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StreetOne Technical Analysis, LLC Market Summary 10/06/2011

Market Summary
David Chojnacki S1F Market Technician

The Market followed through with another strong move to the upside. The major indices were up between 1.2 and 2.5% on just about average volume.   Breadth was positive nearly 3 to 1. The last two days saw the S&P bounce up 4% since breaking below the recent trading range. This improved near term technicals, with RSI’s now in the mid to upper 40’s and ROC(10)’s on the advance.  Short term weakness remains as we continue below key averages and MACD continues to be negative.  Look for the S&P to find support at 1120 and 1103, with near term resistance on the upside at 1145 and 1164(20D-SMA). The DJIA will find some resistance near 11090, with support at 10880 and 10800. The Nasdaq100 closed below 2200 and we look for it to move above this level to find
additional upside strength. Look for 2175 and 2150 to provide near term support on the downside.  The VIX declined 7.3% in yesterday’s session to close at 37.8. This remains relatively high and volatility will continue in the Market. This makes these near term swings susceptible to quick reversals. Tomorrow we get the Employment Report and though it is a lagging economic indicator, recent months have shown strong Market reaction. Today’s Initial Claims Report may also have some impact. All eyes continue to watch Europe for any signals to a resolution of the debt crisis. Futures this morning have been very volatile, but currently are indicating slight weakness at the open.

Major Economic Reports Today
Initial/Continuing Claims-8:30am                           

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