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StreetOne Technical Analysis, LLC market Summary 9/07/2011

Market Summary
David Chojnacki S1F Market Technician

The Market began the abbreviated week with another day to the downside, making it the third session in a row of losses. The big gap down at the open was met by buyers in the late morning and this continued till the close eliminating the big losses. The DJIA and S&P fell below their 20D-SMA during the day and met resistance at that level during the session. The Nasdaq100 traded below its 20D-SMA but managed to close back above. Breadth was negative about 3 to 1 on average volume.  The drop of the S&P below 1175 put it back into a near term downward bias. Near term technical indicators are mixed and reflect the volatility present in the Market.  The VIX moved up 9% in yesterday’s session to close at 37, maintaining the recent high levels. The
Bollinger Bands which reflect the recent wide trading range and volatility, have begun to close in. This may be the first sign of some calming in the Market.  If this is true, we should also see the VIX begin to move to the downside.  The DJIA and S&P developed a ‘Hammer’ in yesterday’s session, which is usually a reversal signal at the bottom of a range.  Yesterday’s bounce off the weak open was a positive sign and a move back above 1175 in the S&P would put near term bias back to the upside.  A word of caution, with volatility so high near term bias can swing from day to day or even intra session. Economic reports this week are light. Early futures indicate a positive open.

Major Economic Reports Today
Fed Beige Book-2:00pm  


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