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Street One Financial LLC (S1F or Street One) is an independent entity affiliated with Precision Securities, LLC., 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... More
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  • Today's Technical Outlook-5/17/2012 0 comments
    May 17, 2012 8:06 AM

    Market Summary

    David Chojnacki S1F Market Technician

    After the recent pullback, prices bounced to the upside yesterday during the morning hours. The indices were up nearly 1%, before they lost their strength and began to decline. The steady sell-off held into the close and the major averages closed at new lows, which were at the lows of the session. Greece and a possible run on their banks, continues to weigh on the Market. At the close, the DJIA was down 33 points, the S&P off 0.44%, and the Nasdaq100 down 0.74%. Breadth was negative, 2 to 1, on average to just above average volume. The indices made new lows for the current pullback, which began on April 3rd. RSI's for the Nasdaq100 and S&P closed just below 30 at 29.8 and 29.6 respectively. Thirty is typically the level where we begin to look at an over-sold condition developing. The DJIA RSI closed at 31. We have recently noted that there should be fairly good short term support at the 1320-1325 area in the S&P. Yesterday, we closed right at 1324.8, which just happens to also be the lower Bollinger Band level of support. 1320 is a .38 Fibonacci retracement, from the April high primary motive wave. Below that level(1320), we begin to encroach on longer term support levels, such as the 150D-SMA, which is at 1312. Upside resistance is now at 1337 and 1343. The Nasdaq100 also closed at a new low and near its low of the day. There appears to be some fairly formidable chart support near 2550, with lower Bollinger band support level at 2552. With the indices near some important support areas and becoming oversold, we would expect some type of near term bounce in the next few sessions. The VIX closed up 1.3% to end the day at 22.27, as more volatility creeps into the Market. Futures are flat versus fair value in the early going.

    Major Economic Reports Today

    Initial/Continuing Claims-8:30am Phila Fed-10:00am Leading Indicators-10:00am

    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

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