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StreetOne Technical Analysis, LLC Market Summary-11/01/2010

by David Chojnacki

The Market traded in a very narrow range finishing the session and the week little changed.  At the close, the DJIA gained 4.5 points, the S&P500 off 0.5 points, and the Nasdaq100 lost 5 points.  Breadth was positive, 1.6 to 1, on average volume.  For the week, the DJIA lost 0.1%, the S&P500 was unchanged, and the Nsadaq100 was off 0.9%.  The ROC(10) has turned negative for all three major indices as the sideways Market continues.   For the DJIA, support remains at 11000 and 10900. Near term resistance remains at 11125 and 11205(April high).  The S&P500 remains in the recent trading range. Support remains at 1175, with resistance at 1188 and 1200.  The Nasdaq100 closed just below 2125, which has acted as resistance.  Support continues at 2112 and 2100, with near term resistance at 2125 and 2130.  The Market was lethargic for the entire week, with the S&P and DJIA seeing the MACD cross below the signal on declining momentum.  It is now 13 sessions of very narrow trading.  Financials continue to remain weak. Investors sat on the sidelines waiting for the FOMC meeting this week and election returns.   The VIX had its fifth straight gain of 1.5% to 21.20.

 

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, sideways trading continues.  A little caution required near term until direction becomes clearer.  The S&P500 has traded between 1165 and 1185 area and there is no clear signal as to whether the rally continues or we test support near 1130-1150.  FOMC and elections may provide the catalyst to get the Market moving again.  A few  3rd Qtr.  Earnings reports remain.  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:

Personal Income/Spending-8:30am    PCE Prices-8:30am    ISM Index-10:00am                        Construction Spending-10:00am     

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 11118

SP500

close 1183

N100

close 2124

11109

11125

1180

1188

2112

2125

11055

11205

1175

1197

2105

2130

11000

11254

1173

1200

2100

2150

10900

11255

1163

1217

2088

2160

10818

11325

1155

1225

2075

2180

10800

11450

1150

 

2069

 

10725

 

1146

 

2065

 

10708

 

1143

 

 

 

 

 

 

 

 

 

 

 

Trade Ideas

None today.

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

 

DISCLAIMER LANGUAGE

ALL PRICES NOTED IN THIS PUBLICATION ARE AS OF THE CLOSE ON TRADING PRIOR TO TODAY’S DATE, UNLESS OTHERWISE INDICATED

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