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

StreetOne Technical Analysis, LLC Market Summary 12/12/2011

Market Summary
David Chojnacki S1F Market Technician

The Market moved up right at the opening bell on Friday and made steady progress to the upside for the remainder of the session.    At the close, the DJIA and Nasdaq100 were up 1.5%, with the S&P gaining 1.7%.   Breadth was decidedly positive, 6.5 to 1, on just below average volume.  The indices recovered a good bit of what was lost in the prior session. For the week, the DJIA was up 1.3%, the S&P gained 0.8%, and the Nasdaq100 was up 0.6%. Despite Thursday’s weak session, near term technicals remain positive with RSI’s between 53 and 59 and ROC(10)’s are positive, but declined in Friday’s session. The DJIA and Nasdaq100
remain above their 200D-SMA, while it still remains a roadblock for the S&P at 1263. The DJIA sees support at 12125 and 12000, with near term resistance at 12231 12284. The S&P did manage to close above its 150D-SMA(1244), and remains above the 50% retracement level of 1236. We should see strong support at the 1220-1225 area. Upside resistance once again is the 200D-SMA at 1263(also a Fibonacci retracement level).   The Nasdaq1100 closed above its 50D-SMA and the 50 also crossed above the 200D-SMA. Look for good support near 2280. Resistance on the upside is at 2325 and 2350. The VIX lost a big 13.7% on Friday, to move down to 26.38, once again below 30.  

Trading Trends
David Chojnacki S1F Market Technician

Long term, bias remains to the downside. We are beginning to push up against levels to reverse long term bias.  Short term technicals remain positive and a test of recent highs is likely. The S&P continues to suggest upward bias above 1225 and 1236 levels. After the recent 8% + run we may see some consolidation.  Near term, volatility continues to remain high and we can expect more extreme swings within the trecent trading range.  A couple of  key  Economic reports scheduled for this week. Future’s at (8:00am) are moderately lower versus fair value.    

Major Economic Reports Today
Treasury Budget-2:00pm                                 

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