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Today's Technical Outlook - 10/24/2012

Market Summary

David Chojnacki S1F Market Technician

When the opening bell sounded, the indices made a rapid decline to the downside on disappointing earnings and news from Spain. Just after the first hour of trading, the indices were near their lows of the day. This time the DJIA and S&P were the weaker indices, as they attempted to catch up with the leader to the downside, the Nasdaq100. At the close, the DJIA moved down 1.8%, the S&P lost 1.4%, and the Nasdaq100 losing 1%. Breadth was decidedly negative, 2.7 to 1, on average volume. RSI's nosedived for the DJIA and S&P, down to the mid 30's, joining the Nasdaq100 at those levels. ROC(10's) remain negative and declined further in the session. The prior session's reversal in the Nasdaq100, left some hope that the other indices would not follow it into weaker short term technical territory. In yesterday's session however, the DJIA and S&P moved below some key levels and are now sitting with a short term bias to the downside. The S&P broke through its 1 year trend-line intra-day, key support at 1425, and could not trade above its 50D-SMA(1434) in the session. Look for support to now set up at 1410 and 1395-1400. Upside resistance is now at 1425 and 1434. The Nasdaq100, while not the weakest index in the session, closed below its 150D-SMA(2683) and closed within striking distance of its 200D-SMA(2650). It closed just a few points above its 50% retracement level(2662). Look for support at 2662 and 2650. Resistance on the upside is 2675 and 2683. The VIX spiked 13.3% to 18.83 as it moved above its 200D-SMA(17.86). The VIX is beginning to reflect the weakness we have seen in the Nasdaq100. Futures are slightly higher this morning versus fair value. StreetOne Financial WEBINAR-Using Low-Volume ETFs For Maximum Impact and Minimum Cost *November 07, 2012 2:00-3:00pm EDT Register here: https://www2.gotomeeting.com/register/981003234

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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) 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. 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

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