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

Today's Technical Outlook-6/27/2012

Market Summary

David Chojnacki S1F Market Technician

In the last two weeks, we have seen the S&P make a 4% move to the upside and then retrace most of that move, to close yesterday at nearly the same level as two weeks ago. Since May 18th, except for two brief exceptions, the S&P has traded in a range between 1295 and 1335. Yesterday's action displayed some strength in the afternoon, to move the major indices to the upside at the close. At the close, the DJIA was up 0.26%, the S&P gaining .48%, and the Nasdaq100 adding .6%. Breadth was positive 1.7 to 1, on below average volume. RSI's remain within a point of each other for all three indices, settling near the upper 40's. ROC(10's) moved to the positive side in yesterday's session and are rising. Since the bounce off the lows of June 4th, the averages have exhibited near and short term strength, and currently some weakness in the near term. All the indices are above their 200D-SMA and are holding the longer term positive bias, though it has been threatened. The DJIA and S&P remain below their 150D-SMA's, causing some concern for longer term strength. The Nasdaq100, however, has been bouncing off the 150D level on several occasions. This Market has been driven by headlines, but as noted remains in a range. We expect this range to continue as long as we hold the longer term technical levels. For the S&P, the range may extend from 1295 to 1363, roughly about 5%. The Nasdaq100 is developing a range between 2450 and 2625. The Fibonacci 38% retracement level is 1319 and 2541 for the S&P and Nasdaq100 respectively. Above these levels we see the short term bias to the upside. Below these levels, the bias is neutral, down to the longer term support at the 200D-SMA levels. The VIX is just below 20 at 19.72, suggesting that some of the volatility in the Market has been removed. Futures flat this AM.

Major Economic Reports Today

Durable Orders-8:30am Pending Home Sales-10:00am Crude Inv.-10:30am

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