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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-7/27/2012 0 comments
    Jul 27, 2012 8:06 AM

    Market Summary

    David Chojnacki S1F Market Technician

    The 'Draghi Put' was active at the open, as stocks surged moderately on positive European headlines. All three indices participated in the gains and finished just off their highs of the day. At the close, the DJIA and S&P were up 1.6%, and the Nasdaq100 added 1.4%. Breadth was positive, 2.8 to 1, on average volume. RSI's improved as the DJIA and S&P were near the mid-50's, and the Nasdaq100 near 50. We now have had two strong days, after bouncing off levels that were approaching the bottom of our trading range. While this has improved near term strength, we still have MACD's below signal for all three indices. We continue within our trading range and yesterday's S&P found resistance at the 1363 before pulling back. We seem to be narrowing our bottoms and tops within the range in the last few sessions. The DJIA held its 50D-SMA(12613) once again, and the Nasdaq100 crossed above its 50D-SMA(2564). The DJIA should see support at 12771-12772(20 and 150D-SMA'"s) and at its 50D-SMA. Upside resistance now sets up at 12900 and 12961(the top of recent range). The Nasdaq100 recovered somewhat after being dragged down by AAPL in the prior session. It met resistance in yesterday's session near its 20S-SMA(2597) and closed just below its 38% Fibonacci retracement level(2588). As we noted yesterday, it was important to see it bounce off a longer term up-sloping bottom trend-line. Look for near term support at 2575 and 2564 and resistance at 2588 and 2600. Look for 1348 to remain key support for the S&P. We closed just below the 1363-65 resistance level and are poised to move above. The top of the recent range is 1375 and we should see some resistance there. The VIX remains tame, closing at 17.53. Futures pointing to a positive open this morning.

    Major Economic Reports Today

    GDP-8:30am Mich Sentiment-9:55am

    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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