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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-4/18/2012 0 comments
    Apr 18, 2012 8:07 AM

    Market Summary

    David Chojnacki S1F Market Technician

    The Market opened to the upside and continued to move in that direction through the morning session. In the PM, we saw the indices trade flat into the close, but near their highs of the session. At the close, the DJIA and S&P gained 1.5%, while the Nasdaq100 rose to the tune of 2%. Breadth was decidedly positive, 3.4 to 1, on a slip in volume, but near the daily average. With the strong move, RSI's moved back above 50 and ROC(10's) advanced but remained negative. We moved above the 1370 level in the S&P, removing the downside bias. We ended the session just above 1388 at 1390, and if we stay above this level bias resumes to the upside. We had the S&P move back above its 50D-SMA(1377), but could not close above its 20D-SMA at 1395. The S&P now has support at 1385-88 and 1377. Resistance sets up at 1397-1400 and 1412. We continue to see the 1370 to 1388 area as a flat range with no directional bias(Limbo). The Nasdaq100 traded within a technical range, with the low end being 2675, and closing just below the 2725 resistance level at 2723. The Nasdaq100 remains above its 50D-SMA(2665) and just below its 20D-SMA(2741). We see support at 2712 and 2700, with resistance at 2725 and 2737. The DJIA finally moved back above and held its 50D-SMA(13003) and 20D-SMA(13063). These levels are now support on the downside. On the upside, we see resistance at 13125 and 13250. The VIX lost 5.5% to close at 18.46, keeping volatility at a controlled level. The recent wide daily and intra-day swings in the VIX, suggests the indecision in the Market. The whipsaw action around the short term moving averages also reflects instability. Early Futures are slightly lower versus fair value.

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    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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