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StreetOne Technical Analysis, LLC Market Summary 5/26/2011

                                                     StreetOne Technical Analysis, LLC
                                                                                   D.Chojnacki
 
Market Summary-05/26/2011
After opening weak, the Market found strength through  the morning hours. The PM saw the indices trade sideways till the last hour, when there was some up-down action, with the averages finishing off their highs of the day. At the close, the DJIA, the S&P, and the Nasdaq100 all gained 0.3%. Breadth was positive 2 to 1, on below average volume. All three major indices remained below their 50D-SMA. The ROC(10) remains negative, and declined in the session. RSI’s remain weak and below 50. The 20D-SMA is declining for all three indices. The DJIA met resistance during the session right at its 50D-EMA. Near term support is now at 12375 and 12352.  Near term resistance is now at 12408 and 12423.  The S&P met resistance again during the session at its 50D-SMA. Near term support remains at 1316 and 1312-10.  Near term resistance is now at 1322-27 and 1330.  The Nasdaq100 saw its 10D-EMA cross below its 50D-EMA, indicative of the short term weakness. Near term support is now 2300 and 2288.  Near term resistance is now at 2312 and 2325.  The VIX dropped 4.2% to 17.07.     
 
Trading Trends
Long term, the bias remains to the upside for all three major indicesShort term bias is narrowly to the downside. Near term, we remain below the benchmark 50D-SMA and are straddling some key short term key Fibonacci levels of the last leg up. The weakness suggests that there may be some more pull-back.  These levels remain key short term support: 1297-1300 area in the S&P, 2300-2275 level in the Nasdaq100. Couple key economic reports today.  Futures at(8:00am) are flat versus fair value.  The Mid East crisis(oil), Euro debt crisis, and the U.S. economic recovery confirmation are the top Market movers.
 
 
 
Major Economic Reports Today:
GDP-8:30am   Initial/Continuing Claims-8:30am        
     
                                                                            
MAJOR INDICESShort term support and resistance level
DJIA
close 12394
SP500
close 1320
N100
close 2310
12375
12408
1316
1320
2305
2312
12352
12423
1312
1322
2300
2322
12339
12491
1310
1325
2288
2325
12250
12500
1300
1327
2283
2332
12211
12507
1297
1328
2277
2337
12125
12550
1288
 1330
2275
 2342
12000
12617
1262
 1339
2262
 2345
 
12632
 
 1341
2250
 2350
 
 
 
 1343
 
 
 
  
Trade Ideas
None today.
 
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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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