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 TodayEmployment Report-8:30pm
ALL PRICES NOTED IN THIS PUBLICATION ARE AS OF THE CLOSE ON TRADING PRIOR TO TODAY’S DATE, UNLESS OTHERWISE INDICATED
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