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StreetOne Technical Analysis, LLC Market Summary-03/22/2011

by David Chojnacki

After a significant gap up and move to the upside in the first ½ hour, the Market then traded sideways into the close.  It was the third straight day of gains.  At the close, the DJIA and S&P were up 1.5%, and the Nasdaq100 up 1.8%.   Breadth was decidedly positive, 3.9 to1, on weak volume.   The DJIA and S&P moved just above their bottom trend line, while the Nasdaq100 remained below. The DJIA and S&P held just above important resistance(11850 and 1275), while the Nasdaq100 closed right at that resistance.  The DJIA and S&P have retraced nearly 50% of the recent pullback, while the Nasdaq100 has only retraced 30%.  The DJIA moved back above its 50D-SMA , but remains below its 20D-SMA.  Near term support is now 12000 and 11900.  The near term resistance now sets up as 12049 and 12125.  The S&P remains below its 20 and 50D-SMA, but remains above the critical 1275 level.  Near term support is 1294 and 1290.  Near term resistance is now 1300 and 1312.  The Nasdaq100 closed right at the critical  2262 level, but did move above 2007 high(2239).  It continues below its 20 and 50D-SMA.  Near term support  is now at 2250 and 2239.  Near term resistance is 2270 and 2280.  The VIX dropped significantly, 15.6% to 20.61.

 

 

Trading Trends

Long term, the bias remains to the upside for all three major indices.  Short term, bias continues to the downside, however, the Market is looking to reverse that trend.  Near term technicals are improving, but remain weak and volatility remains high.  Look for the indices to hold these levels for near term strength to the upside: DJIA-11850, S&P-1275, Nasdaq100-2239-2262.  Event risk continues, though a little calmer this morning, and no major economic reports today.  Futures at(8:15am) are slightly lower versus fair value.  The Mid East crisis, Japan, and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

FHFA Housing Price Index-10:00am

           

 

MAJOR INDICES Short term support and resistance level

DJIA

close 12036

SP500

close 1298

N100

close 2262

12022

12049

1294

1300

2250

2266

12000

12125

1293

1303

2239

2270

11950

12250

1291

1304

2237

2275

11949

12374

1290

1312

2225

2280

11944

12375

1288

1325

2217

2288

11900

 

1275

 1337

2213

 2293

11867

 

1266

 1343

2210

 2300

11850

 

1262

 1350

2200

 2302

11823

 

1250

 

 

 2312

 

 

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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