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StreetOne Technical Analysis, LLC Market Summary-01/26/2011

by David Chojnacki

A weak open, followed by additional selling had the indices in the negative for most of the session until the last hour when buyers pushed the Market to a mixed close.   At the close, the DJIA was down 3.3 points, the S&P500 up 0.34 point, and the Nasdaq100 closing up 3.6 points.  Breadth was about even on slightly above average volume.  The DJIA could not move through the 12000 level and closed with a small loss. Its RSI remains high at 78.  Near term support for the DJIA is now 11975 and 11950.  Near term resistance remains 12000 and 12125.  The S&P500 held the 1288 level and its MACD is still slightly negative.  Near term support remains at  1288 and and1275.  Near term resistance is at 1300 and 1312.  The Nasdaq100 held the 2300 level for another session and its MACD remains slightly negative.  Near term support is now 2300 and 2288.  Near term resistance now becomes 2312 and 2325.  Financials were weak again, but also managed to recover some of their losses in the last hour.  The GLD dropped below critical support at 130 during the session, but recovered to close just above at 130.10.  It traded as low as 129.07.  The VIX closed barely changed at 17.59. 

 

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 turned out to be a mostly sideways session yesterday. The S&P500 may be looking at trading in the 1275-1300 range.  Slowing momentum may keep us range bound near term.  Earnings reports will continue to impact the Market.  Futures at(8:15am) are slightly higher versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

New Home Sales-10:00am   Crude Inv.-10:30am    FOMC Rate Decision-2:15pm

                                             

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 11977

SP500

close 1291

N100

close 2304

11975

12000

1288

1299

2300

2312

11950

12125

1284

1300

2293

2325

11900

12250

1276

1312

2288

2337

11867

12325

1275

1325

2276

2341

11843

 

1262

1337

2275

2350

11734

 

1253

 

2262

 

11733

 

1250

 

2250

 

11658

 

1247

 

2238

 

11635

 

1243

 

 

 

 

 

 

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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