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StreetOne Technical Analysis, LLC Market Summary-02/16/2011

by David Chojnacki

The Market opened to the downside and this time could not quickly reverse.  The indices traded negatively in a narrow range, but did close off their lows of the session.  At the close, the DJIA was off 41 points, the S&P500 lost 4.3 points, and the Nasdaq100 was down just 3.6 points.  Breadth was negative, 1.6 to 1, on below average volume.  The DJIA, though it had only a small loss, dropped below the 75% retracement level(12260).  Its RSI dropped to 71.8.  The DJIA near term support remains at 12250 and 12125.  The DJIA short term resistance continues at 12312 and 12375.  The S&P500 once again held above 1325, but just barely.  Its RSI dropped below 70 to 68.58.   Near term support remains at 1325 and 1312.  Near term resistance remains at 1337 and 1343.  The Nasdaq100 closed with only a small loss and held the 2375 level.  Near term resistance remains at 2388 and 2400.  Near term support remains at 2375 and 2362.  USO(U.S. Oil), weak again, dropping below its 150D-SMA(35.90), and probably going to test support between 34 and 34.50 area.  GLD short term technicals have strengthened, as it found support between 128.50(150D-SMA) and 130.  There is upside resistance near 136.50. The VIX was up again, 2.6% to 16.37.

 

Trading Trends

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 again, on weak volume.  The S&P500 is now up nearly 30% since its July ’10 low and remains near the top resistance line(1337) of the up-sloping channel from the July low.  It may hit into a little resistance at these levels.  Some important economic reports again today.  Futures at(8:15am) are slightly  higher versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

 

 

Major Economic Reports Today:

Housing Starts/Building Permits-8:30am   PPI-8:30am    Industrial Prod./Capacity Util.-9:15am 

Crude Inventories-10:30am   FOMC Minutes-2:00pm                                                

 

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 12226

SP500

close 1328

N100

close 2381

12250

12312

1325

1337

2375

2388

12177

12359

1320

1343

2362

2399

12125

12375

1312

1350

2359

2400

12052

12400

1305

1363

2350

2412

12000

12425

1300

1375

2337

2425

11950

12500

1288

 1388

2327

 2437

11900

12550

1277

 

2325

 

11867

 

1276

 

2312

 

 

 

1275

 

 

 

 

 

 

Trade Ideas

None today.

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

 

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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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