Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

StreetOne Technical Analysis, LLC Market Summary 10/27/2011

Market Summary
David Chojnacki S1F Market Technician

After moving up at the open, the Market quickly retreated to lows by late morning. The PM session was all to the upside, with the S&P and DJIA closing with moderate gains of between 1 and 1.3%. The Nasdaq100 still feeling the hangover from AAPL, was down 1 point at the close. The DJIA and S&P closed above their 50% retracement levels and technicals continued to look positive. RSI’s are near 60 and ROC(10)’s are positive and rising for all three major indices.  The S&P and DJIA are poised to move above their 150 and 200D-SMA’s, which would further support the upside bias. The Nasdaq100 has already surpassed these technical milestones. The Russell 2000 closed at 727, just under the top of its recent trading range which is 728.  A follow through by the Russell 2000 would confirm the breakouts of the three major indices. A hold of the 50% retracement levels would suggest that we retest the April and July highs.  Look for the S&P to find some resistance in the 1263 to 1275 area, as I don’t see a direct move back to the highs.  Expect to see the DJIA find some resistance at the 11965 to 12000 area.  The VIX came off 7.3% in yesterday’s session to close just below 30. While this is encouraging, we still see the VIX at lofty levels and volatility still present within the market place.  Early futures point to a strong opening to the upside on the European headlines.  Watch the 1242 level in the S&P today for near term strength to the upside.    



Major Economic Reports Today
Initial/Continuing Claims-8:30am    GDP-8:30am    Pending Home Sales-10:00am                 




     

DISCLAIMER LANGUAGE
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