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StreetOne Technical Analysis, LLC Market Summary 9/2/2011

Market Summary
David Chojnacki S1F Market Technician
 
 After opening to the upside, the indices reversed direction after the first half hour and slowly declined through the remainder of the session. The major indices at the close were all down nearly 1%.  The selling was orderly and a healthy pullback is positive if we are to build a base at the current levels. Breadth was negative, about 2.5 to1, on below average volume. The recent bounce was somewhat extended and we were meeting some resistance areas.  Near term technicals remain positive, and we continue to strengthen shorter term indicators. RSI’s remain right near 50 and ROC(10)’s are positive and rising.  The S&P met resistance once again near 1225, and closed right at 1204 which was a recent bounce high. We see support in the 1200 to 1208 area, with
resistance at 1218 and 1225.  The Nasdaq100 met resistance intra-day once again at its 50D-SMA, which sits at 2269. We have resistance at 2244 and 2269. The Nasdq100 has support at 2214 and 2200.  The DJIA closed just above a support level at 11485. Below this level there is support at 11345. DJIA near term resistance is at 11550 and 11722. We have the Employment Report today which will definitely shape the open. Futures which are lower versus fair value early this morning, have little meaning since the Employment Report will have a significant influence at 8:30. The VIX gained 0.6% to 31.82, and continues to be rather high.    



Major Economic Reports Today
Employment Report-8:30pm                      



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