StreetOne Technical Analysis, LLC Market Summary-04/4/2011

by David Chojnacki

The Market opened to the upside and held the early strength into the PM.  Some selling before the last hour brought the indices down off their highs at the close.  At the close, the DJIA was up 0.46%, the S&P gained 0.5%, while the Nasdaq100 added just 3.9 points.  Breadth was positive, 2.4 to1, on average, to just above average volume.  For the week, the DJIA gained 1.2%, the S&P up 1.4%, and the Nasdaq100 up 1.1%.  The 20D-SMA remains below their 50D, and a positive ROC(10) declined in the last session for all three major indices.  The DJIA moved above its Feb. high during the session but then closed just slightly below.   Near term support is now 12375 and 12250.  The near term resistance is now at the Feb. high(12392) and 12425. The S&P closed right at a key resistance level(1332).   Near term support remains at 1325 and 1312.  Near term resistance continues at 1332-1337 and 1343(Feb. high).  The Nasdaq100 closed with slight gain but its 20D-SMA began to fall.  Near term support continues at 2337 and 2325.  Near term resistance remains at 2350 and 2362.  The Russell 2000 moved to another new high.  The VIX lost 1.9% to close at 17.40, keeping volatility low.  Support remains at 17.00. 

 

Trading Trends

Long term, the bias remains to the upside for all three major indices.  Short term, bias continues to the upside. Near term, bias remains to the upside as the DJIA and S&P approach Feb. highs.  Volatility remains low as we test some key resistance areas.  Economic reports are light this week.  First quarter earning’s reports will begin.  Key items to watch this week will be oil, the dollar and Euro rates.  Futures at(8:15am) are slightly higher versus fair value.  The Mid East crisis and the 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 12376		SP500 close 1332		N100 close 2342
12375	12392	1325	1332	2337	2350
12250	12400	1316	1337	2325	2362
12222	12425	1312	1342	2322	2375
12108	12447	1310	1343	2320	2388
12085	12500	1309	1350	2314	2400
12036	12550	1303	1363	2312	2410
12000	12600	1300	1375	2300
		1294		2299
				2292

 

 

 

Trade Ideas

DBA(PowerShares DB Agriculture)-34.33. MACD recently crossed signal and after a brief pullback has moved back above its 20 and 50D-SMA. Recent high in early March of 35.50.

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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