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StreetOne Technical Analysis, LLC Market Summary 5/12/2011

                                                                      StreetOne Technical Analysis, LLC
                                                                                   D.Chojnacki
 
Market Summary-05/12/2011
The Market traded down at the open, and accelerated the selling near the noon hour. PM trading was fairly flat, but the indices still closed with moderate losses. At the close, the DJIA lost 1%, the S&P was down 1.1%, and the Nasdaq100 moving down 0.76%. Breadth was decidedly negative, 3 to 1, on above average volume. All three major indices saw their ROC(10) go negative and decline, while their MACD is below signal. All three bounced off their 20D-SMA during the session, a positive sign. The DJIA fell below its 10D-EMA as it began to decline. Near term support is now at 12565 and 12507.  Near term resistance is now at 12650 and 12666.  The S&P closed just below its Feb. high. It also closed below its 10D-EMA, which also reversed to decline.  Near term support is now at 1339 and 1330.  Near term resistance is now at 1343 and 1350.  The Nasdaq100 closed back below its Feb. high, after testing the recent high early in the session. As noted above, its MACD is now below signal.  Near term support is now at 2390 and 2375.  Near term resistance sets up at 2397-2400 and 2412.   The GLD pulled back, while the UUP continues its recent rise.  The VIX moved up 6.5% to close at 16.95. 
 
Trading Trends
Long term, the bias remains to the upside for all three major indicesShort term bias to the upside continues.   Near term, after approaching recent highs, the indices pulled back with a moderate loss.  While near term technicals remain positive, negative crossing MACD and resistance at recent highs suggests that caution be exercised.  We still have the indication that the S&P wants to test the 1325-30 area.  Couple key economic reports today.  Futures at(8:00am) are 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:
Initial/Continuing Claims-8:30am    PPI-8:30am     Retail Sales-8:30am   
Business Inv-10:00am.
                                                                         
 
MAJOR INDICESShort term support and resistance level
DJIA
close 12630
SP500
close 1342
N100
close 2393
12565
12650
1339
1343
2390
2397
12550
12666
1332
1345
2388
2400
12507
12715
1330
1346
2375
2412
12500
12745
1326
1350
2371
2413
12425
12800
1325
1363
2362
2425
12391
12810
1322
 1374
2350
 2430
12375
12833
1320
 1375
2345
 2445
 
12900
1312
 1388
2337
 2449
 
12960
1300
 1400
2331
 2450
 
 
 
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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