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StreetOne Technical Analysis, LLC Market Summary-03/07/2011

by David Chojnacki

The volatile Market continued on Friday, with the indices opening to the downside and continuing weak into the close.  At the close, the DJIA and S&P lost 0.7%, with the Nasdaq100 down 0.5%.  Breadth was negative, 1.7  to 1, on average volume.  All three major indices remain above their bottom trend line and closed at or near their 20D-SMA.  Some near term technicals remain weak: MACD continues below signal, and negative ROC(10) continues to decline.  For the week there was little change, the DJIA was up 0.3%, the S&P500 gained just 0.1%, and the Nasdaq100 was up 0.5%.  The DJIA closed just below its 20D-SMA(12201) and right at its 10D-EMA(12168). The DJIA near term support is now 12168 and 12125.  Near term resistance sets up as 12201 and 12250.  The S&P500 fell below the 1325 pivot level, but closed just near its 20D-SMA(1322).  Near term support is now at 1320 and 1312.  Near term resistance sets up as 1322-25 and 1337.  The Nasdaq100 held its bottom trend line and closed just above its 20D-SMA.  Near term resistance sets up as 2362 and 2375.   Near term support is now 2356 and 2350.  UUP(Powershares dollar index) approaching historic lows.  The VIX gained 2.4% to 19.06.

 

 

Trading Trends

Long term, the bias remains to the upside for all three major indices.  Short term, bias is mixed as we continue to trade in a short term range.  The range for the S&P is 1294-1343.  Near term, action continues choppy as technicals remain mixed.  Event risk, and lack of investor conviction highlight the near term trade.  1337-1350 continues to present formidable resistance for the S&P.  Choppy action at a top is indicative of a more important top being established.  Economic reports are light this week.  Futures at(8:15am) are flat to slightly lower versus fair value.  The Mid East crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

Consumer Credit-3:00pm   

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 12169

SP500

close 1321

N100

close 2359

12168

12201

1320

1322

2356

2362

12125

12250

1312

1325

2350

2375

12022

12312

1301

1337

2348

2388

12000

12375

1300

1340

2337

2400

11950

12380

1297

1343

2325

2412

11945

12392

1294

 1344

2312

 2413

11944

12400

1288

 1350

2310

 2425

11900

12425

1280

 1363

2304

 

11867

 

1275

 1375

 

 

 

 

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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