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

StreetOne Technical Analysis, LLC Market Summary-06/17/2010

|Includes: DGL, DGP, GLD, iShares Gold Trust ETF (IAU), PHYS, QLD, QQQ, SGOL, UBG, UGL

 by David Chojnacki

After opening a little weak, the Market traded on both sides of the flat line, and finally closed little changed.  At the close, the DJIA was up 4.6 points, the S&P500 down 0.62 point, and the Nasdaq100 gaining 7 points. Breadth was negative 1.3 to 1 on the NYSE, and volume below average. The DJIA and S&P500 remain above their 200D averages. Both indices met resistance near their 50D-EMA intra day,(10435 and 1120). The ROC(10) remains positive.  The DJIA and S&P500 remain just near a Fibonacci resistance level(.382 of Feb. to April leg), 10401 and 1117 respectively.  We continue to look to maintain this level for further upside and a reversal in short term bias. The Nasdaq100 continues to be the stronger of the three major indices and held above 50% retracement(1893) of FEB. to April leg. 1900 becomes near term support. 1893 and 1855 remain short term support. Upside resistance at 1920 and 1931. Technicals for the Nasdaq100 are pointing to a reversal of short term bias to the upside.  Need to hold 1893.  The VIX changed very little closing at 25.92.  Volatility remains high.

 

 

Trading Trend

Long term, the upside bias remains intact. Short term, NAsdaq100 indicating bias to the upside; further confirmation required for DJIA and S&P500.  Near term, closed above or near some critical levels indicating a change of bias to the upside.  Additional confirmation required at these levels for further upside. Options expiration may provide some additional volatility this week.  Today’s futures(at 8:15) are slightly higher versus fair value. The European debt crisis remains at the top of the list of Market movers.

 

 

Major Economic Reports Today:

Initial/Continuing Claims-8:30am    CPI-8:30am   Current Acct. Balance-8:30am                                  Leading Indicators-10:00am   Phila.Fed.-10:00am

 

 

 

MAJOR INDICES Short term support and resistance level

DJIA

(close 10409)

SP500

(close 1114)

N100

(close 1905)

10401

10435

1100

1117

1905

1920

10355

10479

1099

1120

1900

1931

10245

10500

1097

1123

1893

1940

10241

10554

1092

1136

1889

1950

10209

10605

1070

1143

1870

1975

10150

10708

1056

 1150

1860

 

10000

10725

1050

 1155

1856

 

9925

10800

1045

 

1855

 

 

 

 

 

1835

 

 

 

Trade Ideas

GLD(SPDR Gold)-Closed 120.33, down .66.  Continues to move sideways and hit resistance near May high(121.49).  The 20D-EMA(currently 119.10) has been fairly good support  in current uptrend.  A break through May highs and it should test 126-127.  Similar trades: IAU, SGOL, DGP, DGL, PHYS, UBG, UGL

 

QQQQ-(Powershares QQQ)-Closed-46.90. A buy above 46.75.  Similar trade –QLD.

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. All trading and broker dealer services are through 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