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

Today's Technical Outlook -11/30/2012

Market Summary

David Chojnacki S1F Market Technician

The Market began the day following through on the prior session's moderate gains. The focus once again was on the fiscal cliff negotiations and Washington comments were driving the trade. Several up and down moves reacting to the headlines had the Market trading in a narrow, but volatile range. At the close, the DJIA was up 36.7 points, the S&P added 6 points, and the Nasdaq100 tacked on 14.7 points. Breadth was positive, 2.6 to 1, on below average volume. RSI's are now firmly in the 50's, with the Nasdaq100 the strongest, at 57. ROC(10's) are positive and once again moved to the upside. MACD's continue above signal for all three major indices. The trade was again between technical ranges. The DJIA moved above its 200D-SMA(12994) and closed above the 13000 level. The Nasdaq100 closed above some key levels , including its 200D-SMA(2668). The S&P traded between technical levels, and was able to close just above its one year trend-line(1411). The bias near term is favoring the upside, however, the indices are beginning to come into more formidable resistance areas. The Nasdaq100 formed a 'doji' in yesterday's session and is trading in a congestion area which exists between 2640 and 2700. It will also find resistance at its 50D-SMA( 2704). Look for support at 2675 and 2661-67 area. The S&P closed just above its 52 week trend-line(1411), and now that should provide some near term support along with 1400 and 1393. Upside resistance is fairly formidable near the 1420-25 area. The VIX closed down 2.5% to finish at 15.51. We are right near technical levels that small moves can swing bias in either direction. With headlines influencing the daily trade, this scenario can lead to whipsaw. Look at individual situations until the macro environment shakes out. Futures are up versus fair value.

Major Economic Reports Today

Personal Income/Spending-8:30am PCE Prices-8:30am Chicago PMI-9:45am



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