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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 - 9/20/2012 0 comments
    Sep 20, 2012 7:54 AM

    Market Summary

    David Chojnacki S1F Market Technician

    A slow move to the upside in the morning, once again ran into a barrier near the 1462-1465 area in the S&P. This morning's housing report was slightly positive and helped move the Market to the upside, as investors look for any kind of good fundamental news. A pull-back in the PM left the averages with little gains at the close. At the close, the DJIA was up 13 points, the S&P tacked on 1.7 points, and the Nasdaq100 adding 6.6 points. Breadth was positive, 1.4 to 1, on below average volume. RSI's remain bullish, but are also near over-bought territory. ROC(10's) remain positive, but declined in yesterday's session in all three major indices. We continue the consolidation process for the fourth day in a row. The trading remains in a very narrow range as there is little volatility in the Market right now. The VIX verifies the low volatility, as it ended the day at 13.88 down 2.1%. The VIX is back near the recent lows. Action on our trading desk continues to suggest repositioning of investments and some flight to equities looking for greater returns. The Nasdaq100 had a small gain, but once again enough to close at a new high. Not much change in technicals with support at 2850 and 2825. Upside resistance is at 2865 and at 2875. The S&P met resistance in the 1462-1465 area. This has proved to be formidable resistance for the recent consolidation period. Indications are that we eventually move through this area and once again test the 1475 resistance level. Support continues at 1448-50 and 1440. Technicals still pointing to an upside target at 1504. The weekly claims report this morning, will give us another look into the jobs situation. Futures are lower this morning versus fair value.

    Major Economic Reports Today

    Initial/Continuing Claims-8:30am Philly FED-10:00am Leading Indicators-10:00am



    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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