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Street One Financial LLC (S1F or Street One) is an independent entity affiliated with Precision Securities, LLC., a full service registered broker dealer and a member of FINRA/SIPC. Street One specializes in educating, evaluating and trading ETFs, equities and options. Our firm assists portfolio... More
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  • Today's Technical Outlook - 8/29/2012  0 comments
    Aug 29, 2012 7:55 AM

    Market Summary

    David Chojnacki S1F Market Technician

    After a weak start, the indices gained some traction, but then traded mostly sideways into the close. There was little change as the averages flirted with key technical levels but unable to close with any conviction. For the last big summer week and the big economic events scheduled for the upcoming weeks, it looks like we may go quietly into the holiday weekend. At the close, the DJIA gave up 21 points, the S&P off just 1.1 point, and the Nasdaq100 able to just finish positive by .14 of a point. Breadth was positive, 1.3 to 1, on very weak volume. RSI's remained fairly steady in the session and ROC(10's) turned down for all three indices. MACD's for the DJIA and S&P remain below signal. The Nasdaq100's MACD is holding just above its signal. The DJIA remains below its 20D-SMA. Technicals continue to be strong with bias to the upside, but we will monitor these few weak indicators to see if they are signaling any prolonged pullback. There is no change in the near term technicals. We are watching 1411 in the S&P as a pivot level for upside bias. Look for the S&P to have the wider range of 1375 on the downside for support and 1425 as upside resistance. The Nasdaq100 has 2755 as this near term pivot point. The wider trading range for Nasdaq100 is 2725 for support, and upside resistance remains the spring closing high of 2784. For the DJIA, look at 13125 to indicate near term upside bias. 13000 is acting as support and the April high of 13279 is providing the upside resistance. There was little change in the VIX, however, it did close up to 16.49. A couple key economic reports today(see above) which may move the Market. Futures are slightly weaker this morning versus fair value.

    Major Economic Reports Today

    GDP-8:30am Pending Home Sales-10:00am Crude Inv.-10:30am Fed's Beige Book-2:00pm

    DISCLAIMER LANGUAGE

    ALL PRICES NOTED IN THIS PUBLICATION ARE AS OF THE CLOSE ON TRADING PRIOR TO TODAY'S DATE, UNLESS OTHERWISE INDICATED

    This publication is neither an offer to sell nor a solicitation to buy any securities mentioned herein. The information contained herein is based on data obtained from recognized sources that are believed to be reliable. Street One Financial LLC (S1F) have not independently verified the facts, assumptions and estimates contained in this publication. Accordingly, no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this publication. The information contained in this publication is not and does not purport to be a complete analysis of every material fact respecting any company, industry, ETF or other security. Additional information concerning this publication may be available on request, if available. Many of the securities mentioned in this publication involve a higher degree of risk and more volatility than the securities of more established securities. For these and other reasons, the investments discussed in this publication may be unsuitable for investors depending on their specific investment objectives and financial position. Each investor should complete his or her own additional investigation and assessment prior to making investments in any securities. Transactions in securities mentioned herein may be effected only in those states where such securities are qualified for sale. Street One Technical Analysis LLC is an independently owned Company from Street One Financial LLC (S1F). S1F is an independent Company specializing in ETF's, equities, and options. S1F specializes in agency ETF/ETP, equities, and options trade execution. On the ETF/ETP end, S1F may work with the ETF issuers to understand their products more thoroughly and how they can complement an investor's portfolio

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