Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

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 indicesShort 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
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