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StreetOne Technical Analysis, LLC Technical Summary 5/11/2011

                                                               StreetOne Technical Analysis, LLC
                                                                                   D.Chojnacki
 
Market Summary-05/11/2011
The Market moved up at the open and maintained that strength into the PM hours. A buying spurt in the last hour and a half pushed the indices to moderate gains. At the close, the DJIA gained 0.6%, the S&P and Nasdaq100 closing up 0.8%.  Breadth was decidedly positive, 3.9 to 1, on average volume. The DJIA was the only index with a declining ROC(10). While the DJIA and S&P MACD remains below signal, the Nasdaq100 crossed above in the last session. The DJIA saw its RSI close at 63, on increasing near term strength. Near term support is now at 12745 and 12674.  Near term resistance is now at 12800 and 12810(April high).  The S&P held the Feb. high and closed above the 1350 resistance level, putting it in position to test the recent April high of 1363.  Near term support is now at 1350 and 1343.  Near term resistance is now at 1363 and 1375.  The Nasdaq100 closed above its Feb. high of 2397 and moved above the 2400 level. It closed just below its recent April high of 2413. Near term support is now at 2400-2397 and 2389.  Near term resistance sets up at 2412-13 and 2425. The GLD and USO also closed up in the session. The VIX was down again, for the second straight session, this time losing 7.2% to 15.91.    
 
Trading Trends
Long term, the bias remains to the upside for all three major indicesShort term bias to the upside continues.   Near term, three straight sessions to the upside, have strengthened technicals and keep bias to the upside. It appears the indices want to test the recent April highs. On the contrary, there still remains some indication that the S&P wants to test the 1325-30 area, perhaps after testing recent highs.  Futures at(8:00am) are slightly lower versus fair value.  The Mid East crisis(oil) and the U.S. economic recovery confirmation are the top Market movers.
 
 
Major Economic Reports Today:
Trade Balance-8:30am    Crude Inv.-10:30am     Treasury Budget-2:00pm                                                                                 
 
 
MAJOR INDICESShort term support and resistance level
DJIA
close 12760
SP500
close 1357
N100
close 2411
12745
12800
1350
1363
2400
2412
12715
12810
1347
1375
2397
2413
12674
12833
1345
1388
2389
2425
12650
12900
1343
1400
2388
2430
12550
12962
1339
1412
2375
2445
12547
13000
1338
 
2366
 2449
12507
 
1332
 
2362
 2450
12500
 
1330
 
2350
 2462
12425
 
1325
 
2343
 
 
 
 
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
This publication is neither an offer to sell nor a solicitation to buy any securities mentioned herein. The information contained herein is based on data obtained from recognized sources that are believed to be reliable. Street One Financial LLC (S1F) have not independently verified the facts, assumptions and estimates contained in this publication. Accordingly, no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this publication. The information contained in this publication is not and does not purport to be a complete analysis of every material fact respecting any company, industry, ETF or other security. Additional information concerning this publication may be available on request, if available. Many of the securities mentioned in this publication involve a higher degree of risk and more volatility than the securities of more established securities. For these and other reasons, the investments discussed in this publication may be unsuitable for investors depending on their specific investment objectives and financial position. Each investor should complete his or her own additional investigation and assessment prior to making investments in any securities. Transactions in securities mentioned herein may be effected only in those states where such securities are qualified for sale. Street One Technical Analysis LLC is an independently owned Company from Street One Financial LLC (S1F). S1F is an independent Company specializing in ETF’s, equities, and options. S1F specializes in agency ETF/ETP, equities, and options trade execution. On the ETF/ETP end, S1F may work with the ETF issuers to understand their products more thoroughly and how they can complement an investor's portfolio