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StreetOne Technical Analysis, LLC Market Summary-12/22/2010

by David Chojnacki

Market Summary-12/22/2010

The Market opened to the upside and held moderate gains throughout the session.  All three major indices were up near a half per cent, trying to make a move out of the recent consolidation.  At the close, the DJIA was up 0.48%, the S&P500 gained 0.6%, and the Nasdaq100 up 0.5%.  Breadth was positive, 2.5 to 1, on below average volume.  The indices are at multi year highs,  and technicals remain strong.  The DJIA near term support becomes 11500 and 11444.  Near term resistance is now 11643 and 11657.  The S&P500 closed above the 1250 level and was strong going into the close.  Near term support is now at 1250 and 1243.   Resistance is now 1262 and 1275.  The Nasdaq100 continues to move toward its 2007 high of 2238.  Near term support now becomes 2225 and 2213.  Resistance is now 2238 and 2250.  Financials resumed their move to the upside, with the XLF gaining 1.7% to finish at 15.81.  The Russell 2000 is confirming the move in equities, also closing at a multi-year high.  The VIX gained 0.49% to 16.49. Volatility remains relatively low.  

 

Trading Trend

Long term, the bias remains to the upside for all three major indices.  Short term, bias continues to the upside.  Near term, made a moderate move in the last session, out of the recent consolidation to keep the rally going. Technicals continue to remain strong and their bias remains to the upside.  Some key economic reports today.  Futures at(8:15am) are mixed versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

GDP-8:30am   Existing Home Sales-10:00am    Crude Inventories-10:30am                                           

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 11533

SP500

close 1254

N100

close 2234

11500

11643

1250

1262

2225

2238

11450

11657

1243

1268

2213

2250

11448

11658

1240

1275

2212

2253

11444

11734

1235

1288

2200

2275

11331

11867

1225

1300

2188

2300

11325

 

1222

 

2187

 

11254

 

1215

 

2175

 

11238

 

1209

 

2150

 

11205

 

1204

 

2140

 

 

 

 

Trade Ideas

None today.

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

 

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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

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