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StreetOne Technical Analysis, LLC Market Summary-03/10/2010

|Includes: FAS, GLD, UYG, Financial Select Sector SPDR ETF (XLF)

 The Market opened briefly to the downside, but buyers stepped in quickly to push prices higher. Sellers came into the Market near 2:30pm, but again were chased and the Market finished positive for the session. At the close, the DJIA was up 11 points, the S&P500 up 2, and the Nasdaq100 up 10. Breadth was positive, about 4 to 3 on the NYSE, and volume significantly higher.  All three major indices remain positive for the year, and are nearing their highs set in January. While we technically remain sound, expect some resistance near the January highs. The Nasdaq100, Dow Transports and Russell 2000 all closed at new  52 week highs. The Russell 2000 set a new high now for the fourth session. The Financials (NYSEARCA:XLF), closed up .05 to 15.30. Support now at 15.30, 15.10, 15.00, 14.75, and 14.60. Resistance now at 15.40, 15.75 and 16.00. GOLD(NYSEARCA:GLD) dropped for the fourth straight session and closed just below key support to 109.72. Needs to get back above 109.80 to be a buy. The VIX up again, just .7%, to 17.92. Protection remains relatively cheap.

 

Trading Trend

Long term, technicals remain positive and intact. Short term, we continue to trade above recent range and are nearing January highs, with the Nasdaq100 closing at a new 52 week high. Near term, we continue to exhibit strength, but caution is required after the recent run-up and high RSI’S(becoming overbought). Today’s futures(at 8:15am) are slightly positive versus fair value. Economic growth indicators and U.S. Treasury funding remain the key Market movers.

 

Major Economic Reports Today:

Wholesale Inv.-10:00am    Crude Inv.-10:30am    Treasury Budget-2:00pm

 

MAJOR INDICES- Short term support and resistance levels.

DJIA-(close 10564)  SP500-(close 1140)   N100-(close 1901)

 

    S           R                  S         R                    S          R

10540    10650            1135   1143              1900     1920

10500    10704            1130   1150              1880     1927

10453    10725            1124   1158              1875     1935

10387    10080            1120   1160              1863     1950   

10355    11000            1115   1161              1860    

10336                          1114   1175              1850     

10200                          1106   1180              1845                                                     

10150                          1100   1200              1840                 

10069                          1089                         1838   

 

 

Trade Ideas

XLF(Financial Select SPDR)-Closed 15.30. Remains a buy above 15.10. Similar trade UYG, buy above 6.15. FAS(Direxion Financial 3X Leverage)-Closed 84.84. Buy above 83.00.

GLD(SPDR Gold)-Closed 109.72. Closed just below entry point of 109.80. Remains a buy above 109.80. Resistance at 113-113.50.

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Disclosure: No positions