Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

StreetOne Technical Analysis, LLC Market Summary 8/9/2011

Market Summary
David Chojnacki S1F Market Technician

Selling continued with another day of very heavy volume. The last two sessions giving some indication of capitulation type activity. The three major averages losing between 5.5% and 6.6% in the session. RSI’s are in the high teens to low 20’s indicating an extremely over-sold condition in the near term. The indices are having little respect for support levels as we continue to break through new levels each day.  The averages closed below their lower Bollinger Band which also makes a case for a bounce. We seemed to have bounced off the 1120 level in the S&P yesterday, and closed just near that level. Perhaps we may have some support at this level. Next important level in the S&P is a Fibonacci retracement level at 1103 and chart support at the 1100 area.  For the DJIA, we see support at 10448 and also at 10355. The Nasdaq100 big picture situation is slightly different then the DJIA and S&P. The Nasdaq100 remains above its 75% retracement level of the 2007-2009 down leg, which is at 1940. We have support at 2025-2000 on the charts, the 1940 level, and the at Fibonacci retracement level of 1900. Futures this morning are pointing to a bounce to the upside at the open.  Bias continues to the downside for all periods and despite a near term bounce, we may test the next support levels before we begin to build a bottom.  The VIX is at levels not seen since May of 2010, closing at 48. The FOMC  speaks this afternoon and may shed some light on future interest rates and the dollar.

Major Economic Reports Today
Productivity/Unit Labor Costs-8:30am     FOMC Rate Decision-

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