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Street One Financial LLC (S1F or Street One) is an independent entity affiliated with GWM Group Inc., 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 managers in... More
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  • Today's Technical Outlook - 12/03/2012 0 comments
    Dec 3, 2012 8:07 AM

    Market Summary

    David Chojnacki S1F Market Technician

    Very little movement on Friday, as the indices continued to consolidate the prior week's strong reversal to the upside. The major averages are trading right near key technical levels and it is easy to be whipsawed in this type of market. At the close on Friday, the DJIA added 3.7 points, the S&P tacked on just 0.23 points, and the Nasdaq100 gave up 2.1 points. Breadth was to the upside, 1.2 to 1, on above average volume. For the week, the DJIA and S&P had slight gains of 0.1 and 0.4% respectively, with the Nasdaq100 the strongest, gaining 1.4%. In the recent pullback, the Nasdaq100 slid back 11.8%, so it is no wonder that in the current reversal it has been the strongest index with an RSI(10) of 56.5. Just as we began to get signals of a longer term breakdown, the averages quickly reversed. We are now back above these levels, but within striking distance of testing these levels in the near term. Trying to trade this short term may just leave you getting whipsawed around some key technical levels. It's obvious that daily headlines from Washington are moving this Market, sometimes on a minute by minute basis. It appears that this is going to continue for this week, with little agreement noted on the self-imposed fiscal-cliff. We have employment numbers on Friday of this week, which may impact the Market.

    Trading Trends

    David Chojnacki S1F Market Technician

    Long term, after falling below key long term levels, the averages have now made their way back to positive bias. We continue to hold above these levels, but are within striking distance on any weakness. Short term the bias has reversed, but remains questionable as we are trading near key technical levels. While the action has been positive we would like to see a stronger confirmation that the short term reversal is real. A move above 2700 in the Nasdaq100 and 1425 in the S&P would make the move more believable. Near term, it's a whip-saw market, with averages trading on either side of technical signals. The VIX continues at low levels, which agrees with the prior week's reversal. Futures are up this morning versus fair value.

    MAJOR INDICESShort term support and resistance level
    DJIA

    close 13025

    SP500

    close 1416

    N100

    close 2678

    13000 13028 1412 1420 2675 2688
    12995 13125 1409 1422 2669 2694
    12985 13198 1400 1425 2664 2700
    12880 13300 1396 1437 2661 2709
    12851 13400 1393 1450 2653 2712
    12810   1385 1462 2650 2725
    12724   1375 1475 2625 2734
    12674   1371 1488 2613 2750
        1362   2612  

    Major Economic Reports Today

    ISM Index-10:00am Construction Spending-10:00am Auto/Truck Sales-2:00pm

    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

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