StreeetOne Technical Analysis, LLC Market Summary

                                                            StreetOne Technical Analysis, LLC

                                                                                   D.Chojnacki

 

Market Summary-05/09/2011

Good job numbers propelled the Market to a good open which continued through the morning hours. There was some selling in the PM, but a last hour bounce left the indices with a moderate gain.   At the close, the DJIA was up 0.4%, the S&P and Nasdaq100 gaining 0.3%.   Breadth was positive for the first time in five sessions, 2 to 1, on average volume. For the week, the major indices registered small losses with the DJIA losing 1.3%, the S&P down 1.6%, and the Nasdaq100 giving up 0.8%. All three major indices had their ROC(10) rising in the last session, however, the Nasdaq100 was the only one which remained negative.  Their MACD approached the signal line, and actually dropped slightly below for the S&P500. The RSI for the DJIA moved up to 58 and it remained just below its 10D-EMA.  Near term support is now at 12550 and 12513.  Near term resistance continues at 12650 and 12715.  The S&P closed just below its Feb. high(1343), but bounced off its 20D-SMA during the session.  Near term support is now at 1339-35 and 1330-1325. Near term resistance is now at 1343 and 1350. The Nasdaq100 closed at its 10D-EMA and continued below its Feb. high of 2397. Near term support continues at 2375 and 2362.  Near term resistance remains at 2383 and 2388. The VIX now up for 6 straight sessions to 18.40.   

 

Trading Trends

Long term, the bias remains to the upside for all three major indices. Short term bias to the upside continues.   Near term, despite the last session’s bounce we still see some near term weakness. Still some indication that the S&P wants to test the 1325-30 area.  Several key economic reports toward the end of this week. Futures at(8:00am) are higher versus fair value.  The Mid East crisis(oil) and the U.S. economic recovery confirmation are the top Market movers.

 

 

Major Economic Reports Today:

No reports scheduled                                                                                  

 

 

MAJOR INDICESShort term support and resistance level
DJIA close 12638		SP500 close 1340		N100 close 2383
12550	12647	1339	1343	2375	2383
12513	12650	1335	1345	2362	2388
12507	12715	1332	1350	2358	2397
12500	12745	1330	1363	2350	2400
12425	12800	1325	1371	2338	2412
12391	12833	1323	1375	2337	2425
12375	12919	1320	1388	2328	2430
12344		1312		2325	2442
		1300		2322

 

 

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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