StreetOne Technical Analysis, LLC Market Summary 5/19/2011

                                                        StreetOne Technical Analysis, LLC

                                                                                   D.Chojnacki

 

Market Summary-05/19/2011

The Market continued the prior session’s mid-day reversal and moved to the upside throughout the day. At the final bell moderate gains were recorded for most major indices.  At the close, the DJIA was up 0.6%, the S&P and Nasdaq100 gaining 0.8%. Breadth was positive, 3 to 1, on below average volume. The ROC(10) advanced for all three major indices with the S&P moving into positive territory. The 10D-EMA appeared to provide the resistance level for the indices. The indices remain below their 20D-SMA, while holding the 50D-SMA.  MACD remains below signal for all three. The DJIA formed an engulfing candle in the session, providing reason for additional gains.  Near term support is now at 12550 and 12500.  Near term resistance is now at 12600 and 12641.  The S&P closed right at its 10D-EMA. It was the stronger of the indices in the session and closed with an RSI of 51.  Near term support is at 1339 and 1330.  Near term resistance is now at 1340-43 and 1345.  The Nasdaq100 closed right at a technical level, with its RSI moving to 49.  Near term support is now 2350 and 2334.  Near term resistance is now at 2362 and 2375.  The (Russell 2000) nudged above its 50D-SMA, with a 1.6% gain in the session. The VIX dropped 7.5% to close at 16.23.  

 

Trading Trends

Long term, the bias remains to the upside for all three major indices. Short term bias to the upside continues.  Near term, we had a follow through on the prior session’s mid-day reversal, with moderate gains. The last session helped to improve near term technicals, however, some weakness remains.  We also approach some formidable resistance for the S&P at 1343 and the Nasdaq100 at 2375. The indices also remain within striking distance of the 50D-SMA support.  A few key economic reports today.  Futures at(8:00am) are 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:

Initial Claims/Continuing Claims-8:00am    Existing Home Sales-10:00am   Phila. Fed-10:00am                        

Leading Indicators-10:00am                                                                                           

                                                                             

MAJOR INDICESShort term support and resistance level
DJIA close 12560		SP500 close 1340		N100 close 2362
12550	12600	1339	1340	2350	2362
12507	12641	1330	1343	2348	2372
12500	12650	1328	1345	2343	2375
12425	12715	1325	1350	2334	2386
12418	12745	1324	1363	2325	2388
12415	12800	1320	1367	2322	2397
12375	12810	1312	1375	2312	2400
12365	12833	1309	1388	2300	2412
12250		1300			2413

 

 

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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