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StreetOne Technical Analysis, LLC Market Summary-12/30/2010

by David Chojnacki

The Market traded positive for most of the session.  A selloff in the last half hour cut a small gain into an almost flat finish.   At the close, the DJIA was up 9.8 points, the S&P500 gained 1.2 points, and the Nasdaq100 was up 4.2 points.  Breadth was positive, 2 to 1, on light volume for the fourth straight session.  The DJIA and S&P500 closed near or at multi year highs again.   The DJIA near term support remains at 11500 and 11444.  Near term resistance continues at 11643 and 11658.  The S&P500 closed little changed, but manages to remain above the 1250 support area.  Near term support continues at 1250 and 1243.   Resistance on the upside remains at 1262 and 1275.  The Nasdaq100 MACD remains just below signal; a result of recent sideways action.   Need to continue to monitor.  Near term support continues at 2225 and 2213. Resistance remains at 2238 and 2250.  The GLD continued its move to the upside, as gold looks to test its recent highs.  The VIX closed down 1.3% to 17.28. Volatility remains fairly 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, the Market has moved sideways for 5 straight sessions on light volume.  Expect this to continue through year end.  Technicals continue to remain strong, but we are nearing some important resistance levels.   Futures at(8:15am) are slightly lower versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

Initial/Continuing Claims-8:30am   Chicago PMI-9:45am   Pending Home Sales-10:00am                                             

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 11585

SP500

close 1259

N100

close 2231

11527

11636

1251

1262

2225

2238

11500

11643

1250

1270

2224

2249

11454

11658

1243

1274

2213

2250

11450

11734

1240

1275

2210

2262

11444

11867

1235

1288

2200

2275

11325

11900

1225

 1300

2188

 2300

11286

 

1215

 

2175

 

11271

 

1213

 

2172

 

11254

 

1212

 

2166

 

 

 

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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