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StreetOne Technical Analysis, LLC Market Summary 7/11/2011

                                                     StreetOne Technical Analysis, LLC
                                                                                   D.Chojnacki
 
Market Summary-07/11/2011
A disappointing Employment report and some over-bought conditions, lead to a very weak open on Friday. The Market did finally catch a bid and by the final bell the losses were significantly diminished. At the close, the DJIA lost 0.49%, the S&P giving up 0.7%, and the Nasdaq100 pulling back just 7 points.  Breadth was negative, 2.3 to 1, on weak volume. For the week, the DJIA was up 0.5%, the S&P gained 0.2%, and the Nasdaq100, the strongest, gaining 1.8%. Near and short term technicals remain strong as the RSI’s are in the 60’s, the ROC(10) continues to be positive and rising, and the 20D-SMA continues to rise for the last eight sessions. On the negative side, all three major indices formed a “Hanging man’ in Friday’s session(a reversal signal), and closed below the mid-point of the prior candle. The DJIA near term support remains at 12632 and12550.  Near term resistance continues at 12750 and April closing high of 12810. The S&P fell back below the weak resistance at the 1345-50 area. Near term support is now 1339 and 1325. Near term resistance is now 1345-50 and the April closing high of 1363. The Nasdaq100 remains below its April high of 2413. Near term support is 2400 and 2388.  Near term resistance remains at 2413 and 2425.  The VIX closed unchanged.      
 
Trading Trends
Long term, the bias remains to the upside for all three major indices, as we approach new highs. Short term bias continues to the upside.  Near term technicals continue to show strength as we hover just near over-bought conditions. There still remains some indication of an additional pause or pullback and this morning’s futures suggest just a weak open.  1325 is the next important support for the S&P.  The April highs remain next major resistance. Future’s at (8:00am) are significantly lower versus fair value. The Euro debt crisis, and the U.S. economic recovery confirmation are the top Market movers.
 
Major Economic Reports Today:
No reports scheduled
 
 
 
MAJOR INDICESShort term support and resistance level
DJIA
close 12657
SP500
close 1343
N100
close 2405
12632
12750
1339
1345
2400
2413
12550
12753
1330
1350
2388
2419
12507
12810
1325
1356
2375
2425
12500
12875
1317
1363
2362
2430
12467
12900
1314
1375
2360
2445
12461
13000
1302
 1388
2350
 2450
12353
 
1300
 1400
2346
 2462
12352
 
 
 1412
2345
 2475
 
 
 
 
 
 
     
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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