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Street One Financial LLC (S1F or Street One) is an independent entity affiliated with Precision Securities, LLC., 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... More
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  • Today's Technical Outlook - 12/31/2012 0 comments
    Dec 31, 2012 7:59 AM

    Market Summary

    David Chojnacki S1F Market Technician

    The Market opened lower on Friday, than traded flat into the last hour, when prices took another down-turn. The final bell had the indices with moderate losses in the session. At the close on Friday, the DJIA slid 1.2%, the S&P lost 1.1%, and the Nasdaq100 dropping 1%. Breadth was negative, 2 to 1, on light holiday volume. For the week, the DJIA and S&P were off 1.9%, and the Nasdaq1000 gave up 2.1%. Near and short term technicals weakened in the holiday shortened week. RSI's dropped to near 40, ROC(10's) are negative and declining, and MACD's crossed their signal in the week. Once again the averages are testing longer term strength, as the Nasdaq100 and DJIA have slipped below their 200D-SMA's and their 50week moving averages. The Nasdaq100 is particularly of concern since it is below its 50 and 61% retracement levels of the June to September upside rally. While the gains for the year look impressive: DJIA-5.9%, S&P-11.5%, Nasdaq100-14.3%, the averages are back to where they were (or below) at the end of the first quarter of 2012. During the September through November pullback, the VIX remained rather tame and defied the weakness in the Market. Last week the VIX gained 27% to finish at 22.72, demonstrating the volatility and fear that is back in the Market.

    Trading Trends

    David Chojnacki S1F Market Technician

    Long term, we once again have the Nasdaq100 testing longer term technical levels. Will this weakness continue to spread across the other indices? Will the Nadsaq100 confirm the breakdown? These are all questions that won't get resolved in this light volume week. Short term, the bias is turning to the downside, but not yet confirmed for the DJIA and S&P. Near term bias has been to the downside as the indices test the recent lows of the trading range. We have had five straight down days as the Market waits for some kind of fiscal deal. The S&P about to test 1371-75 area and the Nasdaq100 testing 2600. Futures this morning are lower, with no major economic reports. Eyes will be on Washington once again.

    MAJOR INDICESShort term support and resistance level
    DJIA

    close 12938

    SP500

    close 1402

    N100

    close 2606

    12851129501400140926002612
    12810129941396141225882613
    12700130001394141525752625
    12674130141393142025502637
    12600130231390142225252650
     130691388142525122652
     131251375143525002653
     1314013711450 2659
     1330013621465 2661

    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 utilizing the Broker/Dealer services and licenses of GWM Group Inc., a fully registered Broker Dealer and member of SIPC/FINRA. 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. Data sources include ETF Database, ETFTrends.com, IndexUniverse.com, Google Finance, and Bloomberg data and at times other data sources are utilized.

    Major Economic Reports Today

    No reports scheduled

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