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StreetOne Technical Analysis, LLC Market Summary 8/23/2011

Market Summary
David Chojnacki S1F Market Technician

A good open to the day and week ended rather quickly, when the Market began to go into a steady slide to the downside after the first half hour. Support at the recent closing lows helped to salvage small gains at the close.  All three major indices finished with minor gains. Near and short term technicals continue to be weak. RSI’s remain in the low to mid 30’s and the ROC(10) for all three indices is negative and declining. The MACD has been below signal since the last week of July. The DJIA, however, continues to be the only index of the big three to have its 50D-SMA remain above its 200D-SMA. The S&P has now several times held support near the 1120 area.  This is a good sign, but, we need to see some higher closes to develop a strong bottom. Re-testing the intra-day low of 1101
is not out of the question. The Nasdaq100 closed just 6 points above the new closing low it developed on Friday. It did maintain and hold the intra-day low established of 2034. This will continue to be a level we look at for support. With the VIX at 42.44, volatility remains in the Market. With volatility still high, any news can cause some wild Market swings. Futures, early this morning, are once again pointing to a significantly higher open. We are in territory where a bounce is possible; watch for the indices being able to hold the gains through the first hour and for a decline in the VIX.

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