Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Today's Technical Outlook- 11/29/2012

Market Summary

David Chojnacki S1F Market Technician

After opening to the downside and hitting the lows of the day just after the first half hour, the indices made a steady climb to moderate gains the remainder of the session. The averages did trade between technical levels, but at the final bell had managed to accumulate nice gains. At the close, the DJIA gained .8%, the S&P added .79%, and the Nasdaq100 was up .9%. Breadth was positive, 2.3 to 1, on above average volume. RSI's moved back into the 50's and ROC(10's) are firmly positive and advanced in the session. MACD's continue above signal for all three major indices. As noted above, the indices traded around technical levels for the entire session. The Nasdaq100 traded between 2613, on the low end, to 2666, and closing at 2665. We have the 50% retracement level(2661), the 150D-SMA(2665) and the 200D-SMA(2667), all providing resistance at the top of today's range. The S&P found support right near its 150D-SMA(1384), and met resistance just near its 52 week trend-line at 1411. The DJIA had found resistance at its 150 and 200D-SMA's, 12987 and 12992, respectively. It did close above its 20D-SMA(12893). After last week's reversal, we had consolidation in the beginning of the week and yesterday' session is signaling that the reversal may continue. A confirmation from the Nasdaq100 would be required before we can get an 'all-clear' for a short term upside bias. The S&P closed just below its 52 week trend-line(1411), and we look for that level and 1420-25 to provide near term resistance. Support is now at 1400 and 1393. The Nasdaq100, as noted earlier, found resistance right near some key levels. Watch for the ability to hold the 2661-67 area before it can get more momentum to move further to the upside. Look for support at 2650 and 2625. European markets were strong overnight and that looks to spill over into our markets. Futures are up moderately versus fair value.

Major Economic Reports Today

Initial/Continuing Claims-8:30am GDP-8:30am Pending Home Sales-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