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StreetOne Technical Analysis, LLC Market Summary 11/21/2011

                                                     StreetOne Technical Analysis, LLC               
                                                                                   D.Chojnacki
 
Market Summary-11/21/2011
After two big moves to the downside, the Market traded in a narrow range on Friday, and closed with little change. At the close, the DJIA was up 25 points, the S&P off 4.8 points and the Nasdaq100 losing 18 points.    Breadth was positive, 1.3 to 1, on average volume.  For the week, the DJIA lost 2.9%, the S&P gave up 3.8%, and the Nasdaq100 dropping 4.3%.  Near and short term technicals deteriorated considerably for the week.  RSI’s have dropped into the 40’s and ROC(10)’s are negative and declining.   The three major indices dropped through some key moving averages, but the DJIA and S&P continue to hold the 50D-SMA. All three remain with a negative MACD. The DJIA and Nasdaq100 remain above their 50% retracement level of 11722 and 2244 respectively, while the S&P is below that level, which is 1236.  We see support for the DJIA at 11722 and at its 50D-SMA(11523). Resistance is at 11840 and 11958. The S&P has near term support near 1214 and again at 1207-8. Resistance is at 1225 and 1236. The next support for the Nasdaq100 is 2244 and 2225. Upside resistance is at 2275 and 2288.   The VIX finally gave up some ground losing 7.2% to 32. Volatility continues to remain high. 
 
Trading Trends
Long term, bias remains to the downside, as last week’s pullback eliminated any hope for a near term reversal. Short term technicals have reversed to the downside, as we moved below some key averages and below the 1225 level in the S&P. There is downside bias below 1225. We continue to straddle both sides of some key short term levels, and receive mixed signals. Near term technicals are pointing to the downside, and we continue to get wild swings with the extremely high volatility.  There are several key economic reports this holiday shortened week.  Future’s at (8:00am) are significantly lower versus fair value, indicating a weak open.
 
 
Major Economic Reports Today:
Existing Home Sales-10:00am                                      
 
                                                                                                                    
MAJOR INDICESShort term support and resistance level
DJIA
close 11796
SP500
close 1215
N100
close 2253
11722
11840
1214
1225
2250
2263
11702
11903
1208
1236
2244
2275
11650
11921
1207
1245
2243
2280
11633
11958
1200
1248
2237
2288
11624
11974
1192
1250
2225
2300
11523
12000
1188
 1256
2212
 2312
11500
12125
1175
 1263
2200
 2317
 
 
1170
 1271
2188
 2325
 
 
1150
 1275
2175
 
 
 
Trade Ideas
None today.
 
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