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StreetOne Technical Analysis, LLC Market Summary-10/25/2010

|Includes: iShares Russell 2000 ETF (IWM)

 by David Chojnacki

A bit of a mixed Market on Friday, with the indices closing little changed on weak volume.  At the close, the DJIA was off 14 points, the S&P500 moved up 2.8 points, and the Nasdaq100 gaining 0.68%.  Gainers outpaced decliners by 1.5 to 1, on very weak volume.  For the week the indices managed to eke out a small gain: the DJIA up 0.6%, the S&P500 gaining 0.5%, and the Nasdaq100 moving up 0.3%.  Support for the DJIA remains at 11125 and 11000.  Near term resistance remains at the April high(11205) and 11254.  The S&P500 has lagged the other indices in respect to testing the April closing high of 1217.  The 50D-SMA has just barely crossed above the 200D-SMA, which if it holds, is a rather strong longer term signal.  Support remains at 1175, with resistance at 1188 and 1200.  The Nasdaq100, which changed very little during the week, remains the strongest of the three indices, 2.3% above its April closing high(2055).  Financials continue to lag the rest of the Market.  The XLF has only retraced 26% of the 2007 to 2009 bear Market, while the Nasdaq100 has retraced 92%.  The VIX lost 2.5% to close at 18.78.  This is the lowest close since April 29. 

 

Trading Trend  

Long term, the Nasdaq100 bias remains to the upside, while the DJIA and S&P500 remains to the downside.  Short term, bias remains to the upside.  Near term, little change on weak volume in the last session.  A little range trading recently, while the Market looks for a catalyst to move further to the upside. 1130 to 1150 area in the S&P500 should provide good support.  3rd Qtr.  Earnings reports will continue to impact daily Market action.  Today’s futures(at 8:15am) are higher versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

Existing Home Sales-10:00am    

 

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 11132

SP500

close 1183

N100

close 2104

11125

11205

1175

1188

2100

2112

11067

11225

1174

1193

2088

2118

11000

11254

1163

1200

2075

2125

10978

11325

1155

1217

2073

2130

10900

11450

1150

1225

2065

2150

10800

 

1143

 

2055

 2180

10747

 

1138

 

2050

 

10725

 

 

 

2038

 

10708

 

 

 

 

 

 

 

Trade Ideas

IWM(iShares Russell 2000)-70.32. Noted on 9/27, with a price of 67.50, that it was poised for a breakout.  Has traded as high as 71.30 and has recently pulled back.  Looks like more upside potential. 

S1F in the News: http://www.streetonefinancial.com/news.html

 

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