StreetOne Technical Analysis, LLC Market Summary-01/07/2011

by David Chojnacki

 A choppy Market, that traded in a narrow range and finished mixed at the close. Techs were strong and commodities weak. At the close, the DJIA was down 25 points, the S&P500 lost 2.7 points, and the Nasda100 up 7.1 points.  Breadth was negative, 1.6 to 1, on fairly heavy volume.  All three indices remain slightly overbought short term.  The ROC(10) began to decline again in the DJIA and S&P500.  The DJIA near term support remains at 11658 and 11635.   Near term resistance is now at 11734 and 11867.  The S&P500 closed just below the 1275  level and continues to straddle this resistance area.   Near term support is now 1262 and 1250.  Upside resistance is now 1275 and 1288.  The Nasdaq100 was the only gainer of the three indices with some strength in the tech sector. It closed just above 2275, which now becomes support along with 2262.  Near term resistance now becomes 2288 and 2300.  Financials and small caps gave back some during the session.  The VIX added 2.2 % to close at 17.40. 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, a mixed session in a narrow range.  Volume suggests continued asset re-allocation and sector rotation.  All three indices remain slightly overbought but bias remains to the upside.  Technicals continue to remain strong, and at some point may try to remove some of the overbought condition.  Today’s Employment Report should move the Market early.  Futures at(8:15am) are up slightly higher versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

Major Economic Reports Today:

Employment Report-8:30am     Consumer Credit-3:00pm   

 

 

MAJOR INDICES Short term support and resistance level
DJIA close 11697		SP500 close 1273		N100 close 2277
11658	11734	1264	1275	2275	2288
11635	11736	1262	1279	2269	2300
11628	11867	1254	1288	2262	2312
11546	11900	1250	1300	2250	2325
11500	12000	1243	1312	2246
11450		1235		2238
11444		1229		2229
11356		1225		2225
11354		1224		2213

 

 

 

 

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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