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StreetOne Technical Analysis, LLC Market Summary-02/01/2011

The Market opened flat, but then proceeded to make gains thru the morning hours.  Sideways action in the PM with some strength in the last hour, left the indices to close up and near their highs of the session.  At the close, the DJIA gained 0.58%, the S&P500 was up 0.77%, and the Nasdaq100 moved up 0.5%.  Breadth was positive, 2.2 to 1, on slightly above average volume.  For the month, the DJIA was up 2.7%, the S&P500 up 2.3%, and the biggest gainer, the Nasdaq100, gaining 2.9%.   The DJIA found support during the session near its 20D-SMA, but its MACD turned slightly negative.  The DJIA short term resistance is now 11900 and 11950.  Near term support is now 11881 and 11867.  The S&P500 moved back above its 20D-SMA, but its ROC(10) is negative and declining.  MACD remains slightly negative.  Near term support becomes 1286 and 1275.  Near term resistance continues at 1288 and 1300.  The Nasdaq100 met resistance intra-day at its 20D-SMA and its MACD remains slightly negative.  Near term support is now 2275 and 2268.  Near term resistance now becomes 2288 and 2291.  The GLD closed below 130 again and short term technicals remain weak.  The VIX pulled back some, to close down 2.5% to 19.53.

 

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 held key support again after last Friday’s pullback.  The S&P and Nasdaq100 have key short term support at 1275 and 2268 respectively.  After good gains for the month, additional consolidation is not out of the question.  Earnings reports will continue to impact the Market.  Futures at(8:15am) are higher versus fair value.  The Market will continue to eye the events in the Middle East.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

Construction Spending-10:00am   ISM Index-10:00am   Auto/Truck Sales-3:00pm

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 11891

SP500

close 1286

N100

close 2282

11881

11900

1286

1288

2275

2288

11867

11950

1283

1300

2268

2291

11843

12000

1275

1301

2262

2294

11802

12031

1264

1312

2250

2300

11734

12125

1262

1325

2246

2312

11658

 

1253

 1337

2238

 2325

11635

 

1250

 

2234

 2336

11586

 

1243

 

2231

 2337

11574

 

1235

 

2225

 

 

 

 

Trade Ideas

None today.

S1F in the News: http://www.streetonefinancial.com/news.html

 

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