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StreetOne Technical Analysis, LLC Market Summary 01/11/2012

Market Summary
David Chojnacki S1F Market Technician

The Market got a significant bump up at the open yesterday, than consolidated some mid-day, before sliding sideways into the close.  Volume was still not stellar, but improved from the prior session. At the close, the advances were moderate and breadth was decidedly positive, 3.4 to 1. The Nasdaq100, which had lagged the other major indices last month, has begun to out-perform them for the first trading days of the year.  The S&P also improved short term strength moving above the recent closing high of 1285. RSI’s are now in the low to mid 60’s and ROC(10)’s are positive and rose in the last session. Look for the DJIA to find some near term support near 12400 and to meet with resistance near 12500 and 12600.  The S&P, which has closed above the recent high of
1285, will find that level to now provide near term support, along with 1263.  On the upside, we see the S&P setting its eye on the July ‘11 high of 1353 and 2009 bull run high of 1363.  Near term resistance is set at 1300 and 1312. The Nasdaq100 is still looking to cross the recent high of 2401, which along with 2375 will act as resistance. Near term support for the Nasdaq100 is at 2350 and 2325. The VIX resumed its slide, closing down 1.8% to 20.69. It still remains above the 20 handle, but considerably lower than the last half of 2011.  Earning’s reports will begin to pick-up and should impact the Market climate. Futures are slightly lower  versus fair value early this morning.  

Major Economic Reports Today
Crude Inventories-10:30am     Fed’s Beige Book-2:00pm                                                                                           

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