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StreetOne Technical Analysis, LLC Market Summary 10/11/2011

Market Summary
David Chojnacki S1F Market Technician
A strong open to the day and week with the indices making significant gains to the upside. The major averages gained between 2.9 and 3.4%. This made four out of five days to the upside. Breadth was decidedly positive, 7 to 1, on extremely light volume. The indices moved well back into the eight week trading range and technicals once again improved.  The indices are now above their 20 and 50D-SMA’s, and ROC(10)’s are positive and rising.  RSI’s are in the mid 50’s. They have also seen their MACD move above signal.  All indications of improving short term technicals. The weak volume added little conviction to yesterday’s move. The S&P moved right through the 1175-1178 area and closed at 1194. Holding 1175, it should make a run for the top of the range at 1220.
Though its had a strong move, it still remains below the Fibonacci(.38) retracement of the last leg down, which stands at 1208.  Look for this to provide some near term resistance. The Nasdaq100 looks a little stronger, as it has retraced more than 50% of the last leg. It also closed just 12 points below its 200D-SMA(2290).  The Nasdaq100 will find support at 2244 and near term resistance at 2288-2290. The DJIA remains just below the Fibonacci(.38) retracement of 11485. Look to find resistance at this level and 11600, which is near top of trading range.  The VIX lost 8.7% to close at 33, significantly lower, but volatility remains high. Expect trading to remain choppy. Earning’s reports begin today and should shed some light on the health of the economy. Futures are slightly lower this morning, indicating a weak open.


Major Economic Reports Today
FOMC Minutes-2:00pm                           
 
 

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