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 TodayCrude Inventories-10:30am Fed’s Beige Book-2:00pm
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