Street One Fina...'s  Instablog

The Market opened to the upside, but then weakened as the morning wore on. The Nasdaq100 dropped into negative territory as techs were weak.  A move to the upside in the last hour moved all major indices into the black.  At the close, the DJIA had a moderate move to the upside gaining 0.79%, the S&P500 was up 7.3 points, and the Nasdaq100 just barely closing positive up 4.7 points.  Breadth on the NYSE was positive, 2 to 1, on above average volume.  The ROC(10) remains negative, and MACD continues below signal for all three indices.  All three indices did manage to close at or above their 20D-SMA.  After two months into the new year, the DJIA is up 5.6%, the S&P up 5.5% and the Nasdaq100 gaining 5.9%.  The DJIA near term support is now 12188 and 12175.  Near term resistance sets up as 12250 and 12312.  The S&P500 managed to close above 1325, which if it holds would reverse short term bias to the upside.  Near term support sets up between 1325 and 1319.  Upside resistance now at 1330 and 1337.  The Nasdaq100 closed right at its 20D-SMA(2350) for the second straight session.  Near term support remains at now at 2337 and 2325. Near term resistance is now 2350 and 2362.  The VIX was down for the third straight session, 4.5% to 18.35.   

Trading Trends

Long term, the bias remains to the upside for all three major indices.  Short term, bias is neutral, and if the S&P can hold 1325, will shift bias to the upside.  Near term, technicals are mixed, as we closed near the 1325 pivot level in the S&P.  We have recovered about 50% of last week’s pullback, but volume has not been convincing. Volume during the sell-off last week was heavy. Bernanke speaks in Washington today and investors will look for the Fed’s take on the economy.   Futures at(8:15am) are slightly higher versus fair value.  The Mid East crisis and U.S. economic recovery confirmation are the top Market movers.

Major Economic Reports Today:

Construction Spending-10:00am   ISM Index-10:00am     Auto/Truck Sales-3:00pm

Trade Ideas

GXF(Global X Nordic 30)- Closed-20.98. Setting up to breakout above 21.20.

EWG(iShares Germany Index)- Closed-26.00. Breakout above 26.26.

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