Today's Technical Outlook - 12/4/2012

Dec. 04, 2012 7:51 AM ET
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Street One Financial LLC (S1F or Street One) is an independent entity affiliated with Precision Securities, LLC., a full service registered broker dealer and a member of FINRA/SIPC. Street One specializes in educating, evaluating and trading ETFs, equities and options. Our firm assists portfolio managers in constructing their portfolios and identifying which ETF products may provide the best desired exposure by specific manager objective, fees and liquidity. The ETF/ETP landscape is evolving rapidly and has diversified quickly beyond passive equity index ETFs. Now actively managed strategies, fundamental and quantitative ETFs, as well as those that offer exposure to fixed income, commodities or even volatility indexes are available to all investors. Street One believes the key to understanding this rapidly changing environment is to learn how specific products work and where they may fit within a manager's portfolio. In addition to ETFs, options, and equities, we also handle closed end funds (CEF) trade execution and access to liquidity. All Street One Financial trades are executed by Precision Securities, LLC.

Market Summary

David Chojnacki S1F Market Technician

The day and the week began with the Market moving to the upside, unfortunately we reached the highs of the session in the first minutes. The indices degraded as the day wore on and ended near their lows. At the close, the DJIA was off 0.46%, the S&P down 0.47%, and the Nasdaq100 losing 6 points. Breadth was negative, 1.5 to 1, on average volume. RSI's retraced near 50, with the Nasdaq100 at 55. ROC(10's) remain positive, and declined in the session. ROC(150's) are negative for the DJIA and the Nasdaq100, with the S&P just slightly positive. MACD's continue above signal for all three major indices. The indices attempted to resume the 2 weeks ago rally at the open, but quickly lost steam as the DJIA dropped back below its 200D-SMA(12996). The Nasdaq100 traded between its 50 and 200D-SMA's during the session. The S&P also found resistance at its 50D-SMA in the session, but remains comfortably above its 200D-SMA(1385). The S&P did close just below its one year trend-line(1411). As we have noted in our recent discussions, we are trading on both sides of key technical levels, with some variation in each index. We are just at or below 50% retracement levels on the down leg formed from mid-September to November 15th. The Nasdaq100 closed just above its 200D-SMA(2669) and we now see that level , 2661, and 2653-50 as near term support. We find resistance at 2675 and 2694-97. The S&P closed right at the 50% retracement level and just below the one year trend-line. We look for 1409 and 1400-1396 to provide near term support. On the upside we look for 1411 and 1420-25 area to provide near term resistance. The VIX is now up for two sessions in a row, closing at 16.64. No major economic reports today, but again we focus on Washington for some type of fiscal resolution. Futures are mixed, early morning, versus fair value.



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Major Economic Reports Today

No reports scheduled

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