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StreetOne Technical Analysis, LLC Market Summary-11/24/2010

by David Chojnacki

‘Event Risk’(Korea) and continued Euro Debt news forced the Market to gap down at the open and decline until Mid-day.  The indices then caught a bid and held steady into the close, finishing off their lows.  Given all the negative news, the Market held up fairly well.  At the close, the DJIA was off 1.2%, the S&P500 losing 1.4%, and the Nasdaq100 dropping 1.5%.  Breadth was negative, 3.5 to 1, on below average volume. The ROC(10) began to decline again for all three major indices. The DJIA and S&P500 continue to trade between their 20 and 50D-SMA’s.  The DJIA closed just above its 50D-SMA(11032) and bounced intra day from just below 11000.  Support is now 11032 and 11000-10952.  Near term resistance is now 11125 and 11205.  The S&P500 bounced off the 1175 area(1176.9) during the session and managed to close above its 50D-SMA(1173).  Support sets up as 1175 and 1163.  Resistance now sets up as 1188 and 1200.  The Nasdaq100 moved below its 20D-SMA but held the 2100 level after testing during the session.   Near term resistance becomes 2125 and 2135.  Support sets up as 2112 and 2100.  Volatility continues with the VIX, as it spiked 12.3% to 20.63.  

 

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, another decent pullback, but the indices held key short term support.  Look for the S&P to hold the 1175 level or risk a deeper pullback.  A number of key economic reports today(see above).  Futures at(8:15am) are slightly 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    Durable Orders-8:30am         Initial/Continuing Claims-8:30am     Mich. Sentiment-9:55am     Crude Inv.-10:30am                                          

 

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 11036

SP500

close 1180

N100

close 2116

11032

11125

1175

1188

2112

2125

11012

11157

1173

1194

2100

2134

11000

11205

1168

1198

2088

2135

10952

11209

1163

1200

2075

2140

10900

11254

1155

1209

2073

2146

10800

11325

1150

 1217

2055

 2150

10725

11450

1143

 1225

2050

 2165

10708

11466

1130

 1229

 

 2168

10624

11500

 

 

 

 2180

 

 

Trade Ideas

None today.

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

 

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