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StreetOne Technical Analysis, LLC Market Summary-02/11/2010

|Includes: FAZ, FXE, GLD, QID-OLD, UDN, UUP, Financial Select Sector SPDR ETF (XLF)
The Market opened slightly weaker, traded sideways for most of the session and then closed little changed. At the close, the DJIA was off 20 points, the S&P500 off 2, and the Nasdaq100 off 5. Volume was lighter. Very little change in the technical landscape. Longer term, all three indices remain just below their 20 week –EMA. The Nasdaq100 remains above primary support of 1742, while the S&P500 closed just below 1070 support. They remain within reach of their 200D-EMA( which is 1679 and 1047). The DJIA remained above primary support of 9925, and stayed above 10000. The Financials (XLF), closed up again, but off its highs of the day. Closing up .11 to 13.91. It remains below its recent trading range of 14-14.50, and below its 200D-EMA(14.10). Support is now at 13.75, 13.50, 13.25 and 13.00. Resistance now at 14.00, 14.15, 14.30 and 14.40. GOLD(GLD) closed down .29 to 105.12. It held important support near the 104.50 area. The VIX  closed down 2.3% to 25.40.
 
Trading Trend
Long term, we remain in a correction, below ten month trading channel and 50% retracement levels in the DJIA and S&P500. Short term, bias remains to the downside.Near term, a lackluster session with no change to the technical landscape or direction. Earning’s season begins to wind down this week. Today’s futures(at 8:15am) are slightly higher versus fair value. Economic growth indicators and U.S. Treasury funding have become the new key Market movers.
 
Major Economic Reports Today:
Initial/Continuing Claims-8:30am     Retail Sales-8:30am    Business Inventories-10:00am
 
MAJOR INDICES- Short term support and resistance levels.
DJIA-(close 10038)                       SP500-(close 1068)                 N-100-(close 1749)
 
    S                  R                               S                 R                              S                R
10000          10105                         1050            1070                        1742           1758
 9925          10150                         1047            1078                        1735           1763
 9850          10200                         1035            1080                        1730           1765
 9774          10213                         1030            1085                        1720           1775   
 9725          10280                         1025            1091                        1700           1787
 9694          10355                         1020            1099                        1679           1799
  9650                                             1000           1100                        1675           1800                                                    
                                                                           1105                                                           
                                                                          1115                                                
Options/Derivative Flows
"In FXE (CurrencyShares Euro Trust), we saw buyers of the February 135-136-137 butterfly put spread 10,000 times.  These investors seem to be positioning for a slow drift to $136 in the FXE in the near term"
 
Trade Ideas
FAZ(Financials Bear-3X)- Closed down to 20.80. May be in limbo, till we get above 21.20. There is some support at 20.50. Next resistance at 22.20 and 23.00.
QID(Proshares Q’s ultra short)-Closed up .08 to 21.22. Remains a buy over 21.40. Support at 20.75, 20.40 and 20.10. Resistance at 22.00-22.25.
UUP(Powershares U.S. Dollar)- The UUP is meeting a lot of congestion near 23.70 area. Conversely, the UDN(Powershares Dollar Bearish) has support near 26.50, but remains below its 10 and 200D-EMA’S.

S1F in the News: http://www.streetonefinancial.com/news.html

 

   

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Disclosure: No positions