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StreetOne Technical Analysis, LLC Market Summary-04/8/2011

by David Chojnacki

The Market opened flat, but then sold off on new Japan earthquake news.  It quickly recovered and then traded flat through most of the PM session and was mixed at the final bell.  At the close, the DJIA was off 17 points, the S&P down 2 points, and the Nasdaq100 moving up just 0.54 points.  Breadth was negative, 1.6 to1, on below average volume.  The ROC(10) which remains positive, declined again for all three major indices. The 20D remains below 50D-SMA for the big three.  Despite losing a few points, the DJIA managed to hold above the Feb. closing high of 12392.  Near term support is now at 12400 and 12392.  The near term resistance sets up as 12425 and 12500.  The S&P held the 1332 level despite weakness for most of the session.  Near term support continues at 1332 and 1325.  Near term resistance continues in the area of 1332- 1343(Feb. high).  The Nasdaq100 was flat for the session.  Near term support continues at 2325 and 2323.  Near term resistance remains at 2337 and 2350.  The GLD was up again, just a few pennies, but enough for a new high.  The DJT has now pulled back for 3 straight sessions, but remains above its Feb high.  The VIX gained 1.2%, moving back above 17 to 17.11.

 

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 volatility remains low.  We continue to see some Doji’s showing up on charts, a candlestick reversal signal.  The S&P continues to trade near formidable resistance in the 1332 to 1343 area.  This morning’s futures are pointing to a fairly good open to the upside.  Futures at(8:15am) are moderately higher versus fair value.  The Mid East crisis and the U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

Wholesale Inventories-10:00am   

 

           

 

MAJOR INDICES Short term support and resistance level

DJIA

close 12409

SP500

close 1332

N100

close 2332

12400

12425

1332

1337

2325

2337

12392

12500

1326

1343

2324

2350

12375

12550

1325

1350

2323

2362

12325

12606

1320

1352

2312

2375

12250

12650

1313

1363

2304

2380

12144

 

1312

 1375

2300

 2388

12141

 

1308

 1388

2295

 2400

12091

 

1305

 

2288

 

 

 

1300

 

 

 

 

                       

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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