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StreetOne Technical Analysis, LLC Market Summary 6/7/2011

                                                     StreetOne Technical Analysis, LLC
                                                                                   D.Chojnacki
 
Market Summary-06/07/2011
Weakness at the open continued throughout the session with the indices closing near their lows of the day. The fourth straight session of sequential selling. At the close, the DJIA lost 0.5%, the S&P giving up 1%, and the Nasdaq100 moved down 0.7%. Breadth was decidedly negative, 3.8 to 1, on average volume. Technical weakness expanded as the indices dropped through a key Fibonacci level, and the 20D-SMA crossed just below the 50D-SMA in the S&P and Nasdaq100. Near term technicals remain weak. All three indices are just near or below their lower Bollinger band. The DJIA held the 12070(Fibonacci level) but is dangerously close.
The DJIA now sees its RSI at 33.  Near term support is now at 12070 and 11964.  Near term resistance remains at 12116-125 and 12211.  The S&P closed just below its 150D-SMA(1288) a key technical benchmark and couldn’t hold a key Fibonacci level.  Near term support is now at 1275 and 1262.  Near term resistance is now at 1288 and 1297-1300. The Nasdaq100 also closed below its 150D-SMA(2286). It also is in danger of falling below its 2007 high of 2239. Near term support is now 2271 and 2262.  Near term resistance is now at 2286 and 2300.  The Russell 2000 broke below key chart support at 800, to close at 795. The VIX moved up 3.3% to 18.49.     
 
Trading Trends
Long term, the bias remains to the upside for all three major indicesShort term bias continues to the downside as we were unable to hold key technical levels. Near term, technicals weakened as we fell through some key benchmarks. The S&P is poised to test the March low of 1256(close) in the short term.  Positive futures this morning are pointing to a bounce, after 4 straight sessions to the downside, which saw the S&P give up 4.3%.  The DJIA and S&P have had a 5.6% correction since the late April high.  Futures at (8:00am) are higher 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:
Consumer Credit-3:00pm                                                                                                                            
                                                                                               
      
MAJOR INDICESShort term support and resistance level
DJIA
close 12089
SP500
close 1286
N100
close 2274
12070
12116
1275
1288
2271
2275
12000
12125
1262
1295
2262
2286
11964
12200
1256
1297
2250
2288
11917
12211
1250
1300
2239
2300
11900
12316
1225
1310
2237
2308
11823
12352
 
 1315
2225
 2312
11734
12375
 
 1320
 
 2320
11649
 
 
 1322
 
 
 
 
 
 1325
 
 
 
                                                                             
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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