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StreetOne Technical Analysis, LLC Market Summary-02/15/2011

by David Chojnacki

After a firm open, there was a brief sell off mid-morning, which again was bought. The remainder of the session was rather flat with trading in a narrow range. The close was mixed with the S&P and Nasdaq100 holding slight gains for new highs.  At the close, the DJIA was off 5 points, the S&P500 gained 3.1 points, and the Nasdaq100 closed up 6.4 points.  Breadth was positive, 1.4 to 1, on average volume.  The DJIA held above the 75% retracement level of the 2007-2009 bear market.  Its RSI remains high at 77.  The DJIA near term support remains at 12250 and 12125.  The DJIA short term resistance continues at 12312 and 12375.  The S&P500 maintained the 1325 level, and its RSI has now moved up to 72.  It remains a few points below its 75% retracement level(1343) of 2007-2009 bear market.  Near term support remains at 1325 and 1312.  Near term resistance remains at 1337 and 1343.  The Nasdaq100 closed at a new high again on continued strength in techs.  Near term resistance is now at 2388 and 2400.  Near term support remains at 2375 and 2362.  USO(U.S. Oil), dropped to its lowest level since Nov. 2010, but closed near its 150D-SMA(35.90).  If it can’t hold this level, it may test 34-34.50 area.  The VIX was up 1.6% to 15.95.

 

 

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 traded in a narrow range and maintained their near term bias to the upside. They are becoming a little frothy and are very near the top resistance line of the up-sloping channel from the July low.  There is a bevy of economic reports today which may move the Market.  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:

Retail Sales-8:30am   Empire Manufacturing-8:30am   Export/Import Prices-8:30am 

TIC Flows-9:00am   Business Inv.-10:00am    NAHB Market Index-10:00am                                                 

 

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 12268

SP500

close 1332

N100

close 2385

12250

12312

1325

1337

2375

2388

12166

12342

1318

1343

2362

2393

12125

12375

1312

1350

2354

2400

12032

12400

1303

1363

2350

2412

12000

12425

1300

1375

2337

2425

11950

12500

1288

 1388

2325

 2437

11900

12550

1275

 

2312

 

11867

 

1274

 

 

 

 

 

 

 

 

 

 

 

 

Trade Ideas

None today.

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

 

DISCLAIMER LANGUAGE

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

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