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

StreetOne Technical Analysis, LLC Market Summary 12/15/2011

Market Summary
David Chojnacki S1F Market Technician


The Market continued its decline from the prior session.  An attempt at an early afternoon rally failed and the major indices closed down between 1.1 and 1.5% on the session. Breadth was negative, 2.4 to 1, on below average volume.  Near term technicals deteriorated as RSI’s are now in the low to mid 40’s and ROC(10)’s are negative and declining. We saw all three major indices have their MACD drop below signal. The S&P was unable to hold an important 1220-1225 support level and we went all the way down and tested a Fibonacci level at 1208 intra-day before the index found support.  The S&P also closed below its 50 and 20D-SMA’s. We see support once again at 1208 and 1200, with resistance at 1220-1225 and 1236. If we continue below the 1220 level, the S&P will probably test the 1170 area.  The DJIA closed just below its 20D-SMA(11829), but bounced off its 50D-SMA area, which sits at 11774.  Look for 11774 and 11722 to provide near term support, with 11485 an area to be tested if the weakness continues. The Nasdaq100 continued to remain below the neck-line(1175) and continued below major  short term moving averages.   It also closed below the 50% retracement level of 2244 and we do not see decent support until 2212 and 2200. Look for resistance to be at the 2225 and 2244 levels. The VIX closed up at 26.04, putting it back above its 200D-SMA. A slew of economic data today. Futures are slightly higher this morning versus fair value.



Major Economic Reports Today
Initial/Continuing Claims-8:30am   PPI-8:30am  Empire Man.-8:30am Current Acct. Balance-8:30am Net Long Term TIC Flows-9:00am   Industrial Prod./Capacity Util.-9:15am   Phila Fed-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