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StreetOne Technical Analysis, LLC Market Summary-07/21/2010

|Includes: ProShares UltraShort Russell 2000 ETF (TWM)

 by David Chojnacki

After opening to the downside and trading down nearly 1%, the Market reversed midday and traded higher into the close. The earlier loss was erased and the indices posted gains near 1%.  At the close, the DJIA was up 0.7%, the S&P500 gaining 1.1%, and Nasdaq100 up 1.1%. We continue to trade around technical levels and bounce in a wide range. The DJIA closed just above the 200D-EMA(10220), which now becomes near term support.  Additional support is just below at 10000, which it bounced off last session intra day. Resistance now becomes 10258 and 10355.  The S&P500 again closed right at a technical level(1083). 1070 remains near term support and is a key level to monitor for near term direction.  Upside resistance sets up as the 200D-EMA(1094) and 1100.  The Nasdaq100 put some distance from its 200D-EMA(1814) and closed just below its 50D-EMA(1847), which sets up as near term resistance, along with the 1850-1855 area. Near term support becomes 1823 and 1814. The VIX continued its move to the downside, losing 7.8% to 23.93.  Once again it nears its 200D-SMA(23.43) which has provided support recently.

 

Trading Trend

Long term, we continue below key primary technical levels, keeping bias to the downside.  Short term, bias remains to the downside. Near term, choppiness continues with no real conviction to trend. 1070 level in S&P500 is key to near term direction. Earnings reports continue this week, with only a small number of economic reports.  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:

Crude Inventories-10:30am

 

 

MAJOR INDICES Short term support and resistance level

DJIA

(close 10229

SP500

(close 1083

N100

(close 1840

10220

10258

1083

1092

1835

1841

10183

10355

1076

1094

1823

1847

10162

10379

1075

1100

1814

1850

10150

10401

1070

1116

1800

1855

10000

10500

1056

1117

1781

1870

9925

10531

1050

 1120

1775

 1893

9908

10554

1044

 

1750

 1900

9810

10708

1035

 

 

 

9725

 

1025

 

 

 

 

 

 

Trade Ideas

 

Day Trade

TWM-(ultra short Russell 2000 ProShares)-21.75. Traded as high as 23.33 before rolling over. Found support at 21.50 area.   May be a trade off 21.50 if it continues to hold.    

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

 

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