Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Today's Technical Outlook - 12/18/2012

Market Summary

David Chojnacki S1F Market Technician

The week moved out to good start with the indices moving to the upside right from the opening bell. Buying was steady into the PM hours and a final push in the last hour and a half left the averages with a moderately strong close. At the close, the DJIA gained 0.76%, the S&P moving up 1.1%, and the Nasdaq100, adding 1.3%. Breadth was positive, 2 to 1, on above average volume. RSI's near term, continue bullish with the index in the low and upper 50's for the three major averages. ROC(10)'s rose in the session, with the Nasdaq100 the only index remaining in negative territory. While it was a strong session to the upside, we remain trading within the current range. The averages did close at or near their highs of the session. To reiterate, the Nasdaq100 has been trading mostly within 2600 and 2700, and the S&P between 1375 and 1435. The Nasdaq100 closed right at its 50D-SMA(2664), but remains just below its 200D-SMA(2672). It also closed above its 20D-SMA(2648). We see near term support at 2648-50 and 2661(50%-retracement ). Upside resistance will now present itself at 2672-75 and 2688. The S&P which had been hovering near its 50D-SMA(1414), managed to move and close above. The S&P closed very near the top of the recent range (1435), which provides near term resistance. Moving through this level we find resistance near 1450. Support now sets up as 1419-1425 and at 1409. A move through the 1435 level would set up the index to test the recent high of 1465. In yesterday's session financials remained the leader, reacting to hints that some resolution to the fiscal cliff was nearer. The VIX moved down 3.8% to close at 16.34, remaining relatively moderate. Indices overseas are up overnight and our futures are following their positive sentiment. Futures are higher, early, versus fair value.

Major Economic Reports Today

Current Acct. Balance-8:30am NAHB Housing Market Index-10:00am

DISCLAIMER LANGUAGE

ALL PRICES NOTED IN THIS PUBLICATION ARE AS OF THE CLOSE ON TRADING PRIOR TO TODAY'S DATE, UNLESS OTHERWISE INDICATED

This publication is neither an offer to sell nor a solicitation to buy any securities mentioned herein. The information contained herein is based on data obtained from recognized sources that are believed to be reliable. Street One Financial LLC (S1F) have not independently verified the facts, assumptions and estimates contained in this publication. Accordingly, no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this publication. The information contained in this publication is not and does not purport to be a complete analysis of every material fact respecting any company, industry, ETF or other security. Additional information concerning this publication may be available on request, if available. Many of the securities mentioned in this publication involve a higher degree of risk and more volatility than the securities of more established securities. For these and other reasons, the investments discussed in this publication may be unsuitable for investors depending on their specific investment objectives and financial position. Each investor should complete his or her own additional investigation and assessment prior to making investments in any securities. Transactions in securities mentioned herein may be effected only in those states where such securities are qualified for sale. Street One Technical Analysis LLC is an independently owned Company from Street One Financial LLC (S1F). S1F is an independent Company specializing in ETF's, equities, and options. S1F specializes in agency ETF/ETP, equities, and options trade execution. On the ETF/ETP end, S1F may work with the ETF issuers to understand their products more thoroughly and how they can complement an investor's portfolio