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StreetOne Technical Analysis, LLC Market Summary-02/23/2010

|Includes: GLD, IWM, QLD, QQQ, UDN, UUP, UYG, Financial Select Sector SPDR ETF (XLF)

 The Market opened slightly to the upside, then traded lower and remained in the red for most of the session, but little changed at the closing bell. The DJIA was off 18 points, the S&P500 off 1 and the Nasdaq100 off 5 points. Volume was weak. Little change to the technical landscape in this session, but recent bounce looks weak. Some signs of pulling back and testing 1080 on the S&P500.  All three indices remain just near their 50D-SMA. The indices remain above some important support levels and their 200D-EMA. We’ve also retraced better then 50% of the recent correction in all three major indices. We remain near a congestion area. The Russell 2000, continued displaying strength versus the other indices, with a finish just slightly to the upside. This could be foretelling of a more concentrated shift to secondary issues.  The Financials (XLF), remained strong, gaining 1.3% to 14.65. Support now at 14.60, 14.50, 14.40, 14.30, 14.15, and 14.00. Resistance now at 14.75, and 15.00. GOLD(GLD) moved lower again to 109.07. Having difficult time holding 109.80, a buy signal, but is maintaining support near 109.00 which is also 50D-SMA.  The VIX closed off slightly to 19.94.

 

Trading Trend

Long term, we’ve retraced over 50% of correction and if we can hold, upward bias will resume. Short term, bias has reversed to the upside, but we are right near congestion area. Near term, bias has been to the upside on weak volume. We are in a congestion area and may experience additional resistance.  Today’s futures(at 8:15am) are slightly lower versus fair value. Economic growth indicators and U.S. Treasury funding have become the new key Market movers.

 

Major Economic Reports Today:

Case-Shiller Index-9:00am    Consumer Confidence-10:00am

 

MAJOR INDICES- Short term support and resistance levels.

DJIA-(close 10383)  SP500-(close 1108)   N100-(close 1817)

 

    S           R                  S         R                    S          R

10355    10500            1108   1115              1812     1820

10283    10540            1103   1120              1801     1830

10270    10578            1100   1130              1800     1840

10260    10650            1099   1131              1799     1845   

10200    10725            1095   1135              1797     1850

10150                          1085   1143              1783     1867   

10000                          1080   1150              1775                                                              

  9941                          1070                         1758                 

  9925                          1059                         1742                               

  9850                                                           

 

 

Trade Ideas

XLF(SPDR Financials-State Street)-A buy if it can hold the 14.50 level. Similar trade is the UYG(Financial ProShares-2X leverage)- A buy above 5.75.

IWM(Ishares Russell 2000)-Remains a buy over 62.50. There is resistance near 63.50 and 64.85.

QQQQ(Powershares Nasdaq100)-Closed 44.74. Remains a buy if we can hold above 44.60. Similar trade is QLD(2X leverage)- Closed -56.38.  A buy above 56.50.

UUP(Powershares U.S. Dollar)- Closed at 23.68. Moving back into recent range of 23.40-23.70. The UDN(Powershares Dollar Bearish) has been displaying good support at 26.50.

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

This communication is not intended to constitute any offer or solicitation to buy or sell securities. Street One Financial (S1F) is a division of Emerging Growth Equities, Ltd (EGRO), Broker/Dealer and member of SIPC, FINRA (www.egequities.com). For more information, please contact us at: 877-782-8353

 



Disclosure: No positions