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StreetOne Technical Analysis, LLC Market Summary-03/01/2011

|Includes:EWG, Global X FTSE Nordic Region ETF (GXF)

by David Chojnacki

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

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 12226

SP500

close 1327

N100

close 2350

12188

12250

1325

1330

2347

2350

12175

12312

1321

1337

2337

2362

12125

12375

1319

1343

2325

2375

12000

12392

1312

1347

2312

2388

11950

12400

1300

1350

2301

2400

11942

12407

1292

 1362

2300

 

11911

12425

1291

 1375

2298

 

11900

12500

1290

 1388

2288

 

11893

 

1288

 

2284

 

 

 

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

 

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Stocks: GXF, EWG