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StreetOne Technical Analysis, LLC Market Summary-03/29/2011

by David Chojnacki

The indices moved to the upside during the morning session, but then traded sideways through most of the PM, with a sell off near the bell.   At the close, the DJIA was down 22.7 points, the S&P lost 3.6 points, and the Nasdaq100 falling 0.5%.  Breadth was negative, 1.3 to1,  on extremely weak volume.  All three major indices closed near their low of the session and remain with their 20D below their 50D-SMA.  Their ROC(10) remains positive and rising.  The indices traded between technical levels during the session.  The DJIA remains just above its bottom trend line.  Near term support remains at 12125 and 12093.  The near term resistance continues at 12250 and 12375.  The S&P closed right at its bottom trend line and a point above the Fibonacci retracement level of recent pullback.   Near term support is now 1309 and 1300.  Near term resistance is now 1312 and 1325.  The Nasdaq100 dropped below its 50D-SMA on very weak volume.  It remains below its bottom trend line.    Near term support is now at 2300 and 2293.  Near term resistance is 2312 and 2318.  The VIX spiked up 8.5% after the recent prolonged drop, closing up at 19.44.  The VIX moved back above its 50D-SMA.

 

Trading Trends

Long term, the bias remains to the upside for all three major indices.  Short term, bias continues to the downside, as we look for additional confirmation of a reversal.  Near term, bias remains to the upside as technicals have improved, however, we are coming close to more formidable resistance.  While technicals have improved, they remain mixed near term.  All three indices are at a level where they are meeting more formidable resistance.  Event risk continues to impact the Market short term.  Futures at(8:15am) are slightly higher versus fair value.  The Mid East crisis, Japan, and U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

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

           

 

MAJOR INDICES Short term support and resistance level

DJIA

close 12197

SP500

close 1310

N100

close 2303

12125

12250

1309

1312

2300

2312

12093

12371

1306

1325

2293

2318

12079

12375

1301

1337

2288

2322

12067

12392

1300

1343

2286

2325

12046

12400

1296

1350

2280

2337

12000

12425

1294

 1363

2275

 2350

11984

 

1288

 1375

2270

 2362

11950

 

1275

 

2262

 2375

11900

 

1262

 

2250

 

 

 

 

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

This publication is neither an offer to sell nor a solicitation to buy any securities mentioned herein. The information contained herein is based on data obtained from recognized sources that are believed to be reliable. Street One Financial LLC (S1F) have not independently verified the facts, assumptions and estimates contained in this publication. Accordingly, no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this publication. The information contained in this publication is not and does not purport to be a complete analysis of every material fact respecting any company, industry, ETF or other security. Additional information concerning this publication may be available on request, if available. Many of the securities mentioned in this publication involve a higher degree of risk and more volatility than the securities of more established securities. For these and other reasons, the investments discussed in this publication may be unsuitable for investors depending on their specific investment objectives and financial position. Each investor should complete his or her own additional investigation and assessment prior to making investments in any securities. Transactions in securities mentioned herein may be effected only in those states where such securities are qualified for sale. Street One Technical Analysis LLC is an independently owned Company from Street One Financial LLC (S1F). S1F is an independent Company specializing in ETF’s, equities, and options. S1F specializes in agency ETF/ETP, equities, and options trade execution. On the ETF/ETP end, S1F may work with the ETF issuers to understand their products more thoroughly and how they can complement an investor's portfolio