Seeking Alpha

Street One Fina...'s  Instablog

Street One Financial
Send Message
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
My company:
Street One Financial
My blog:
Street One Technical Analysis
  • Today's Technical Outlook - 11/20/2012 0 comments
    Nov 20, 2012 7:56 AM | about stocks: AAPL

    Market Summary

    David Chojnacki S1F Market Technician

    As expected, the Market was due for a bounce after the recent weakness, and the indices gapped up right from the open on Monday. We traded in a very narrow range, after the first 15 minutes, for most of the session, but a late push up resulted in significant gains for the indices. At the close, the DJIA was up 1.6%, the S&P added 1.99%, and the Nasdaq100 a strong 2.4%. Breadth was positive, 7.7 to 1, on above average volume. RSI's also bounced back into the low 40's and ROC(10's) advanced in the session. The indices closed near their session highs. The Nasdaq100, helped along by a strong day in AAPL(+7.2%), closed above the 10% correction level of 2578, but just below the psychological 2600 level. The DJIA did see its 20D-SMA cross below its 200D. Its 200D-SMA sits at 12992, about 200 points above where it finished yesterday. The S&P did manage to have enough strength to close above its 200D-SMA, which is currently at 1382. This pause in the down slide may have some more support, as yesterday formed a large 'bull' candle and breadth was extremely positive. The indices remain with a short and long term bias to the downside, however, we may see some additional consolidation at these levels. The Nasdaq100 continues to remain the weak, and is now looking for support at 2578 and 2562. Near term, upside resistance now sets up as 2600 and 2612-13. The S&P moved back above its 200D-SMA of 1382 and its 50% retracement level of 1371. Yesterday's strength was impressive, but we see no impetus to justify that the reversal continues. The S&P now has near term support at 1382 and 1375. If we stay above those levels we can see the bias holding to the upside, at least near term. Upside resistance sets up as 1393 and 1400. The VIX closed down significantly, down 7.1%, to 15.24. While yesterday's volume was above average, typically this week we see holiday type volume, which makes confirmation of moves difficult. Futures are lower this morning.

    Major Economic Reports Today

    Housing Starts/Building Permits-8:30am
    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

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: AAPL
Back To Street One Financial's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.