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

Today's Technical Outlook-4/5/2012

Market Summary

David Chojnacki S1F Market Technician

A 'gap down' at the open sent the Market off nearly 1% in the first five minutes. The sell-off continued till 11:00am when traders finally found a level that they could buy. By the final bell, the averages were off their lows but the damage was done. At the close, the DJIA was down 0.95%, the S&P lost 1%, and the Nasdaq100 losing 1.3%. Breadth was negative, 4 to 1, on average volume. RSI's have dropped significantly, with the DJIA moving below 50, the S&P just above that level, and the Nasdaq100 dropping to 60. While ROC(10's) remained barely positive, they declined across the board. MACD's continue to turn down and below signal. A significant event in yesterday's session was the DJIA close below its 20D-SMA(13138). Aside from one day in March( March 6th), the DJIA has not closed below its 20D-SMA since

Major Economic Reports Today

Initial/Continuing Claims-8:30am

DISCLAIMER LANGUAGE

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

Dec. 2011. Near term technicals were further weakened by yesterday's action. We have been trading in a narrow range since March 13, and we may be developing the fourth wave of our rally since October 2011. It is not uncommon for a fourth wave to move laterally, as opposed to a pullback or correction. I'm watching the 1385 level in the S&P as a barometer for additional pullback(perhaps at least a 5-6% correction). The DJIA finds support at 13000 and also at 12970(50D-SMA). Upside resistance is now at 13138 and 13264. The S&P closed below 1400, but held 1397 support at the close. Look for 1397 and 1388-85 to provide near term support. Near term resistance now stands at 1400 and 1412. The Nasadq100 bounced off its 20D-SMA(2730) in the session and that will remain as near term support. Upside, we see resistance at 2750 and 2775. Early Futures are lower versus fair value.