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StreetOne Technical Analysis, LLC

Market Summary

David Chojnacki S1F Market Technician
The Market was fairly flat for most of the session on Friday. A late session push tried to get the indices into positive territory, but a sell-off in the final minutes left us with a mixed close. At the final bell, the DJIA was off 0.58%, the S&P lost 2.1 points, and the Nasdaq100 up 7.1 points. Breadth was positive, 2 to 1, on average volume. For the week, the Nasdaq100 was also the only gainer, up 0.9%, while the S&P was essentially flat and the DJIA losing 0.4%. RSI's are in the low to mid 60's for the S&P and DJIA, and at 70 for the Nasdaq100. ROC(10)'s are all positive, but direction on Friday was mixed. The DJIA broke out to new 3 year highs during
the week, but could not hold above the April high at Friday's close. The S&P remains the only index of the big three to not reach three year high levels. The DJIA now has near term support at 12635 and 12600. Resistance is at 12724 and 12810. The S&P finds near term support at 1312 and 1295. Upside resistance can be found at 1325 and 1353. The Nasdaq100 continues to hold 11 year high territory and was strengthened this week by good tech earnings reports. Look for it to find support near 2450 and 2429. We continue to see 2475 as short term upside target. The VIX was little changed, closing at 18.53, and continuing to lose ground.

Trading Trends

David Chojnacki S1F Market Technician

Long term, we now have the DJIA and Nasdaq100 moving into new high territory. This strengthens the argument for reversing the long term bias to positive. We will wait for the S&P to follow and confirm. Short term bias continues to be positive and we see that continuing. Near term, we saw some pullback and sideways action last week. We would expect to see some more near term consolidation to establish a base for longer term momentum. Early Future's are lower versus fair value.

Major Economic Reports Today

Personal Income/Spending-8:30am PCE Prices-8:30am

MAJOR INDICESShort term support and resistance level

close 12660


close 1316


close 2461

12635 12700 1312 1325 2450 2462
12600 12724 1310 1334 2437 2475
12512 12810 1300 1337 2429 2488
12500 12822 1295 1350 2425 2497
12400 12840 1288 1353 2412 2500
12300 12900 1285 1363 2401 2512
  13000 1275 1375 2388  
    1263   2385  
    1257   2375  


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