StreetOne Technical Analysis, LLC Market Summary 4/27/2011

                                                                     StreetOne Technical Analysis, LLC

                                                                                D.Chojnacki

Market Summary-04/27/2011

The Market made a steady progression to the upside throughout the morning hours. Some selling early PM was reversed and the indices managed to close with  moderate advances. At the close, the DJIA was up 0.9%, the S&P also added 0.9%, and the Nasdaq100 moving up 0.5%. Breadth was positive, 2.6 to 1, on below average volume.   All three major indices remain with their MACD above signal and the DJIA and S&P are now at multi-year highs. The Nasdaq100 closed just one point below its Feb. high and multi-year high. The DJIA sees its RSI now at 65 as near term strength improves.   Near term support is now 12550 and 12500.  Near term resistance is now at 12600 and 12650.  The S&P moved to a new multi-year high and its RSI is now at 63. Near term support is now at 1343 and 1332.  Near term resistance is now at 1350 and 1363. The Nasdaq100 which traded above its Feb. high during the session, managed to close just one point below.  Its RSI is now at 67.  It is the only index of the big three which remains below its bottom trend line(2450).  Near term support remains at 2388 and 2375.   Near term resistance continues at 2397 and 2400.  The GLD pulled back some yesterday after setting new highs recently, meanwhile the UUP(dollar) continues to make new lows.  The VIX lost .95% to 15.62.

 

Trading Trends

Long term, the bias remains to the upside for all three major indices. Short term bias to the upside continues.   Near term technical continue to be strong as bias remains to the upside. The  Nasdaq100 is the only major index to not close above its Feb. highs, however, it is the only index above its pre-crisis level.   Earnings reports continue heavy this week.  Fed decision and Bernanke speaks today.  Futures at(8:15am) are higher versus fair value.  The Mid East crisis and the U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

Durable Orders-8:30am     Crude Inventories-10:30am   FOMC Decision-12:30pm              

     

 

 

MAJOR INDICESShort term support and resistance level
DJIA close 12595		SP500 close 1347		N100 close 2396
12556	12600	1346	1350	2388	2397
12550	12650	1343	1363	2387	2400
12507	12740	1342	1375	2375	2412
12500	12800	1332	1388	2362	2425
12425		1330	1400	2350	2430
12417		1329		2349	2437
12375		1326		2337	2450
12369		1325		2333
12250		1320

 

           

Trade Ideas

None today.

 

 

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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