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StreetOne Technical Analysis, LLC Market Summary-03/08/2011

by David Chojnacki

The Market opened the week and the session to the upside, but then lost traction and slipped downwards till early PM.  The indices stabilized in the PM and there was some buying in the last hour(short covering?), which allowed the indices to close off their lows.  It was the second straight session of moderate losses.   At the close, the DJIA was down 0.66%, the S&P lost 0.83%, and the Nasdaq100 off 1.3%.  Breadth was negative, nearly 3 to 1, on average volume.  All three major indices fell below their 10D-EMA and 20D-SMA’s.  The DJIA and S&P remain above their bottom trend line, while the Nasdaq100 closed below.  The major averages remain range bound for the last nine sessions.  The DJIA continues to hold its 50D-SMA(11955).  The DJIA near term support is now 12021 and 12000.  Near term resistance sets up as 12154 and 12201.  The S&P500 remained below  the 1325 pivot level, but held its 50D-SMA(1298).  Near term support is now at 1301 and 1298-1294.  Near term resistance sets up as 1312 and 1318-25.  The Nasdaq100 dropped below its bottom trend line(2358), but it bounced off its 50D-SMA during the session.  Near term resistance sets up as 2337 and 2344.  Near term support is now 2325 and 212.  The VIX spiked up 8.3% to 20.66, closing above its 150D-SMA.

 

 

Trading Trends

Long term, the bias remains to the upside for all three major indices.  Short term, bias is leaning to the downside once again.  We continue choppy trade in a range for nine sessions.  The DJIA is trading between 11983 and 12283.  Near term, it was the second straight session of moderate losses.  Near term bias is pointing downward as the indices near the bottom of recent trading range.  Economic reports are light this week.  Futures at(8:15am) are slightly lower versus fair value.  The Mid East crisis and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

No reports scheduled

 

 

MAJOR INDICES Short term support and resistance level

DJIA

close 12090

SP500

close 1310

N100

close 2328

12021

12125

1301

1312

2325

2337

12000

12154

1300

1318

2312

2344

11955

12201

1298

1322

2305

2350

11951

12250

1294

1325

2300

2355

11950

12312

1288

1337

2298

2362

11900

12375

1280

 1340

2288

 2375

11867

12380

1275

 1343

2284

 2388

11850

12392

1262

 1344

2275

 

11823

12400

 

 1350

 

 

 

 

 

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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