Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

StreetOne Technical Analysis, LLC Market Summary-01/14/2011

by David Chojnacki

A choppy Market in a narrow range as the indices digested the last session’s modest gains.   At the final bell we had a mixed Market with little change.  The Nasdaq100, with a very small gain, still made another new high.  At the close, the DJIA was down 23 points, the S&P500 lost 2.2 points, and the Nasdaq100 gained 0.65 of a point.  Breadth was negative, as decliners outpaced advancers by a 1.2 to 1 margin.  Volume was about average.  Near term support for the DJIA is now 11676 and 11658.  Near term resistance is now at 11734 and 11778.  The S&P500 held the 1275 level though it was off slightly for the session. The MACD did move positive again as it has run nearly parallel since Jan. 1. Near term support remains at 1275 and 1262.  Upside resistance for the S&P is now 1288 and 1300.  The Nasdaq100 continues making new multi-year highs and continued to hold the 2300 level.  Near term support remains at 2300 and 2288.  Near term resistance now becomes 2312 and 2325.  The GLD was down again as short term technicals continue to weaken.  The VIX had a small gain of 0.9% to 16.39.  

     

                                                           

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 indices digested the prior session’s gains as it was a choppy and mixed session.  Near term bias remains positive and the Nasdaq100 may get a boost from good Intel earning’s.  More key economic reports  today, which may have an impact on the Market, as we head into an extended weekend.  Earnings reports continue.  Futures at(8:15am) are down slightly versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

CPI-8:30am   Retail Sales-8:30am    Indus. Prod./Capacity Util.-9:15am     Mich.Sentiment-9:55am                        

Business Inventories-10:00am   

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 11731

SP500

close 1283

N100

close 2305

11676

11734

1275

1288

2300

2309

11658

11778

1273

1300

2288

2312

11635

11867

1264

1312

2277

2325

11613

11900

1262

1325

2275

2337

11500

12000

1250

 

2262

2350

11450

 

1243

 

2250

 

11448

 

1240

 

2238

 

11444

 

1234

 

 

 

0

 

1232

 

 

 

 

 

 

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

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