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StreetOne Technical Analysis, LLC Market Summary 8/15/2011

StreetOne Technical Analysis, LLC
                                                                                   D.Chojnacki
 
Market Summary-08/15/2011
A wild week with 600 point day swings, ended Friday with some stability and a drop in volume. At the close, the DJIA moved up 1.1%, the S&P gained 0.5%, and the Nasdaq100 seeing a rise of 0.6%.  Breadth was positive, 1.7 to 1, on above average volume, but volume dropped off from earlier in the week.  For the week, the DJIA lost 1.5%, the S&P giving up 1.7%, and the Nasdaq100 losing 0.5%. Near term technicals, like the RSI and ROC(10), improved at the end of the week. RSI’s are in the upper 30’s and low 40’s and no longer in short term over-sold territory. We continue to see the longer term trend breakdown, especially in the DJIA and S&P.  The DJIA 200 and 150D-SMA’s are now trending downward. During the week the 20D-SMA crossed below its 50D-SMA. Look for 11000 to be near term support. The S&P now has its 150D-SMA turning downward and its 50D-SMA crossing below its 200D-SMA( the ‘deadly cross’). Support remains at 1175 and 1120. Once again we see the Nasdaq100 possessing stronger long term strength in relation to the other major indices. Its 150D-SMA did turn to the downside. There is near term support at 2161 and 2150. Resistance sets up at 2193-2200. A drop in the VIX of 6.7% on Friday still leaves it at 36.36. Volatility continues to be high. 
 
Trading Trends
Long term, the primary trend line and long term indicators have broken down. Short term bias continues to the downside.  We see downward bias in the S&P below 1175; 1175 to 1225 neutral area; above 1225 upside bias takes hold. Near term we had a bounce the last two sessions to remove the over-sold condition.  We closed just above 1175 on Friday, indicating some more upside possible.  Expect volatility to continue. Future’s at (8:00am) are higher versus fair value. The Euro debt crisis, and the U.S. debt situation are the top Market movers.
 
Major Economic Reports Today:
Empire Man.-8:30am    Net Long Term TIC-9:00am     NAHB Housing Index-10:00am                                                                                                                                                                   
 
 
MAJOR INDICESShort term support and resistance level
DJIA
close 11269
SP500
close 1178
N100
close 2182
11255
11345
1175
1188
2188
2193
11254
11389
1168
1192
2175
2199
11248
11435
1152
1196
2165
2200
11200
11500
1150
1200
2161
2212
11139
11550
1125
1212
2150
2225
11000
11613
1120
 1218
2137
 2239
10936
11616
1110
 1225
2125
 2250
10880
 
1103
 1232
2100
 2262
 
 
1100
 1237
 
 2275
                                                                                                                                                                  
                                                                                                                                                                 
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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