David Chojnacki S1F Market Technician
Early strength began to wane late morning, and seemed to accelerate after some remarks by Bernanke. Bernanke defended the new FED program by stating the economy is just not growing fast enough and feared the fiscal cliff. At the end of the day, the indices finished mixed. At the close, the DJIA gained 0.58%, the S&P added 3.8 points, and the Nasdaq100, the only loser, off 4.9 points. Breadth was positive, 1.5 to 1, on above average volume. While RSI's increased somewhat for the DJIA and S&P, we saw a small drop for the Nasdaq100. RSI's still remain in bullish territory. ROC(10's) remain negative, and advanced for the DJIA and S&P, but declined for the Nasdaq100. The indices MACD remains below signal. The major averages are also flirting with the 20D-SMA, with the DJIA and S&P just above, and the Nasdaq100 below. With the Nasdaq100 being the leader since 2009, it raises concern when see weakness in that index. Yesterday we saw AAPL reverse during the session to close lower and MSFT was weak the entire day. Bucking the trend was GOOG, which closed at a new high. The S&P closed below the near term pivot point of 1448, where we see downside bias below this level. We continue to see near term resistance at 1448-50 and 1462. Support now sets up at 1443 and 1425-30. The Nasdaq100 closed below 2800. We see support below 2800 at 2775 and 2762. We see upside bias above 2814 and near term resistance at its 20D-SMA(2819) and 2825. The VIX added 3.7% to close at 16.32, remaining relatively calm. Futures are higher this morning versus fair value. Street One Financial WEBINAR-Using Low-Volume ETFs For Maximum Impact and Minimum Cost
*November 07, 2012 2:00-3:00pm EDT
Register here: https://www2.gotomeeting.com/register/981003234>
Major Economic Reports Today
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
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.