range and a break above 52615 would likely lead to a test of the 52965-52825 resistance range above.
• Support: downside support ranges remain unchanged, with the first support range coming in from 51895-51640, followed by the 51280-51030 support range below.
• Daily Trend: Direction (Uptrend), Uptrend Termination (49235)
• Momentum (RSI): is holding below resistance, alongside price.

Russell 2000 Index

• Resistance: like the other equity indices, the Russell finished Wednesday's session lower after reversing from its initial overhead resistance range from 3000-2980. A move back into this range and a break above 3000 would likely lead to a test of the 3045-3020 resistance range above.
• Support: downside support ranges remain unchanged, with the first support range coming in from 2945-2925, followed by 2910-2895 below.
• Daily Trend: Direction (Neutral), Uptrend Terminated (2970)
• Momentum (RSI): is holding below resistance, alongside price.

Additional Charts

Volatility Index (VIX)

Thank you for reading. Stay tuned for more insights, before the bell tomorrow.

-Chris Duhanci, CMT, Briefing.com