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

StreetOne Technical Analysis, LLC Market Summary 01/05/2012

Market Summary
David Chojnacki S1F Market Technician


After some early weakness, the indices managed to begin moving to the upside and by the closing bell closed in positive territory. The gains were minimal, but they kept the new year rally momentum going.  Breadth, however, was slightly negative on very weak volume. ROC(10) weakened a bit, but RSI’s remain near 60 and near and short term technicals continue to suggest an upward bias. All three major indices are now holding their 200D-SMA indicating that we are beginning to see longer term strength build into the Market. The S&P and Nasdaq100 are right near levels where earlier we have pulled back.  The DJIA remained above its recent high of 12231, which becomes support along with 12400. Near term resistance is at the top Bollinger Band of 12479 and at 12500. It
remains in a position to test the July ‘11 high of 12724. The S&P closed just below its recent high of 1285 and that continues to provide resistance along with 1288 and 1300. Support remains at 1263 and 1250. A move through 1285 sets the S&P up to test the July closing high of 1353. The Nadssaq100 closed below its recent high of 2343, which remains as near term resistance. Its upper Bollinger Band(2345) and Fibonacci level of 2344 are also converging near the recent high. Look for support at 2325 and 2312.  The VIX dropped 3.7% to 22.22 and moved through chart support of 22.50. The Employment Report is tomorrow and should influence trading.  Futures are down moderately versus fair value.



Major Economic Reports Today
ADP Employment Change-8:15am     Initial/Continuing Claims-8:30am     ISM Services-10:00am        Crude Inv.-11:00am                                                                                                                                                        


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