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StreetOne Technical Analysis, LLC Market Summary-02/09/2011

by David Chojnacki

After a little weakness at the open, the Market made a move to the upside and continued that strength into the close. The indices closed near their highs of the session and closed at new highs again.  At the close, the DJIA gained 0.59%, the S&P500 was up 0.4%, and the Nasdaq100 moved up 0.6%.   Breadth was positive, 1.6 to 1, on below average volume.  The DJIA is now up for seven straight sessions and its RSI has moved up to 77.6.  The DJIA near term support is now 12222 and 12125. The DJIA short term resistance is now 12250 and 12312.  The S&P500 met resistance near 1325 and closed just below.  This level should provide more formidable resistance.  It is also becoming a little frothy, as its RSI is now 71.2.  Near term support remains at 1312 and 1300.  Near term resistance continues at 1325 and 1337.  The Nasdaq100 continues to make ten year highs as momentum also rises.  Near term support now becomes 2362 and 2350.  Near term resistance is now 2375 and 2388. The GLD was up 1.1% and closed just above near term resistance, which is 133.  It moved above its 20D-SMA, but remains below its 50D-SMA.  The VIX moved to the downside, 2.8%, to 15.81.

 

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 Market continues to make small gains on low volume, and close at new highs.  Momentum has picked up but we are becoming slightly over-bought short term.  Any short term pullbacks continue to be bought.  Near term bias remains to the upside.  The oil and energy trade has been hot recently and crude inventories will be reported today.  Futures at(8:15am) are slightly lower versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

Crude Inventories-10:30am                                               

 

 

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 12233

SP500

close 1324

N100

close 2363

12222

12250

1322

1325

2362

2375

12125

12312

1312

1337

2360

2388

12054

12375

1306

1350

2350

2400

12000

12400

1300

1363

2337

2412

11950

12425

1295

1375

2327

2425

11929

12500

1288

 

2325

 

11900

 

1275

 

2312

 

11867

 

1267

 

2311

 

11843

 

1266

 

2300

 

 

 

 

Trade Ideas

None today. 

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

 

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