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StreetOne Technical Analysis, LLC Market Summary 7/25/2011

StreetOne Technical Analysis, LLC
                                                                                   D.Chojnacki
 
Market Summary-07/25/2011
A bit of a mixed Market on Friday to end the week. We saw the DJIA finishing down slightly, while the S&P moved very little, and the Nadsaq100 moved to new highs.   At the close, the DJIA was off 0.3%, the S&P gained a point, and the Nasdaq100 moving up 1%. Breadth was just slightly positive, on weak volume. For the week, we saw a decent move to the upside in the averages, as the DJIA gained 1.6%, the S&P moving up 2.2%, and the leader once again, the Nasdaq100 up 3%. The MACD is positive for all the indices, along with a positive and rising ROC(10). RSI’s have also moved into the low 60’s. The DJIA has now met resistance near the 12750 area three times in recent sessions. Obviously a level to watch.  The DJIA near term support is now at 12632 and 12550. Near term resistance is now 12750 and 12810.  The S&P has found the 1345 area providing a ceiling. Near term support is now 1339 and 1325.   Near term resistance is now 1345 and 1359. The Nasdaq100 continues to lead, moving to a new high on Friday. Near term support is now 2413 and 2400.  Near term resistance is now 2445 and 2450. We see strength in the Financials again, as the XLF moved above the short term averages. The VIX moved very little on Friday, closing at 17.52.       
 
Trading Trends
Long term, the bias remains to the upside, with the Nasdaq100 adding conviction and moving to a new high.  Short term, technicals improved significantly over the week, keeping the bias to the upside.  Expect to test the 1363 high in the S&P.  Near term, we had a strong week, though Friday was a bit of a mixed session.  Near term technicals remain strong and bias is to the upside.  Expect near term volatility to continue.   Earnings reports continue this week.   Future’s at (8:00am) are significantly lower versus fair value. The Euro debt crisis, and the U.S. debt situation and ceiling are the top Market movers.
 
 
Major Economic Reports Today:
No reports scheduled
 
                                                                                                                                                                  
                                                                                                                                                                 
MAJOR INDICESShort term support and resistance level
DJIA
close 12681
SP500
close 1345
N100
close 2429
12632
12750
1339
1345
2413
2430
12563
12810
1330
1350
2400
2445
12550
12875
1328
1359
2388
2450
12507
12900
1325
1362
2380
2462
12500
13000
1320
1363
2375
2475
12465
 
1315
 1375
2362
 2488
12461
 
1314
 1388
2350
 2500
12386
 
1311
 1400
 
 
 
 
 
 
 
 
 
 
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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