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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 12/5/2012  0 comments
    Dec 5, 2012 8:09 AM

    Market Summary

    David Chojnacki S1F Market Technician

    After exhibiting a little strength in the early going, the major averages slowly drifted to the downside, leaving prices in the red at final bell. With no major news to move the Markets, they once again traded in a narrow range for most of the session. At the close, the DJIA dropped 13.8 points, the S&P gave up 2.4 points, and the Nasdaq100 slipping 3.9 points. Breadth was just slightly negative, on average volume. RSI's were little changed and ROC(10's) remained positive, but declined in the session. MACD's continue above signal for all three major indices. The indices continue to trade near key technical levels and appear to be content with consolidating in the current range. We are in a congestion area, so that does not come as a surprise. The DJIA briefly traded above its 200D-SMA (12996), but by the close had retreated below. The Nasdaq100 closed just below its 200D-SMA(2670), while the S&P could not hold above its one year trend-line of 1411. The S&P did manage to continue above its 200D-SMA(1385). We expect the S&P to find resistance at 1411 and at the 1420-25 area. The index will find support at 1400 and 1396, near term. The S&P may consolidate in a wide area between 1375 and 1425 until a clearer direction on fiscal policy is formulated. The Nasdaq100 which closed just below its 200D-SMA(2670), will now find that level to provide resistance along with 2675 and 2700. Support sets up at 2661 and 2650. The VIX has risen for three straight sessions, moving above its 20 and 50D-SMA's, and seeing its MACD cross above signal. It closed yesterday at 17.12. We receive a slew of economic reports this morning which may have some impact on the Market. We have Europe up in early trading and that is helping to keep our Futures to the upside before the open. Focus on Washington for some type of fiscal resolution still remains the main concern for now.

    Major Economic Reports Today

    ADP Employment Change-8:15am Prod/Unit Labor Costs-8:30am Factory Orders-10:00am ISM Services-10:00am Crude Inv.-10:30am

    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

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