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StreetOne Technical Analysis, LLC Market Summary 5/20/2011

                                                     StreetOne Technical Analysis, LLC
                                                                                   D.Chojnacki
 
Market Summary-05/20/2011
After some opening strength, the Market began to sell into the PM session.  The PM consisted of lethargic flat trading which left the indices with little change to the upside. The indices are meeting some stronger resistance at these levels.  At the close, the DJIA gained 0.36%, the S&P moved up just 2.9 points, and the Nasdaq100 up 6.7 points.  Breadth was just barely positive, 1.4 to 1, on below average volume. The ROC(10) declined for all three major indices. The 10D-EMA did turn to the upside for the DJIA and S&P.  The indices remain below their 20D-SMA, as it provided resistance during the session for the DJIA and S&P. The DJIA managed to close just above its 10D-EMA.  Near term support is now at 12601 and 12550.  Near term resistance is now at 12648-50 and 12715.  The RSI for the S&P moved up to 53, as it met resistance at the 1343 level.  Near term support is at 1339-41 and 1330.  Near term resistance is now at 1343-45 and 1350.  The Nasdaq100 met resistance at 2375 during the session, a level we highlighted in yesterday’s discussion.  Near term support is now 2362 and 2350.  Near term resistance is now at 2370-75 area and 2388.  The VIX lost ground for the third straight session, dropping 4.3% to close at 15.52.
 
Trading Trends
Long term, the bias remains to the upside for all three major indicesShort term bias to the upside continues.  Near term, the Market attempted to continue the 2 prior sessions’ strength but met resistance and ended with a small gain. Volume to the upside seemed to dry up.  We met resistance at levels noted: S&P at 1343 and the Nasdaq100 at 2375. We are currently seeing support near 50D-SMA levels and resistance near the 20D-SMA.  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:
No major reports scheduled       
                                                                              
MAJOR INDICESShort term support and resistance level
DJIA
close 12605
SP500
close 1343
N100
close 2369
12601
12648
1341
1343
2362
2372
12550
12650
1339
1345
2350
2375
12507
12715
1330
1346
2349
2386
12500
12745
1329
1350
2345
2388
12438
12800
1325
1363
2335
2397
12425
12810
1320
 1366
2325
 2400
12375
12833
1312
 1375
2322
 2412
12372
12858
1309
 1388
2312
 2413
12250
12900
1300
 1400
 
 
 
 
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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