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StreetOne Technical Analysis, LLC Market Summary-03/14/2011

by David Chojnacki

After a weak open, the Market gained some traction and began a slow move to the upside.  Early in the session, the major indices traded briefly below the recent trading range, however, at the close remained back in the range. At the close, the DJIA was up 0.5%, the S&P moved up 0.7%, and the Nasdaq100 gained 0.6%.  Breadth was positive, 1.8 to1, on below average volume.  The 10D-EMA and 20D-SMA continue to decline for all three major indices.  The DJIA and S&P remain above their bottom trend line, while the Nasdaq100 continues below.  For the week, the DJIA and S&P were off 1%, with the Nasdaq100 losing 2%.  The DJIA moved back above its 50D-SMA.  The DJIA near term support is now 12000 and 11950.  Near term resistance is now 12122 and 12180.  The S&P500 also moved back above its 50D-SMA and held the 1300 level at the close.  Near term support is now at 1300 and 1294.  Critical support below here is 1275-1280.  Near term resistance sets up as 1312 and 1320.  The Nasdaq100 remains below its bottom trend line(2358) and its 50D-SMA(2319).   Near term resistance sets up as 2300 and 2312.  Near term support is now 2284-88 and 2275.  The VIX, volatile itself, lost 8.2% to close at 20.08, remaining just at its 150D-SMA.

 

 

Trading Trends

Long term, the bias remains to the upside for all three major indices.  Short term, bias continues to the downside, though we bounced off bottom of 13 day trading range.  Near term, after briefly trading below recent trading range, the indices closed above, but did so on weak volume.  Near term technicals remain weak.  Futures suggesting we test bottom of range again today, as Japan weighs on the world markets.  Event risk continues to plaque the Market short term.  A heavy week of economic reports.  Futures at(8:15am) are  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 12044

SP500

close 1304

N100

close 2299

12000

12122

1302

1312

2288

2300

11998

12180

1300

1313

2284

2306

11983

12250

1297

1320

2276

2312

11974

12312

1294

1325

2275

2319

11971

12375

1288

1337

2270

2324

11950

12389

1280

 1346

2262

 2325

11900

 

1275

 1350

2250

 2337

11867

 

1262

 

2237

 2346

11850

 

1250

 

 

 2350

 

 

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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