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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.

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