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StreetOne Technical Analysis, LLC Market Summary-11/16/2010

by David Chojnacki

The Market opened slightly to the upside and then traded sideways till about 2:00PM when it began to sell off.  A mixed Market was the result at the closing bell.  At the close, the DJIA was up 9.3 points, the S&P500 off 1.4 points, and the Nasdaq100 losing 6.4 points.  Breadth was just slightly positive on below average volume. The DJIA remained just below its April high, and just below its 20D-SMA.  The near term resistance level for the DJIA remains 11205 and 11254.  Support continues at 11125 and 11000.  The S&P500 remained below its April closing high and just above its 20D-SMA(1196).  Resistance remains at 1200 and 1217.  Support continues at 1188 and 1175.  The Nasdaq100 closed below its 20D-SMA and its ROC(10) turned negative.  Near term support now sets up as 2125 and 2112. Near term resistance becomes 2150 and 2165.  Financials showed some strength during the session, but then closed near their lows. The dollar remains in the congestion area and soft commodities outpaced equities.  The VIX lost 1.9% to close at 20.20. The VIX itself was volatile in the last session, trading as low as 19.14 at one point.

  

Trading Trend  

Long term, the Nasdaq100 bias remains to the upside.  The DJIA and S&P500 have not been able to confirm longer term strength at this point.  Short term, bias remains to the upside.  Near term, the Market couldn’t hold early gains in yesterday’s session and sold off confirming the weakness.  We continue to see more technical signals pointing to additional pullback.  Futures at(8:15am) are moderately lower versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

PPI-8:30am     Net Long Term TIC Flows-9:00am    Industrial Prod./Capacity Util.-9:15am                   NAHB Market Housing Index-10:00am                                   

 

MAJOR INDICES Short term support and resistance level

DJIA

close 11201

SP500

close 1197

N100

close 2131

11125

11205

1196

1200

2130

2139

11000

11213

1188

1205

2125

2150

10986

11254

1175

1209

2112

2155

10953

11263

1168

1217

2100

2165

10900

11325

1164

1225

2088

2180

10800

11450

1163

 1230

2075

 2188

10725

11458

1155

 1237

 

 2200

 

11500

1150

 1250

 

 2210

 

 

 

 

 

 

 

     

 

Trade Ideas

None today.

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

 

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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) and Emerging Growth Equities, Ltd. (EGRO) 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 utilizing the Broker/Dealer services and licenses of Emerging Growth Equities (EGRO), a fully registered Broker Dealer and member of SIPC/FINRA. All Partners of S1F are employees of EGRO. Through EGRO, 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.                                                                      © 2010 Emerging Growth Equities, Ltd

 

 

  



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