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

StreetOne Technical Analysis, LLC Market Summary 12/14/2011

Market Summary
David Chojnacki S1F Market Technician

After opening to the upside and trading positive for most of the session, the Market dropped rather quickly after the FOMC announcement. There were no major changes to the FOMC policy, but a weakened Euro is being blamed for the U.S. sell-off. The major averages lost between .5 and 1% on the day. Breadth was negative, 2.4 to 1, on average volume.  RSI’s dropped to the upper 40’s for the S&P and Nasdaq100, and to 52 for the DJIA.   ROC(10)’s turned negative and are declining.  Near term technicals have weakened and we are near the 3% pullback we have anticipated. The S&P closed right at the 1225 level, which along with 1220 are strong support levels. The 20D-SMA sits right at 1224. A drop below these levels and we may be looking at another 4-5% pullback
to 1170.  Near term support is now 1220 and 1208.  Resistance to the upside is 1236 and 1242.  The DJIA closed just below a key Fibonacci level of 11958. It did manage to hold its 200D-SMA of 11943, and is now the only major index above this milestone. Near term support is 11943 and 11856. Upside resistance is now at 12000 and 12125. The Nasdaq100 closed just below its 20D-SMA(2271) and below some key retracement levels. It is also below some key moving averages and susceptible to losing its short term upside bias. It also closed just below a ‘neckline’ at 2275 which portends further weakness.  Near term support is at 2244 and 2200. Upside resistance is at 2275 and 2312. The VIX moved inversely to the Market by closing down 1% to 25.41, dropping below its 200D-SMA. Futures are slightly lower this morning versus fair value.

Major Economic Reports Today
Export/Import Prices-8:30am    Crude Inv.-10:30am                                                                                                             

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