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StreetOne Technical Analysis, LLC Market Summary-03/15/2010

|Includes:FAS, GLD, SMH, UYG, Financial Select Sector SPDR ETF (XLF)

 The Market traded flat throughout the session and closed barely changed on Friday. At the close, the DJIA was up 13 points, the S&P500 of .25 point, and the Nasdaq100 up .6 of a point. For the week, we had small gains to the upside with the DJIA gaining .5%, the S&P500 up .9%, and the Nasdaq100 gaining 1.9%. The Nasdaq100 did make a new high on Friday, along with the DOW Transports.  Both the Nasdaq100 and the Transports are overbought short term. 1920 remains a longer term congestion area for the Nasdaq100 and we should expect some pause near this level.  Similarly, it may take some time to get through 1150 in the S&P500. While the DJIA is somewhat lagging the other two major indices, its 20D-SMA has recently crossed above its 50D-SMA and other technicals look strong enough to support at least a test of its January high of 10725. The Financials (NYSEARCA:XLF), finally paused in its march to the upside with a slight pullback of .06 to close at 15.54. It has pulled back twice now intra day from the 15.75 area. Support remains at 15.40, 15.30, 15.10, 15.00, 14.75, and 14.60. Resistance at 15.75 and 16.00. GOLD(NYSEARCA:GLD) continued its weakness on Friday losing .65 and closing at 107.95. It remains below its 20 and 50DMA’s and may test the 104.50 to 106 area. The VIX lost 2.6% to 17.52, moving close to its recent closing low of 17.42.

 

Trading Trend

Long term, technicals remain positive and intact. Short term, we continue to test January highs of the DJIA and S&P500, while the Nasdaq100 continues to make new highs. Near term, secondary issues remain overbought.  Caution as we may see some pause or consolidation near the areas noted above. Options expire at the end of this week, which may add some volatility to the Market. Today’s futures(at 8:15am) are down slightly versus fair value. Economic growth indicators and U.S. Treasury funding remain the key Market movers.

 

Major Economic Reports Today:

Empire Man. Survey-8:30am    Net Long Term TIC Flows-9:00am    Capacity/Industrial Prod.-9:15am

 

MAJOR INDICES- Short term support and resistance levels.

DJIA-(close 10624)  SP500-(close 1149)   N100-(close 1924)

 

    S           R                  S         R                    S          R

10540    10650            1143   1150              1920     1935

10522    10710            1135   1160              1900     1950

10500    10725            1130   1165              1888     1952

10443    10800            1123   1175              1880     1963   

10366    11000            1120   1180              1875     1975

10355                          1115   1200              1863     

10200                          1111                         1860                                                     

10176                          1108                         1850                 

10150                                                           1845  

 

Trade Ideas

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

 

Recent Calls

2/23-XLF -+ 6%, UYG- + 12%    3/08 FAS- +5.9%

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