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StreetOne Technical Analysis, LLC Market Summary 2/21/2012

Market Summary

David Chojnacki S1F Market Technician

After moving up at the open, the indices reversed and moved into negative territory by noon. The DJIA and S&P recovered in the PM to register a small gain at the close. The Nasdaq100 closed with a small loss. Breadth was positive, 1.5 to 1, on above average volume. Heavier volume was likely due to options expiration. For the week, the DJIA gained 1.1%, the S&P and the Nasdaq100 added 1.4%. RSI 's remain near or above 70, indicating the near term strength and the indices becoming slightly over-bought. We continue to see the MACD for the DJIA and S&P remaining below signal. Once again, something that we need to watch, as a
pullback is over-due. The DJIA sees resistance at 12982 and 13000, near term. Support is now at 12810-12790 and 12724. The S&P has finally closed above 1353(July'11 high) and on Friday met resistance right at its April'11 high of 1363. Additional resistance will be found at 1375. Support now lies at 1353 and 1342. The Nasdaq100 which made new 11 year highs last week closed just below its high made on Thursday. The resistance levels for the Nasdaq100 near term are 2588 and 2600. Support now lies at 2575 and 2556. The VIX, which spiked above 21 last Wednesday, closed the week on a 17 handle, indicating a significant reduction in the fear factor by the end of the week.

Major Economic Reports Today

No reports scheduled

Trading Trends

David Chojnacki S1F Market Technician

Long term, with all three major indices above or making assaults on long term highs, the bias remains to the upside. Short term bias continues to be positive and we expect that to continue. Near term, a consolidation or pullback is overdue. We may see a little more upside, but we appear to be close to some consolidation. We may be looking at a 5 % correction. This week is light with economic reports and earnings reports are beginning to wane. Eyes will continue on Europe and Greece. Early Futures are pointing to a slightly higher open versus fair value.

MAJOR INDICESShort term support and resistance level
DJIA

close 12949

SP500

close 1361

N100

close 2584

12880 12982 1353 1363 2575 2588
12853 13000 1348 1375 2556 2600
12840 13125 1336 1388 2550 2625
12810 13250 1335 1400 2525 2637
12790   1325 1412 2512 2650
12724   1312 1425 2500 2675
12700   1300   2488  
12600   1288      
    1275      

DISCLAIMER LANGUAGE

ALL PRICES NOTED IN THIS PUBLICATION ARE AS OF THE CLOSE ON TRADING PRIOR TO TODAY'S DATE, UNLESS OTHERWISE INDICATED

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