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

StreetOne Technical Analysis, LLC Market Summary 01/17/2012

Market Summary
David Chojnacki S1F Market Technician

The Market eventually recovered from some early moderate weakness, however, it was unable to get into positive territory at the close.   At the close, the DJIA was down 48 points, the S&P lost 6.4 points, and the Nasdaq100 gave up 0.4%. Breadth was negative, 2 to 1, on average, to slightly above average volume.   For the week, the major averages gained between 0.5 and 0.8%, with the S&P being the big winner. RSI’s remain  near 60 and ROC(10)’s continue positive. Near term and short term technicals remain positive, however, we continue to see resistance at current levels, with some sideways action.   The DJIA has support at 12400 and its
recent high of 12231. Resistance is now at 12500 and 12661. The S&P moved through its recent high of 1285 during the week and managed to hold that level even in Friday’s weak market.   Look for 1285 and 1263 to provide near term support. Upside resistance will be at 1300 and 1312. The Nasdaq100, like the S&P remains below its recent closing high of 2401.  Look for this level  to continue to provide resistance , along with 2412. Support shapes up as 2350 and 2325. 2429 is the 2009 bull rally closing high and is the next target after moving above 2401. The VIX gained 2.1% to close at 20.91 and remain above the 20 level.




MAJOR INDICESShort term support and resistance level
DJIA
close 12422
SP500
close 1289
N100
close 2371
12400
12500
1288
1300
2362
2375
12385
12600
1285
1312
2350
2388
12300
12661
1275
1325
2343
2401
12246
12724
1263
1337
2325
2407
12231
 
1262
1350
2312
2412
12125
 
1258
 1353
2304
 2425
12032
 
1250
 
2300
 2429
12000
 
1244
 
 
 2437
11959
 
1236
 
 
 2450




Major Economic Reports Today
Empire Manufacturing-8:30am                               



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