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StreetOne Technical Analysis, LLC Market Summary-07/30/2010

 by David Chojnacki

A little roller coaster action, with the Market being up 1%, down 1%, and then coming back to close with a small loss.  At the close, the DJIA was off 30 points, the S&P500 lost 4.6 points, and the Nasdaq100 was down 12 points.  Breadth was negative 1.2 to 1 with above average volume. The indices continue to pullback from some formidable resistance. The DJIA did bounce off its 200D-SMA(10409) area intra day and closed above its June high(10450) again.  Near term support for the DJIA remains at 10450 and 10409-10401 area.  Upside resistance remains 10554. The S&P500 pretty much traded between its 200D-EMA(1095) and 200D-SMA(1114).  Little change technically, with near term support remaining at 1100 and 1095.  Resistance continues to be 1114 to 1120 area. The Nasdaq100 traded in a technical range and remains within the primary support and resistance area.  1900-1910 continues to present resistance along with 1893.  Support now sets up as 1855-1850 area. The VIX closed little changed at 24.13. It remains back above its 200D-SMA(23.39), which recently has been a good indicator of reversals. 

 

Trading Trend

Long term, we continue below some key primary technical levels, keeping bias to the downside.  Short term bias remains to the downside as the indices meet resistance. Near term, increased volatility and technical range trading continues. Trading in a wide range still supported by technicals(see Bollinger bands).  Remains a trader’s Market.  Some key economic reports today to end the week.  Today’s futures at(8:15am) are lower versus fair value.  The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

Major Economic Reports Today:

GDP -8:30am    Emp. Cost Index-8:30am    Chicago PMI-9:45am   U Mich. Sentiment-9:55am   

 

 

MAJOR INDICES Short term support and resistance level

DJIA

(close 10467

SP500

(close 1101

N100

(close 1860

10450

10500

1100

1114

1858

1870

10409

10554

1097

1117

1855

1893

10401

10708

1095

1120

1852

1900

10384

10714

1089

1132

1850

1910

10355

10725

1082

1135

1848

1920

10299

10800

1070

 1136

1846

 1922

10298

10900

1056

 1143

1836

 1931

10234

 

 

 1150

1835

 

10150

 

 

 

 

 

 

 

 

Trade Ideas

 

None today.

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

 

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