StreetOne Technical Analysis, LLC Market Summary-01/10/2011

by David Chojnacki

After opening slightly to the upside, the Market quickly began to selloff.  The selling continued until about 1 PM, when the indices reversed and then finished little changed at the close.  At the close, the DJIA was down 22 points, the S&P500 lost 2.3 points, and the Nasdaq100 gave up 0.8 of a point.  Breadth was negative, 1.3 to 1, on above average volume.  The DJIA and S&P were losers for the second straight session, which removed some of the short term overbought condition.  MACD’s remain positive for all three major indices.  For the week, the DJIA was up 0.8%, the  S&P500 gained 1.1%, and the Nasdaq100 moving up 2.6%.  The DJIA near term support remains at 11658 and 11635.   Near term resistance is now at 11734 and 11867.  The S&P500 remains below the 1275 level.  Near term support is now 1262 and 1250.  Upside resistance remains at 1275 and 1288.  The Nasdaq100 was little changed and closed right near its upper Bollinger band(2276). Near term support remains at 2275 and 2262.  Near term resistance now becomes 2276 and 2288.  Financials were weak again.  The VIX lost 1.4% to 17.14.   For the week, the VIX lost 3.4% and 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, after a jump in the first session of the new year, the indices traded sideways for the remainder of the week.  Some of the short term overbought has been removed and technicals continue to remain strong.  A large number of economic reports this week and earnings reports will also begin.   Futures at(8:15am) are down versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

Major Economic Reports Today:

No reports scheduled   

 

 

MAJOR INDICES Short term support and resistance level
DJIA close 11674		SP500 close 1271		N100 close 2276
11658	11734	1266	1275	2275	2276
11637	11741	1262	1280	2262	2288
11635	11867	1256	1288	2252	2300
11561	11900	1250	1300	2250	2312
11500	12000	1243	1312	2238	2325
11450		1235		2233
11444		1231		2225
11381		1226		2213
11366		1225

 

 

 

 

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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