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StreetOne Technical Analysis, LLC Market Summary-01/25/2011

|Includes:SPDR Gold Trust ETF (GLD), GLL

by David Chojnacki

A flat open to the Market and then a good move to the upside thru the morning hours.  The indices maintained their strength into the close with the DJIA and S&P500 closing near their highs of the session and the Nasdaq100 closing right at its high.  At the close, the DJIA was up 0.9%, the S&P500 gaining 0.58%, and the Nasdaq100 bouncing back with a good 1.4% move to the upside.  Breadth was positive, 2.5 to 1, on average volume.  The DJIA closed at a new high on average volume and just below the 12000 psychological level.   Near term support for the DJIA is now 11950 and 11938. Near term resistance becomes 12000 and 12125.  The S&P500 closed above 1288(was resistance), however,  MACD is still slightly negative.  Near term support is now 1288 and and1275.  Near term resistance becomes  1300 and 1312. The Nasdaq100 closed at its high of the session and right at the 2300 level.  Its ROC(10) reversed to positive and it had an engulfing candle.  Its MACD remains slightly negative.  Near term support is now 2291 and 2288.  Near term resistance now becomes 2300 and 2312. Financials were weak, and the GLD traded near 130 but held above.  The VIX finally pulled back 4.4% to 17.56, moving back below its 50D-SMA. 

                                                            

Trading Trend

Long term, the bias remains to the upside for all three major indices.  Short term, bias continues to the upside.  Near term, it was a solid session for the indices as technical strength remains strong though some momentum has slowed.  Slowing momentum may keep us range bound near term.   Earnings reports will continue to impact the Market.  Futures at(8:15am) are  slightly lower versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

Case Shiller Index-9:00am    Consumer Confidence-10:00am    FHFA Housing Price Index-10:00am

                                            

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 11980

SP500

close 1290

N100

close 2300

11950

12000

1288

1298

2291

2300

11938

12125

1283

1300

2288

2312

11900

12250

1275

1312

2275

2325

11867

12325

1262

1325

2273

2335

11814

 

1257

1337

2262

2350

11734

 

1250

 

2250

 

11712

 

1245

 

2238

 

11658

 

1243

 

2225

 

11635

 

1240

 

 

 

Click to enlarge

 

 

 

Trade Ideas

GLD-(SPDR Gold trust)-Closed 130.36.  Potential to trade down to 118.75 to 120  level short term, if it breaks 130 level.

GLL(Proshares Ultras short gold)-31.38.  One way to play declining gold prices.

 S1F in the News: http://www.streetonefinancial.com/news.html

 

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


Stocks: GLD, GLL