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StreetOne Technical Analysis, LLC Market Summary-02/22/2011

by David Chojnacki

After a flat open, the Market began a move to the upside thru the late morning hours.  A sell off in the PM was met again by buyers in the last hour to push the indices   to a mixed close and little changed.  The DJIA was a little stronger with a moderate gain.  The DJIA and S&P500 made new multi-year highs.  At the close, the DJIA was up 0.59%, the S&P500 gained 2.5 points, and the Nasdaq100 off 5.1 points.  Breadth was positive, 1.4 to 1, on above average volume.  For the week, the DJIA was up 0.9%, the S&P500 gained 1%, and the Nasdaq100 up 0.5%.  With the continued strength in the DJIA, its RSI has now moved up to 78.9. The DJIA near term support now sets up as 12312 and 12250.  The DJIA short term resistance is now 12400 and 12425.  The S&P500 closed right at its 75% retracement level(1343) of the ’07 to ’09 bear market.  The S&P500 RSI now sits at 74.  Near term support now sets up as 1337 and 1325.  Near term resistance remains at 1343 and 1350.  The Nasdaq100 met resistance intra-day at 2400 for the third straight session and closed just below.   Near term resistance remains at 2400 and 2412.  Near term support continues at 2375 and 2362.  The VIX was off slightly, 0.16 to 16.43.  It remains relatively low.

 

Trading Trends

Long term, the bias remains to the upside for all three major indices.  Short term, bias continues to the upside.  Near term, another narrowly traded session, with bias remaining to the upside.  Indices a little frothy and futures indicating a weak open today.  1337 to 1350 remains a formidable resistance area for the S&P500.  Middle East issues once again impacting the Market.  Several key economic reports this week.  Futures at(8:15am) are significantly lower versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

Case Shiller-9:00am     Consumer Confidence-10:00am

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 12391

SP500

close 1343

N100

close 2392

12375

12400

1337

1343

2388

2400

12312

12425

1329

1349

2375

2412

12250

12432

1325

1350

2362

2420

12125

12500

1313

1363

2350

2425

12000

12550

1312

1375

2344

2437

11950

12600

1300

 1388

2337

 2450

11900

 

1288

 1400

2325

 

11867

 

1284

 

 

 

 

 

1283

 

 

 

 

 

 

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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