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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-7/2/2012 0 comments
    Jul 2, 2012 7:35 AM

    Market Summary

    David Chojnacki S1F Market Technician

    It was another headlines news move, as news out of the European summit pushed the Market to one of its best days this year. At the close, the DJIA gained 2.2%, the S&P was up 2.4%, and the Nasdaq100 added 3.1%. Breadth was decidedly positive, 6.7 to 1, on heavy volume. Friday was also one of the few days this year that we had good volume on an up day. For the week, the DJIA was up 1.8%, the S&P gained 2%, and the Nasdaq100 added 1.1%. Near term technicals improved dramatically with RSI's now in the upper 50's and ROC(10's) positive and advancing. The indices moved above short term technical averages and have once again held their longer term technical strength. We ended the session right at the top of the recent trading range(1363 for the S&P) and this holiday shortened week will be critical in confirming that we indeed have a reversal in short term technicals. The 1319 Fibonacci level in the S&P is key in determining an upside bias. Look for the S&P to meet resistance at the 1363 level, but if we move out of the recent range, the indices may be prepared to test the April highs. For the S&P, the April closing high is 1419 and 2784 is the Nasdaq100 high. The long Bull candle established on Friday will be difficult to break down and the drop in the VIX only adds credence to the rally.

    Trading Trends

    David Chojnacki S1F Market Technician

    Long term, the indices once again held up technical levels keeping the long term bias to the upside. Short term technicals improved dramatically and we look for confirmation that we can get out of the recent range and reverse the bias to the upside. Short term technicals are indicating the mounting strength in this area and possible move to test the April highs. Near term, a big move last week put the indices right at the top of the recent range. Strong RSI's and positive MACD's indicate that the near term strength may last the remainder of this week. With the Employment report this Friday and the holiday shortened week, trading may be light till the end of the week. Futures are flat this morning.

    MAJOR INDICESShort term support and resistance level
    DJIA

    close 12880

    SP500

    close 1362

    N100

    close 2615

    12837 12900 1353 1363 2612 2623
    12810 13000 1350 1375 2600 2625
    12724 13125 1340 1388 2588 2637
    12715 13250 1337 1400 2587 2650
    12700 13279 1330 1405 2575 2662
    12669 13339 1326 1412 2562 2675
    12566   1325 1419 2554 2688
    12500   1320   2550 2700
    12400   1319   2525 2712

    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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