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

StreetOne Technical Analysis, LLC Market Summary 2/16/2012

Market Summary

David Chojnacki S1F Market Technician

A positive Market during the morning hours, reversed like clockwork at the noon hour. Some up and down trading in the PM, but at the final bell, the big three indices were off between 0.5% and .75%. Breadth was negative, 1.4 to 1, on just below average volume. The S&P traded above its July high for a time, but could not hold that level into the close. RSI's pulled back some and ROC(10's) declined on the weakness. The MACD's for the DJIA and S&P remain below signal, and may be indicating additional weakness. We mentioned last week that some near term consolidation should be expected after the long run, perhaps as much as 4%. The VIX is also indicating some Market weakness, as it has been up 5 of the last six sessions. Yesterday it gained 8.1%
to close at 21.14, back above the benchmark 20 handle. The DJIA closed below its April'11 high of 12810, but bounced off its 20D-SMA during the session. Look for 12764 and 12724 to provide near term support. Upside resistance is now 12810 and 12890. The S&P, which lost 0.5% during the session, still remains in a 9 day narrow trading range. Once again, 1335 and 1325 will provide important near term support. Resistance on the upside remains at 1353 and 1363. The Nasdaq100 hit the 2600 level during the session, but it too was susceptible to yesterday's PM sell-off. It did hold support above the 2550 level, and that remains near term support along with 2525. Upside resistance continues at 2575 and 2600. Several key economic reports today, including the PPI number.

Major Economic Reports Today

Initial/Continuing Claims-8:30am Housing Starts/Building Permits-8:30am PPI-8:30am Phila Fed-10:00am



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