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StreetOne Technical Analysis, LLC Market Summary-01/21/2011

by David Chojnacki

The Market opened to the downside and hit the lows mid- session.  Buying in the PM let the indices close off their lows of the day.  At the close, the DJIA was off just 2.4 points, the S&P500 closing off 1.6 points, and the Nasdaq100 again the big loser down 0.75%.  The Nasdaq100 was the most over- bought of the three indices, so it’s not a surprise to be pulling back the most.  Breadth was decidedly negative again, 1.3 to 1, on above average volume.  Near term support for the DJIA is now 11756 and 11734.  Near term resistance becomes 11863 and 11867.  The S&P500 traded below 1275 during the session, but managed to close slightly above.  It did close just below its 10D-EMA and MACD is slightly negative.  Near term support becomes 1275 and 1262. 1275 is critical support.  Near term resistance becomes 1281 and 1288. The Nasdaq100 had another healthy loss but managed to bounce off its 20D-SMA.  The RSI has moved down to 59.7.  The 10D-EMA has started to trend down.  Near term support is now 2275 and 2262.  Near term resistance now becomes 2288 and 2300.  GLD broke near term support again(133).  GLD technicals continue to be weak.  The VIX continued its move to the upside, gaining 3.9% to 17.99.

                                                            

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 S&P500 traded below 1275, but managed to close above.  A good bit of the over-bought condition has been taken out the last few sessions.  Look for S&P to hold 1275 and Nasdaq100 to hold 2275, or we may see more downside.  Earnings reports will continue to impact the Market.  Last day to trade Options.  Futures at(8:15am) are  higher 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 11822

SP500

close 1280

N100

close 2286

11756

11863

1275

1281

2275

2288

11734

11867

1272

1288

2268

2294

11676

11900

1262

1296

2262

2300

11658

11950

1250

1300

2250

2312

11635

12000

1248

1312

2238

2325

11500

12125

1243

 1325

2225

 2326

11489

12250

1242

 

 

 2337

11475

 

1237

 

 

 

11450

 

 

 

 

 

 

 

 

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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