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StreetOne Technical Analysis, LLC Market Summary-07/07/2010

 by David Chojnacki

The Market opened the shortened week with an expected bounce; it was strong and brief. Up nearly 2% in the first hour, the Market then slowly sold off and closed little changed to the upside.  At the close, the DJIA was up 57 points, the S&P500 gained 5 points, and the Nasdaq100 up 6 points.   Advancing issues held a slight edge, on   below average volume.  Not much change in the overall technical picture. The DJIA and S&P500 traded in a range bounded by technical levels. The DJIA has near term support at 9725 and 9650.  More important support lies near 9456-9425 area(Fibonacci levels). Short term resistance remains at 9810 and 9908. The S&P500 held the all important 1010-1016 support level and closed just above. The 50D-SMA did fall just below the 200D-SMA, but it did get a slight bounce in the RSI. Near term resistance remains at 1035. The Nasdaq100, closed just above the Feb. low(1732).  Near term support remains at 1700, with 1668 next important level of support.  Near term resistance remains at 1750, and 1781.  The Russell 2000 and Dow Transports could not manage to hold earlier gains and finished in the red. The VIX lost 1.5%, to 29.65, to close just below 30. Volatility remains high, but has dropped 14% in the last three sessions.

 

 

Trading Trend

Long term, bias remains to the downside.  Short term, bias remains to the downside.  Near term, we may set up in a trading range(S&P500 1010-1044) with little economic reports this week to move the Market. Second quarter earnings reports begin and may be Market movers.  Today’s futures at(8:15am) are slightly lower versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.  

 

 

Major Economic Reports Today:

Crude Inventories-10:30am

 

 

MAJOR INDICES Short term support and resistance level

DJIA

(close 9743)

SP500

(close 1028)

N100

(close 1734)

9725

9810

1025

1035

1732

1750

9650

9850

1016

1044

1713

1775

9609

9900

1012

1050

1705

1781

9500

9908

1010

1051

1700

1783

9456

9925

1000

1056

1684

1800

9425

 9927

974

 1068

1668

 1813

9350

 10000

946

 1070

1641

 1815

9280

 10092

 

 1083

 

 

 

 

 

 1096

 

 

 

 

Trade Ideas:
None today

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

 

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ALL PRICES NOTED IN THIS PUBLICATION ARE AS OF THE CLOSE ON TRADING PRIOR TO TODAY’S DATE, UNLESS OTHERWISE INDICATED

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