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StreetOne Technical Analysis, LLC Market Summary 10/25/2011

Market Summary
David Chojnacki S1F Market Technician


The DJIA and S&P have put together three straight up days to remain above the recent trading range.  The major indices gained from 0.9% to 2% in yesterday’s session. Breadth was decidedly positive, 5 to 1, but once again volume was very weak. Near term and short term technicals remain fairly strong, and indications are that the indices want to retest their April and July highs. The remaining concerns are the recent short term rally has been on lethargic volume and we still have a VIX which is fairly high. Yesterday’s session saw the VIX drop 6.5% to below the 30 level, for one of the few times in recent weeks.  We would like to see some continuation of a lower VIX to reinforce the upside move.  The S&P will next meet resistance at the 1263 to 1275 area, which encompasses several key 
technical milestones, such as Fibonacci retracement level(.61), 150D and 200D-SMA’s. Support for the S&P becomes the 50% retracement level of 1236. Look for the DJIA to find support at 11722 and resistance at 11958 to 11965. The Russell 2000 confirmed the move out of the trading range with a close at 736, above the range closing high of 728.   The Nasdaq100 continued with its move to the upside and is now only 45 points from its July closing high of 2429. Look for the Nasdaq100 to find support near the 2325 level. Earnings reports continue today and Futures this morning are pointing to a slightly higher opening.


 
Major Economic Reports Today
Case-Shiller Index-9:00am    Consumer Confidence-10:00am   FHFA Housing Price Index-10:00am                                                                                                                                                                                                                              


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