StreetOne Technical Analysis, LLC Market Summary-01/11/2011

by David Chojnacki

The Market opened weak, but caught a bid after the first half hour of trading and began a steady climb back.  The DJIA and S&P tried to get positive and hold into the close but fell slightly short.  The Nasdaq100 managed a small gain at the close.  It was the third losing session in a row for the DJIA and S&P, which  managed to remove some of the short term overbought condition.   At the close, the DJIA was down 37 points, the S&P500 lost 1.7 points, and the Nasdaq100 was up 7.6 points.  Breadth was slightly positive on average volume.  The DJIA and S&P saw their MACD drop below signal and their ROC(10) begin to decline.  The DJIA closed right at its 10D-EMA(11637) and bounced off its 20D-SMA(11573) during the session.  Near term support is now 11637 and 11573.  Near term resistance is now at 11658 and 11734.  The S&P500 continues to struggle to get above the 1275 level.  Near term support is now 1267 and 1262.  Upside resistance remains at 1275 and 1288.  The Nasdaq100 was the only gainer and is now slightly short term overbought.  It closed again at its upper Bollinger band(2284).  Near term support remains at 2275 and 2262.  Near term resistance now becomes 2284 and 2288.  The VIX gained 2.3% to 17.54.

     

                                                           

Trading Trend

Long term, the bias remains to the upside for all three major indices.  Short term, bias continues to the upside.  Near term, it was the third straight losing session for the DJIA and S&P.  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 up moderately versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

Wholesale Inventories-10:00am 

 

 

MAJOR INDICES Short term support and resistance level
DJIA close 11637		SP500 close 1269		N100 close 2284
11637	11658	1267	1275	2275	2284
11635	11734	1262	1281	2262	2288
11573	11742	1257	1288	2258	2300
11500	11867	1250	1300	2250	2312
11450	11900	1243	1312	2238	2325
11444	12000	1235		2236
11404		1233		2225
11377		1228		2213
		1226

 

 

 

 

Trade Ideas

Recent Call   XLE –Stop loss executed at 67.50.  8.8% gain on the trade initiated 11/30/2010. 

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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