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StreetOne Technical Analysis, LLC Market Summary-11/19/2010

by David Chojnacki

A big move up in the first hour and a half yesterday and then some sideways trade for the remainder of the session.  After a quick, nearly 4%, recent slide, a bounce was welcome.  At the close, the DJIA and S&P500 were up 1.5%, while the Nasdaq100 gained 1.6%.  Breadth was positive nearly 4 to 1, on average volume.  The indices bounced off key support, but met resistance near or at the 20D-SMA.  The DJIA actually traded within its 50 and 20D-SMA during the session.  Support for the DJIA moves up to 11125 and 11000.  Near term resistance becomes 11205 and 11212.  The S&P500 closed just under its 20D-SMA which becomes resistance(1196). Next barrier is 1200 and 1209.  Support now sets up as 1188 and 1175.  The Nasdaq100 also met resistance during the session at its 20D-SMA(2143).  This along with 2150 becomes near term resistance.  Support sets up as 2130 and 2112. Gains were across the board in all sectors, even Financials got a bounce.  Next several sessions should provide some keys to the short term Market direction. The VIX lost a big 13.8% to close at 18.75.  Recent large moves in the VIX confirms the indecision in the Market.

 

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, but caution required at these levels.  Near term, last session’s bounce put a brief halt to the recent slide.  We will need to see if we build a base from here or if some weakness is still present.  Futures at(8:15am) are lower versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

No reports scheduled

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 11181

SP500

close 1196

N100

close 2134

11125

11181

1188

1196

2130

2135

11000

11205

1175

1197

2125

2140

10996

11212

1170

1200

2112

2143

10994

11254

1169

1209

2100

2150

10963

11325

1166

1217

2088

2165

10900

11450

1163

 1225

2081

 2180

10800

11460

1155

 1229

2075

 2188

10725

11500

1150

 1237

 

 2200

10708

 

1145

 

 

 2204

 

 

Trade Ideas

None today.

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

 

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