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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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  • StreetOne Technical Analysis, LLC Market Summary-03/12/2010  0 comments
    Mar 12, 2010 8:57 AM | about stocks: XLF, GLD, SMH, UYG, FAS
     The Market straddled both sides of the breakeven mark for most of the session, until the last hour, when buyers pushed the Market to small gains, again. After two sessions of good(decent) volume, the last session was back to the weakside. At the close, the DJIA was up 44 points, the S&P500 up 5, and the Nasdaq100 up 6. The S&P500 closed at 1150.24, technically a new high, by .01 of a point. The Nadsdaq100, Dow Transports and Russell 2000 continued to make new highs. The Nasdaq100 is now up 3.3% for the year, with the S&P500 up 3.1%. The Nasdaq100 remains overbought in the short term. 1920 is a longer term congestion area for the Nasdaq100 and expect some pause near these levels.  The Financials (XLF), up again .8% to 15.60. Pulled back from 15.76 intra day, which is a stronger resistance area. Support remains at 15.40, 15.30, 15.10, 15.00, 14.75, and 14.60. Resistance now at 15.75 and 16.00. GOLD(GLD) up .13 to 108.60 and is languishing in no man’s land. Remains below its 50D-EMA, and is neither a short nor long. The VIX moved down 2.7% to 18.06.

     

    Trading Trend

    Long term, technicals remain positive and intact. Short term, small moves to the upside, as we are testing January highs of the DJIA and S&P500. Near term, techs and secondary issues remain overbought.   Caution near term. Though the Nasdaq100 has broke to new highs and now the S&P500 is poised to follow, near term we may see pause near 1920 area for the Nasdaq100 and 1150 for the S&P500. Today’s futures(at 8:15am) are up slightly versus fair value. Economic growth indicators and U.S. Treasury funding remain the key Market movers.

     

    Major Economic Reports Today:

    Retail Sales-8:30am    Mich. Sentiment-8:55am    Business Inv.-10:00am

     

    MAJOR INDICES- Short term support and resistance levels.

    DJIA-(close 10611)  SP500-(close 1150)   N100-(close 1923)

     

        S           R                  S         R                    S          R

    10540    10650            1150   1160              1920     1935

    10500    10699            1143   1163              1900     1944

    10499    10725            1135   1175              1880     1950

    10424    10800            1132   1180              1875     1963   

    10356    11000            1130   1200              1863     1975

    10355                          1120                         1853     

    10200                          1115                         1850                                                     

    10150                          1110                         1845                 

    10148                          1108                         1840   

     

     

    Trade Ideas

    SMH(Semiconductor HOLDRs Tr)-Closed 27.10. A buy above 27.00.

    XLF(Financial Select SPDR)-Closed 15.60. Remains a buy above 15.10. Similar trade UYG, buy above 6.15. FAS(Direxion Financial 3X Leverage)-Closed 89.75. Buy above 83.00. The Financials here are becoming slightly overbought short term.

     S1F In the News: http://www.streetonefinancial.com/news.html

    This communication is not intended to constitute any offer or solicitation to buy or sell securities. Street One Financial (S1F) is a division of Emerging Growth Equities, Ltd (EGRO), Broker/Dealer and member of SIPC, FINRA (    www.egequities.com). For more information, please contact us at: 877-782-8353



    Disclosure: No positions
    Stocks: XLF, GLD, SMH, UYG, FAS
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