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StreetOne Technical Analysis, LLC Market Summary-08/06/2010

|Includes: ELEMENTS MLCX Grains Index Total Return ETN (GRU)

by David Chojnacki

 The Market opened weak and continued that trend through the AM session. In the PM, buyers stepped up once again and pulled the indices near even.  At the close, the DJIA was down 5.4 points, the S&P500 off 1.4 points, and the Nasdaq100 down 4. Breadth was negative 1.5 to 1, on below average volume for the fourth straight session.  Not much change from a technical perspective with the DJIA support remaining at 10554, and resistance in the 10708-10725 area.  The S&P500 remained above 1120 and support continues at 1115-1120 and 1100 levels.  Resistance sets up between 1130 and 1135.  The Nasdaq100 continued to meet resistance in the 1900-1910 area, and remains below the June closing high.  Support remains at 1900-1893, with resistance at the top of the 1900-1910 range and 1913; with 1930 the next important area.  Sideways action continues with investors eyeing the Employment Report for some clearer direction.  A positive but declining ROC(10) indicating some loss of near term momentum to the upside and a weak ADX pointing to a lack of clear direction.  The VIX lost 0.5% to 22.09, remaining below its 200D-SMA.   

 

Trading Trend

Long term, technicals continue to improve, but bias remains to the downside. Short term bias continues to exhibit some mixed signals.  Near term, we continue to straddle key technical levels, and move sideways in the last several sessions. Today’s Employment Report may provide a catalyst.  Today’s futures(8:15am) are flat to slightly higher versus fair value. The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

Major Economic Reports Today:

Employment Report-8:30am       Consumer Credit-3:00pm

 

 

MAJOR INDICES Short term support and resistance level

DJIA

(close 10674

SP500

(close 1125

N100

(close 1904

10624

10708

1120

1130

1900

1910

10554

10725

1117

1135

1893

1913

10547

10770

1115

1136

1891

1920

10500

10800

1113

1143

1883

1923

10450

10900

1102

1150

1875

1930

10431

10941

1100

 1155

1865

 1931

10424

11000

1099

 1175

1860

 1940

10401

 

1096

 

1855

 

10358

 

1085

 

1853

 

 

 

Trade Ideas

 

GRU(Elements MLCX Grains Total) Closed 6.22.  Broke out above 6.00.  A buy above this level.

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

 

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