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StreetOne Technical Analysis, LLC Market Summary 2/17/2012

Market Summary

David Chojnacki S1F Market Technician

The Market began its rally from the opening bell and built momentum throughout the session into the close. The major indices were up from just below 1% for the DJIA, to 1.4% for the Nasdaq100. The S&P closed up 1.1% and above its July high of 1353. The DJIA and Nasdaq100 closed at new highs once again. Breadth was decidedly positive, 3 to 1, on average volume. Near term strength remains strong and RSI's are near over-bought condition. All three major indices developed 'engulfing' candles eliminating the prior day's loss. ROC(10's) are positive, but declined in the last session for the DJIA and S&P as momentum has slowed. We also have a MACD below signal for the two indices. The VIX lost 9% in the session to close back below the 20 level. We have
some mixed signals in near term technical indicators so the rally needs to be traded with caution at these levels. Every time it looks like we may get a correcting pullback, the selling is bought. The DJIA now has resistance set for the 13000 and 13125 levels. It has been finding support near its 20D-SMA, which currently is 12778. Support can also be found at 12810 and 12724. The S&P closed above 1353 for the first time and now sets its sight on the April'11 high of 1363. Support is now the 1353 and 1343 levels. The Nasdaq100, which closed at a new high, now has 2600 as its next resistance level. Above this level there is resistance at 2625. Support is at 2575 and 2550. Futures, early this morning, are slightly higher versus fair value.

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