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StreetOne Technical Analysis, LLC Market Summary-02/17/2011

by David Chojnacki

The Market moved to the upside at the open, but then sold off some late morning.  Prices picked up again in the PM and the indices closed just off their highs of the day. All three major indices had moderate gains and closed to new multi-year highs.   At the close, the DJIA was up 0.5%, the S&P500 gained 0.6%, and the Nasdaq100 was up 0.67%.  Breadth was decidedly positive, nearly 3 to1, on average volume.  The DJIA moved back above  the 75% retracement level(12260).  Its RSI finished at 74.7.    The DJIA is now up nearly 27% from its July ’10 low.  The DJIA near term support remains at 12250 and 12125.  The DJIA short term resistance continues at 12312 and 12375.  The S&P500 met resistance at its top channel trend line(1337) and closed just below.  Its RSI has moved up to 71.7.  Near term support remains at 1325 and 1312.  Near term resistance remains at 1337 and 1343.  The Nasdaq100 met resistance intra-day just above 2400 and closed just below.  Near term resistance now at 2400 and 2412.  Near term support now sets up as 2388 and 2375.  Financials continued strong with the XLF moving to a new high at 17.16.  The VIX moved up for the fourth straight session, but still remains relatively low at 16.72.

 

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 posted moderate gains, as buyers continue to buy the dips.  The S&P500 met resistance at the top channel trend line last session, but near term technicals are so strong that this may provide only minor resistance.  It is a level to watch.  Options expire on Friday and may impact the next two sessions.  A couple key economic reports today to 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:

CPI-8:30am    Initial/Continuing Claims-8:30am   Leading Indicators-10:00am   Phila. Fed-10:00am

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 12288

SP500

close 1336

N100

close 2397

12250

12312

1325

1337

2388

2400

12197

12375

1323

1343

2375

2410

12125

12380

1312

1344

2366

2412

12075

12400

1307

1350

2362

2425

12000

12425

1300

1363

2350

2437

11950

12500

1288

 1375

2337

 2450

11900

12550

1279

 1388

2332

 

11867

 

1275

 

2325

 

 

 

 

 

 

 

 

 

 

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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