Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

StreetOne Technical Analysis, LLC Market Summary-12/14/2010

by David Chojnacki

The Market opened the week and the session to the upside, holding steady gains until the last hour, when a sell off left the averages mixed.  At the close, the DJIA was up 18 points, the S&P500 flat, up just 0.06 points, and the Nasdaq100 losing 7.8 points.  Breadth was slightly positive on below average volume.  All three major indices met resistance near their upper Bollinger Band during the session.  The DJIA traded above its November high, but couldn’t hold it into the close.  Resistance for the DJIA remains at 11444 and 11500.  Near term support continues at 11325 and 11254.  The S&P500 closed flat with little change in technicals.  Support remains at 1235 and 1225, with resistance at 1243 and 1250.  The Nasdaq100 was the weakest of the three indices, losing a few points at the close. Near term support becomes 2200 and 2188.  Resistance now sets up as 2213 and 2225.  Chips were weak, contributing to  the Nasdaq100 closing down on the session.  The VIX was little changed, off 0.06 to 17.55, after trading as low as 16.68 during the session. 

 

Trading Trend

Long term, the bias is now to the upside for all three major indices.  Short term, bias continues to the upside.  Near term, a last hour sell off left the indices mixed, but technical strength remains with the bias continuing to the upside.  Several key economic reports today which should have some Market impact.  Futures at(8:15am) are flat 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    Retail Sales-8:30am     Business Inventories-10:00am      FOMC Decision-2:30pm                                     

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 11428

SP500

close 1240

N100

close 2207

11339

11444

1235

1243

2200

2213

11325

11450

1225

1248

2190

2225

11254

11500

1217

1250

2188

2231

11224

11515

1209

1262

2175

2250

11205

11643

1206

1275

2159

2275

11171

11658

1200

 1288

2150

 

11128

11734

1193

 1300

 

 

11000

 

1191

 

 

 

10932

 

1188

 

 

 

 

 

 

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

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