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StreetOne Technical Analysis, LLC Market Summary 6/24/2011

                                            StreetOne Technical Analysis, LLC
                                                                                   D.Chojnacki
 
Market Summary-06/24/2011
A late reversal stemmed what would have been significant losses for the session. The Nasadq100 managed to close in positive territory. At the close, the DJIA lost 0.49%, the S&P dropped 3.6 points, and the Nasdaq100 gained 0.8%. Breadth was positive, 1.5 to 1, on above average volume.  The late reversal strengthened near term technicals with the ROC(10) positive and advancing for all three indices. RSI’s are in the mid 40’s and the DJIA and S&P formed “hammers”.   All three indices now have their MACD above signal.  The DJIA moved back above its 150D-SMA. Near term support is now 12032 and 12000. Near term resistance sets up as 12070 and 12125. The S&P managed to close above the 1275 level after finding resistance there for most of the session. It bounced off its 200D-SMA during the session and the second time in recent days.  Near term support is now 1275 and 1262.  Near term resistance remains at 1297-1300 and 1310.  The Nasdaq100, which recently has been the weakest index in the short term, staged a big comeback to now have highest RSI of the three at 46.  It closed above its 200D-SMA.  Near term support is now 2250 and 2237.  Near term resistance is now at 2262-64 and 2275.  The VIX gained 4.1% to 19.29, but had been as high as 21.50 during the session.       
 
Trading Trends
Long term, the bias remains to the upside for all three major indices, and recent bounce has put some distance from longer term breakdown.  Short term bias continues to the downside as the indices remain below some key short term Fibonacci levels.  Near term, technicals have strengthened and there is some more room to the upside. Look for the S&P to meet formidable resistance near 1297-1310 area.   The Nasdaq100 should meet similar resistance near 2283.  Futures at (8:00am) are, mixed 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   Durable Orders-8:30am                                                                                                  
     
 
MAJOR INDICESShort term support and resistance level
DJIA
close 12050
SP500
close 1283
N100
close 2255
12032
12070
1275
1284
2250
2262
12000
12077
1263
1288
2239
2264
11900
12125
1262
1292
2238
2270
11823
12136
1256
1294
2237
2275
11791
12200
1250
1297
2234
2283
11734
12211
1248
 1300
2225
 2288
 
12352
1237
 1306
2212
 2293
 
12383
 
 1310
2203
 2295
 
 
 
 1319
2200
 2300
 
                                                                             
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