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StreetOne Technical Analysis, LLC Market Summary-04/5/2011

by David Chojnacki

After a fairly good open, the Market weakened throughout the day with the DJIA and S&P hanging on for gains, while the Nasdaq100 finished with a small loss.  At the close, the DJIA was up 23 points, the S&P gained 0.46 points, and the Nasdaq100 losing 8.3 points.   Breadth was barely positive, 1.1 to1, on light volume.  The DJIA, along with the Dow Transports and Russell 2000 all hit new highs.  For the DJIA, its ROC(10) moved to the upside.  For the three major indices, the 20D-SMA remains below the 50D.  Near term support is now 12392 and 12375.  The near term resistance is now 12400 and 12500.  The S&P remained right at a key resistance level closing at 1332.  Near term support remains at 1325 and 1312.  Near term resistance continues at 1332-1337 and 1343(Feb. high).  The Nasdaq100 lost a few points in the session, with semi’s and big techs weak.  The Nasdaq100 remains below its bottom trend line.  Near term support continues at 2325 and 2321.  Near term resistance is now at 2337 and 2350.  Financials continue to lag the Market, as oil(NYSEARCA:USO), makes new highs.  The VIX gained 0.57% to close at 17.50.  Volatility remains 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, with the DJIA moving to a new high.  Volatility remains low.  Volume continues to be light on up days.  The S&P nears some formidable resistance in the 1332 to 1343 area, and this morning’s futures may be reflecting that resistance.   Fed minutes released today may have some impact.  Futures at(8:15am) are lower versus fair value.  The Mid East crisis and the U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

ISM Services-10:00am    FOMC Minutes-2:00pm     

           

 

MAJOR INDICES Short term support and resistance level

DJIA

close 12400

SP500

close 1332

N100

close 2334

12392

12400

1325

1332

2325

2337

12375

12425

1320

1337

2322

2350

12254

12500

1319

1343

2321

2362

12250

12516

1312

1345

2318

2375

12118

12550

1310

1350

2312

2376

12100

12600

1305

 1363

2301

 2388

12050

12650

1301

 1375

2300

 2400

12000

 

1300

 

2292

 

 

 

1294

 

2288

 

 

 

 

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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