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StreetOne Technical Analysis, LLC Market Summary-07/15/2010

|Includes: VanEck Vectors Semiconductor ETF (SMH), VXX

 by David Chojnacki

A split in the Market at the open, with the Nasdaq100 gapping up on Intel earning’s and the DJIA and S&P500 opening weak.  The Market became fairly flat through the session with the Nasdaq100 losing early gains and all three indices finishing little changed.  At the close, the DJIA was up 3.7 points, the S&P500 off 0.17 points, and the Nasdaq100 gaining 8.3 points.  Breadth was negative 1.25 to 1, and volume was slightly above average. The DJIA managed to hold the 10355 level, but ran into resistance near 10400 intra day, and closed just below its 200D-SMA(10374). Near term support remains 10355 and 10221(200D-EMA).  Near term resistance is the 200D-SMA, 10401 and 10500.  The S&P500 closed unchanged at its 200D-EMA(1095) again, and just above its 50D-EMA(1094).  The 50D-EMA is crossing below the 200D-EMA, a short term negative signal.  Support remains 1095 and 1083. Resistance remains at 1100-1120 area.  The Nasdaq100 closed just above its 50D-EMA(1850) and 50D-SMA(1851), but just barely. The midday rollover was negative for near term strength. Near term support now at 1850 and 1841. Resistance at 1850-1855 area and 1870.  The VIX, up 1.3% to 24.89. Up two sessions in a row. 

 

Trading Trend

Long term, we remain below primary technical levels.  Short term, hitting resistance at these levels, remaining  a downside bias. Near term, some resistance last session after recent gains.  Upside bias in jeopardy.  Remains a trader’s Market.  Second quarter earnings continue.  Economic reports today may move the Market.  Today’s futures at(8:15am) are slightly higher versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.  

 

Major Economic Reports Today:

Initial/Continuing Claims-8:30am    PPI-8:30am    Empire Man. Index-8:30am                                           Ind. Prod./Capacity Utilization-9:15am    Phila.Fed-10:00am             

 

 

MAJOR INDICES Short term support and resistance level

DJIA

(close 10366

SP500

(close 1095

N100

(close 1853

10355

10374

1095

1100

1850

1855

10267

10401

1094

1117

1841

1870

10221

10450

1083

1120

1835

1893

10157

10500

1074

1135

1823

1900

10150

10554

1070

1136

1819

1910

10139

10645

1056

 1143

1814

 

10000

10708

1050

 

1800

 

9925

10725

 

 

1781

 

9908

 

 

 

 

 

 

 

Trade Ideas

SMH-(HOLDRS-Merrill Lynch Semis)-28.10. Quick turn around when nearing resistance at 29.00. Take profits; if you haven’t already.   Similar PSI, XSD, USD.

VXX-(iPath VIX short term futures)-25.93.  A buy above 25.70.  Support around 25.70 and 25.00. Vix reversed last two sessions and has bounced off 200D-SMA.  Resistance at 28.70 and 30.00

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) and Emerging Growth Equities, Ltd. (EGRO) 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 beeffected 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 utilizing the Broker/Dealer services and licenses of Emerging Growth Equities (EGRO), a fully registered Broker Dealer and member of SIPC/FINRA. All Partners of S1F are employees of EGRO. Through EGRO, S1F specializes in agency ETF/ETP, equities, and options trade execution. On the ETF/ETP end, S1F may work with the ETF

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Disclosure: No positions