StreetOne Technical Analysis, LLC Market Summary 5/3/2011

                                                                     StreetOne Technical Analysis, LLC

                                                                                D.Chojnacki

Market Summary-05/03/2011

After the “Bin laden Bounce” in the morning, the Market came back in and traded on both sides of the flat line. At the final bell the major indices were mixed. At the close, the DJIA lost just 3.1 points, the S&P was off 2.3 points, and the Nasdaq100 barely changed, up 0.16 points.  Breadth was negative, 1.4 to 1, on below average volume.  The indices remain near multi-year highs and technicals continue positive.  The ROC(10) for all three indices remains positive and advanced in the last session. The RSI for the DJIA remained at 72, and it closed right at its top Bollinger Band. Near term support remains at 12800 and 12745.  Near term resistance is now at 12807 and 12833.  The S&P remains at a multi-year high and its RSI is now 67.  Near term support remains at 1350 and 1343.  Near term resistance continues at 1363-67 and 1375. The Nasdaq100 remains at levels not seen in ten years. There was no change in its RSI in the last session as it remains at 66. Near term support continues at 2400-2397 and 2388. Near term resistance is now at 2412 and 2425.  The GLD and SLV pulled back from their highs, while the UUP reversed during the session to finish positive. The VIX gained for the second straight session, this time a healthy 8.4% to 15.99. Volatility continues to remain low.  

 

Trading Trends

Long term, the bias remains to the upside for all three major indices. Short term bias to the upside continues.   Near term, the Bin laden bounce, did not last long as the indices sold off in the PM. While near term technicals remain positive, the indices are currently meeting some resistance at technical levels. Futures this morning indicate some digestion of recent strength is in the offing.  Earnings continue this week.  Some key economic reports this week and the unemployment report on Friday. 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:

Factory Orders-10:00am                                                                               

 

 

MAJOR INDICESShort term support and resistance level
DJIA close 12807		SP500 close 1361		N100 close 2404
12800	12807	1350	1363	2400	2412
12745	12833	1346	1367	2397	2425
12715	12900	1343	1375	2388	2428
12650	13000	1333	1388	2381	2430
12616	13058	1332	1400	2375	2437
12550	13132	1330	1412	2362	2450
12507		1325		2350	2462
12500		1320		2347	2475
		1318

 

 

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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