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StreetOne Technical Analysis, LLC market Summary 6/27/2011

                                                     StreetOne Technical Analysis, LLC
                                                                                   D.Chojnacki
 
Market Summary-06/27/2011
Shortly after the open, the Market began a steady decline which lasted through the session. By the final bell, the indices recorded moderate losses on heavy volume. At the close, the DJIA fell 0.9%, the S&P dropped 1.1%, and the Nasdaq100, the biggest loser, falling at 1.6%.  Breadth was negative, 1.6 to 1, on heavy volume.  For the week, the DJIA lost 0.5%, the S&P gave up 0.2%, and the Nasdaq100 actually gained 1.1%.  Near term technicals weakened again on Friday, as the ROC(10) is now negative and declining.  All three indices remain below their 150D-SMA, but only the Nasdaq100 continues below its 200D-SMA. RSI’s have moved back to near the upper 30’s. The DJIA remains below a key Fibonacci level of 12070. Near term support is now 11900 and 11823. Near term resistance sets up as 12000 and 12070. The S&P dropped below the 1275 level which has acted as a pivot point with the M arch low of 1256 on the downside and 1297 acting as resistance.   Near term support is now 1262 and 1256.  Near term resistance is at 1275 and 1297.  The Nasdaq100 moved back below its 2007 closing high of 2239.  Near term support is now 2212 and 2203.  Near term resistance is now at 2225 and 2239.  The VIX spiked 9.3% to move back in the 20’s at 21.10.       
 
Trading Trends
Long term, the bias remains to the upside for all three major indices, and the 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 are mixed, but favoring a downside bias as we remain below 1275.  Look to continue trading range of 1256 and 1297 levels in the S&P.  Nasdaq100 continues  to be weak short term and had closed below its 200D-SMA.  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:
Personal Income/Spending-8:30am   PCE Price-8:30am                                                                                       
    
MAJOR INDICESShort term support and resistance level
DJIA
close 11934
SP500
close 1268
N100
close 2217
11900
12000
1263
1275
2212
2225
11823
12037
1262
1281
2203
2234
11780
12051
1256
1288
2200
2236
11777
12070
1250
1290
2188
2237
11734
12112
1247
1295
2175
2239
11616
12125
1237
 1297
2151
 2250
 
12200
1232
 1300
2150
 2258
 
12211
1225
 1305
 
 2262
 
12239
 
 1310
 
 2270
 
 
                                                                             
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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