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StreetOne Technical Analysis, LLC Market Summary 5/17/2011

                                                          StreetOne Technical Analysis, LLC
                                                                                   D.Chojnacki
 
Market Summary-05/17/2011
After a weak start, the Market gained some strength into the late morning hours, but then reversed and declined for the remainder of the session.  The Nasdaq100 was the weakest of the indices.  At the close, the DJIA was down 0.38%, the S&P falling 0.6%, and the Nasdaq100 losing 1.7%. Breadth was negative, 2 to 1, on slightly above average volume. All three major indices remain with their ROC(10) negative and declining.  Their 10D-EMA continues to decline and they are below their 20D-SMA. MACD remains below signal.  The DJIA closed with its RSI at 50.  Near term support is now at 12507 and 12500.  Near term resistance is now at 12550 and 12612.  The S&P closed just above its 50D-EMA(1327).  Near term support is now at 1327-23 area and 1320.  Near term resistance is now at 1330 and 1343.  The Nasdaq100 was the biggest loser on the session closing just above its 50D-SMA(2333). It dropped below its 20D-SMA, 50D-EMA and its RSI sits at 43.  Near term support is now at 2333 and 2322.  Near term resistance sets up at 2348-50 and 2375.  The (Russell 2000) closed below its 50D-SMA, falling 1.5%, indicating the weakness in a broad base of equities. The VIX moved up for the third straight session gaining 6.8% to 18.24. It is now up 14% in the last three sessions.  
 
Trading Trends
Long term, the bias remains to the upside for all three major indicesShort term bias to the upside continues, but is in jeopardy.  Near term, the weakness deepened as the S&P heads toward the low 1320’s. A drop below the 1320’s and there is not much support till 1300 area.  For the Nasdaq100 there is support between the 50D-SMA(2333) and 2325.  A break in this area would see the Nasdaq100 test the 2300 level.  Futures at(8:00am) are just slightly 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:
Housing Starts/Building Permits-8:30am    Industrial Production/Capacity Util.-915am                                                                                             
                                                                            
MAJOR INDICESShort term support and resistance level
DJIA
close 12548
SP500
close 1329
N100
close 2337
12507
12550
1327
1330
2333
2348
12500
12612
1325
1332
2325
2350
12425
12638
1323
1339
2322
2362
12409
12650
1320
1342
2315
2375
12375
12745
1312
1343
2300
2380
12350
12800
1309
 1345
2288
 2381
12289
12810
1300
 1350
2276
 2388
12250
12833
1289
 1363
2275
 2397
 
 
1275
 1373
 
 2400
 
 
Trade Ideas
None today.

 
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