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StreetOne Technical Analysis, LLC Market Summary-12/28/2010

by David Chojnacki

The Market opened lower on interest rate news out of China, but recovered as the session wore on for a mixed close.  Another light volume day due to weather and holiday week.   At the close, the DJIA lost 18 points, the S&P500 gained 0.77 points, and the Nasdaq100 gave up 0.41 points.  Breadth was positive, 1.2 to 1, on very light volume.  Not much change in price or technicals.  The DJIA near term support remains at 11500 and 11444.  Near term resistance continues at 11643 and 11658.  The S&P500 near term support continues at 1250 and 1243.   Resistance on the upside is 1262 and 1275.  The Nasdaq100 continues to trade below its 2007 high(2238), finding resistance at that level.  Near term support continues at 2225 and 2213.  Resistance remains at 2238 and 2250.  The Financials were a bright spot again as the XLF was up nearly 1%.  Small caps also performed well in the session with the Russell 2000 gaining nearly a half per cent. The VIX spiked up 7.2% to 17.67, putting a little more volatility back in the Market.  It still 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, another light volume session with not much impact on technicals.  Technicals continue to remain strong, but we are nearing some important resistance levels.   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:

Case Shiller-9:00am    Consumer Confidence-10:00am                                           

 

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 11555

SP500

close 1257

N100

close 2229

11500

11643

1250

1262

2225

2238

11450

11658

1248

1274

2221

2250

11444

11694

1243

1275

2213

2260

11399

11734

1235

1288

2200

2275

11325

11867

1232

1300

2188

2300

11267

11900

1225

 

2175

 

11254

 

1215

 

2161

 

11245

 

1209

 

2149

 

 

 

 

 

 

 

 

 

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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