David Chojnacki S1F Market Technician
After a move up at the open, the averages quickly pulled back in the next half hour. Late morning saw the indices begin to recover and by the close, we had a mixed finish. At the close, the DJIA was up 0.5%, the S&P gained a small 0.37%, and the Nasdaq100 gave up 0.25%. Breadth was positive, 1.4 to 1, on average volume. For the week, the S&P added 0.7%, the DJIA gained 1%, and the Nasdaq100 adding 0.9%. The S&P and Nasdaq100 made new closing highs last Monday and then pulled back slightly the remainder of the week. There was some technical range trading during most of the week. RSI's have come down and most of the over-
bought condition has been relieved. ROC(10's) have also declined indicating the loss of momentum after Monday's big day. We also saw a little more near term weakness in the Nasdaq100, which may spill over to the DJIA and S&P. The VIX was up slightly on the week, but remains at relatively low levels. The DJIA continues to find support near its 20D-SMA(13089). There is also support below that level at 13000. Resistance now sets up as 13250-52 and 13300. The S&P held the 1400 level and has found support at 1397 several times during the week. Additional support is at 1391 and 1388. Resistance is at 1416 and 1425. For the Nasdaq100 support at 2737 and 2725. Resistance at 2775.
David Chojnacki S1F Market Technician
Long term, upside bias remains intact for all three major indices. Short term we begin to get some caution with the declining MACD signal. We remain above short term moving averages, but some indication that we may be seeing more sideways action here. We will watch the charts to see if the weakness leads to a fourth wave correction. Near term it looks like the choppiness continues as we trade within technical ranges. Again the next several trading days may be key in determining if we get the overdue pullback. Some key economic reports this week, including the Employment Report at the end of the holiday shortened week. Early Futures are slightly lower to flat this morning.
|MAJOR INDICESShort term support and resistance level|
Major Economic Reports Today
ISM Index-10:00am Factory Orders-10:00am
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