Technical Analysis 4/13/2011
Apr. 13, 2011 8:22 AM ET
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Street One Financial LLC (S1F or Street One) is an independent entity affiliated with Precision Securities, LLC., a full service registered broker dealer and a member of FINRA/SIPC. Street One specializes in educating, evaluating and trading ETFs, equities and options. Our firm assists portfolio managers in constructing their portfolios and identifying which ETF products may provide the best desired exposure by specific manager objective, fees and liquidity. The ETF/ETP landscape is evolving rapidly and has diversified quickly beyond passive equity index ETFs. Now actively managed strategies, fundamental and quantitative ETFs, as well as those that offer exposure to fixed income, commodities or even volatility indexes are available to all investors. Street One believes the key to understanding this rapidly changing environment is to learn how specific products work and where they may fit within a manager's portfolio. In addition to ETFs, options, and equities, we also handle closed end funds (CEF) trade execution and access to liquidity.
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StreetOne Technical Analysis, LLC
D.Chojnacki
Market Summary-04/13/2011
The Market moved to the downside right from the open and continued the selling through the morning hours. Buyers tried to prop up the Market in the PM but additional selling in the last hour and a half, had the indices closing down moderately. At the close, the DJIA was off 0.95%, the S&P down 0.78%, and the Nasdaq100 moving down 0.7%. Breadth was negative, 2.8 to1, on just below average volume. All three major indices now have their ROC(10) declining and negative. The DJIA moved below its 10D-EMA, which also began moving to the downside. Near term support is now setting up at 12250 and 12198. Near term resistance is now at 12329 and 12375. The S&P dropped a point below its 50D-SMA, and closed just above its 20D-SMA. It also moved just below its bottom trend line. Near term support is now 1309-1312 and 1300. 1309 is a key Fibonacci retracement level. Near term resistance is now at 1315 and 1325. The Nasdaq100 is now below its 20 and 50D-SMA’s. Near term support is now at 2288 and 2275. Near term resistance is now at 2300 and 2312. Gold, oil and the dollar were all losers. The UUP(PowerShares Dollar bullish) continues to trade at all-time lows. The VIX gained 3% to close at 17.09. There continues to be support near the 16.50 to 17.00 area.
Trading Trends
Long term, the bias remains to the upside for all three major indices. Short term, bias continues to the upside, but is once again in jeopardy. Near term, weakness continues and we finally made a bigger move to the downside. We dropped below some key support levels again in yesterday’s session, adding to the technical weakness. This morning’s futures point to a bounce on good Financial earning’s. A busy week for economic reports and earning’s reports will continue. 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:
Retail Sales-8:30am Business Inventories-10:00am Crude Inv.-10:30am Fed’s Beige Book-2:00pm
MAJOR INDICESShort term support and resistance level
| |||||
|
DJIA
close 12263
|
SP500
close 1314
|
N100
close 2298
|
|||
12250 |
12329 |
1312 |
1315 |
2288 |
2299 |
12198 |
12375 |
1309 |
1320 |
2275 |
2300 |
12170 |
12392 |
1307 |
1324 |
2270 |
2305 |
12119 |
12400 |
1300 |
1325 |
2262 |
2312 |
12000 |
12425 |
1294 |
1332 |
2250 |
2318 |
11950 |
12500 |
1288 |
1337 |
2239 |
2322 |
11900 |
12550 |
1275 |
1343 |
2324 |
|
12650 |
1262 |
1350 |
2325 |
||
12652 |
1356 |
2337 |
|||
Trade Ideas
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