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

StreetOne Technical Analysis, LLC Market Summary 12/23/2011

Market Summary
David Chojnacki S1F Market Technician


The indices traded in a narrow range, but managed to continue the upside momentum started three sessions ago.  Gains for the big three indices were between 0.5% and 0.8%.   Breadth was positive, 3 to 1, on low volume once again.  Near term technicals continue to improve, but with little volume this week, it is difficult to put too much credence in the numbers. RSI’s are back near 50, with ROC(10)’s exhibiting some weakness as they are negative and declining.   The DJIA and S&P began to have their MACD positively cross signal. The DJIA moved above 12125, which was some important resistance and now appears to be set to move toward the recent high of 12231, which will act as resistance.   Look for support now at 12125 and 11958. The S&P continues above some key levels and maintains the short term upside bias.  Look for support at 1250 and 1236. On the upside, the S&P has met formidable resistance recently at the 200D-SMA, which is now at 1259.  A move through here would put it in the position to test the recent highs of 1285. The Nasdaq100 closed right at its 20D-SMA which is currently 2266. The Nasdaq100 still exhibits some near term weakness and it remains below some short term moving averages and retracement levels.  Look for support at 2244, with resistance on the upside at 2288. Once again we saw a small drop in the VIX, closing at 21.16, down 1.2%.  It remains significantly below the recent volatile extremes. Some key economic reports this morning, that may have some Market impact.  Futures are slightly higher this morning versus fair value.



Major Economic Reports Today
Durable Orders-8:30am    Personal Income/Spending-8:30am   PCE Prices-8:30am                                  New 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