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StreetOne Technical Analysis, LLC Market Summary-12/17/2010

by David Chojnacki

The Market opened slightly to the upside then tried to sell off in the first half hour, but managed to stabilize and slowly move upward into the close.  The averages broke the 3 day streak of selling into the close.  At the close, the DJIA was up 41 points, the S&P500 gained 0.6%, and the Nasdaq100 was up 0.7%.  Breadth was positive, 2 to 1, on slightly below average volume.  The ROC(10) reversed on today’s action and is advancing again.  All three major indices closed right near resistance levels. The DJIA near term support remains at 11444 and 11325.  Near term resistance continues at 11500 and 11548.  The S&P500 closed just below the 1243 resistance level.  Near term support remains at 1235 and 1225.  Resistance remains at 1243 and 1250.  The Nasdaq100 was the stronger of the indices and continues to approach the 2007 high.  Near term support is now 2213 and 2200.  Resistance sets up as 2225 and 2238.   The Financials held steady, stopping the recent pullback, with the XLF gaining 0.02.  The GLD traded briefly below the 133.00 level, but closed above and held its 50D-SMA(133.64).  The VIX reversed and dropped 3% to 17.39 remaining near the April lows. 

 

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, stocks held their small gains into the close and technicals continue to remain strong.  Options expiration today may have some impact on the Market.  Not much in economic news today. 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:

Leading Indicators-10:00am                                        

 

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 11499

SP500

close 1242

N100

close 2218

11450

11500

1235

1243

2213

2225

11444

11587

1232

1250

2200

2238

11402

11643

1225

1257

2199

2239

11325

11658

1217

1262

2188

2250

11284

11734

1215

1275

2175

2275

11254

11867

1209

 1288

2174

 

11207

 

1200

 1300

2150

 

11205

 

1199

 

2140

 

11167

 

1196

 

 

 

 

 

 

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

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