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StreetOne Technical Analysis, LLC Market Summary-02/10/2011

by David Chojnacki

Another session in which trading remained in a fairly narrow range.  This resulted in a mixed close, with the DJIA up for the eighth straight session and a new high.  The indices traded between technical levels for the entire session.  At the close, the DJIA was up 6.7 points, the S&P500 was off 3.6 points, and the Nasdaq100 lost 2.6 points.  Breadth was negative, 1.6 to 1, on average volume, which was higher than recent sessions.  As noted, the DJIA made a new high and its RSI has moved up to 77.8.  The DJIA near term support is now 12125 and 12088. The DJIA short term resistance continues at 12250 and 12312.  The S&P500 met resistance again near 1325, which we mentioned is more formidable resistance.  Near term support remains at 1312 and 1300.  Near term resistance continues at 1325 and 1337.  The Nasdaq100 was flat and closed off just slightly.  Near term support now becomes 2350 and 2337.  Near term resistance is now 2362 and 2375.  Reaction to last night’s earnings reports from CSCO and AKAM may weigh on the Nasdaq100 in today’s session. The GLD traded flat but held just above the 133 resistance level.    The VIX was flat, up just 0.06 to 15.87.

 

Trading Trend

Long term, the bias remains to the upside for all three major indices.  Short term, bias continues to the upside.  Near term, we continue to trade in a narrow range.  Weak futures this morning suggest we may be looking at some pullback from recent gains.  Near term pullbacks have found buyers, we will see if this continues.  Jobless claims report today before the bell may spark some Market reaction.  Futures at(8:15am) are lower versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

Initial/Continuing Claims-8:30am    Wholesale Inv.-10:00am    Treasury Budget-2:00pm                                               

 

 

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 12239

SP500

close 1320

N100

close 2360

12125

12250

1312

1325

2350

2362

12088

12255

1309

1337

2337

2367

12000

12312

1300

1350

2334

2375

11957

12375

1297

1363

2325

2388

11950

12400

1288

1375

2315

2400

11900

12425

1275

 

2312

 2412

11867

12500

1269

 

2300

 

11843

 

1268

 

 

 

 

 

 

 

 

 

 

 

Trade Ideas

None today.

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

 

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