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StreetOne Technical Analysis, LLC Market Summary-07/09/2010

by David Chojnacki

The Market gapped up nearly 1% in the first hour, then slowly sold off through the session. In the last hour buyers stepped in again to give the indices a decent gain and close near their highs of the session.  At the close, the DJIA was up 1.2%, the S&P500 gained .9% and Nasdaq100 up .4%. Breadth was 2.7 to 1 positive on the NYSE and volume was slightly below average.  The DJIA and S&P500 put some distance from their Feb. lows. The DJIA closed just near its 20D-SMA(10135).  The DJIA now has near term support at 10000 and 9908. Resistance remains at 10150 and 10355.  The S&P500 closed right at a secondary resistance level of 1070.  It remains above its Feb. low and the 1044 area. Near term support is now at 1070 and 1056. Resistance at 1083 and 1100. The Nasdaq100 had the smallest gain of the three main indices, but did manage a gain for the third straight session.  Near term support remains at 1781 and 1750.  Resistance sets up as 1800 and 1813(200D-EMA). Three straight gains in the major indices, but we remain below recent up trendlines and below their 200D-EMA. The VIX lost 4.2%, to 25.71. This makes five losing sessions and a significant drop in volatility, while still relatively high.

 

Trading Trend

Long term, bias remains to the downside.  Short term, bias remains to the downside, but trying to reverse, with a 4.6% gain in S&P500 in last three sessions.  Near term, we’ve had a three day bounce off the lows(S&P500 -1010 intra day). Near and short term technicals have strengthened, but overall remain weak.  Second quarter earnings reports begin and may move the Market this week. Today’s futures at(8:15am) are mixed versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.  

 

 

Major Economic Reports Today:

Wholesale Inv.-10:00am

 

 

 

MAJOR INDICES Short term support and resistance level

DJIA

(close 10138

SP500

(close 1070

N100

(close 1798

10063

10150

1070

1083

1786

1800

10000

10218

1068

1095

1781

1811

9979

10263

1056

1100

1775

1813

9925

10355

1050

1117

1750

1823

9908

10401

1044

1120

1732

1835

9900

10500

1035

 1135

1713

 1850

9850

10630

1025

 1140

1706

 1853

9810

 

1016

 

1700

 1855

9725

 

1014

 

 

 

 

 

 

Trade Ideas

 

None Today

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

 

DISCLAIMER LANGUAGE

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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