Contributor Since 2009
David Chojnacki S1F Market Technician
The Market traded in a very narrow range, for most of the session, as parts of the financial industry were observing Veterans day. The indices were little changed at the close and volume was significantly lower than normal. At the close, the DJIA was off just 0.31 of a point, the S&P lost 0.18 of a point, and the Nasdaq100 falling 1.3 points. Breadth was slightly negative, on half the normal volume. RSI's remained fairly stagnant and ROC(10's) remained negative and were mixed. The Nasdaq100 did manage to close just above the 10% correction level of 2578, as the indices are close to over-sold conditions. The S&P closed just below its 200D-SMA(1381), while the DJIA remained below the 50% retracement level of 12851. Technicals remain weak across the board and we'll watch the Nasdaq100 to give any signals that the pullback is currently over. Near term technicals suggest that we may get a brief bounce at these levels, however, the Nasdaq100 would have to get back above 2661 before we could see a reversal to the upside. The Nasdaq100 has support at 2575 and 2550 near term. Upside resistance is set at 2600 and 2613. The S&P has fairly good support near 1371-75 area and we would need to fall through this area before we see a 10% correction down to the 1319 level. Near term upside resistance sets up as 1384 and 1393. The S&P short term bias remains to the downside as long as it remains below 1425. Year to date the major indices continue to be ahead for the year: DJIA + 4.8%, S&P- +9.7%, Nasdaq100-+13.3%. With dividend and capital gains taxes expected to rise next year, we would expect to see some profit and tax selling before year end. The VIX dropped 10.3% to close at 16.68. It is one of the indicators that continues to divert and not suggest further weakness. Futures this morning are once again lower versus fair value.
Major Economic Reports Today
ALL PRICES NOTED IN THIS PUBLICATION ARE AS OF THE CLOSE ON TRADING PRIOR TO TODAY'S DATE, UNLESS OTHERWISE INDICATED
This publication is neither an offer to sell nor a solicitation to buy any securities mentioned herein. The information contained herein is based on data obtained from recognized sources that are believed to be reliable. Street One Financial LLC (S1F) have not independently verified the facts, assumptions and estimates contained in this publication. Accordingly, no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this publication. The information contained in this publication is not and does not purport to be a complete analysis of every material fact respecting any company, industry, ETF or other security. Additional information concerning this publication may be available on request, if available. Many of the securities mentioned in this publication involve a higher degree of risk and more volatility than the securities of more established securities. For these and other reasons, the investments discussed in this publication may be unsuitable for investors depending on their specific investment objectives and financial position. Each investor should complete his or her own additional investigation and assessment prior to making investments in any securities. Transactions in securities mentioned herein may be effected only in those states where such securities are qualified for sale. Street One Technical Analysis LLC is an independently owned Company from Street One Financial LLC (S1F). S1F is an independent Company specializing in ETF's, equities, and options. S1F specializes in agency ETF/ETP, equities, and options trade execution. On the ETF/ETP end, S1F may work with the ETF issuers to understand their products more thoroughly and how they can complement an investor's portfolio