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StreetOne Technical Analysis, LLC Market Summary-08/16/2010

 by David Chojnacki

After three days of decidedly downside moves on heavier volume, the Market lost little ground on weak volume.  At the close, the DJIA was off just 16 points, the S&P500  down 0.4%, and the Nasdaq100 off 0.7%.  Breadth was just slightly negative. For the week, the DJIA lost 3.2%, the S&P500 dropped 3.7%, and the Nasdaq100 lost 4.4%.  The indices dropped through some key support levels during the week and the S&P and Nasdaq100 also fell below their 50 week moving average.  The DJIA held the 50 week, but dropped below its 20 week MA.  The DJIA held support intra day at its 50D-SMA(10266), and along with 10150 remains as near term support.  Resistance continues at 10355.  The S&P500 slipped just below secondary support level of 1083.  Next key support is 1056.  The S&P500 met resistance at its 50D-SMA(1087) and along with 1096 remains as near term resistance.  The Nasdaq100 closed at its low of the session and there is not much support till 1800. Top side resistance sets up at 1830 and 1850-55 area.  1056 will be key in the S&P500 to see if we bounce off to trade in a wide range or continue last week’s slide to the downside.  The VIX continued to gain ground moving up 1.9% to 26.24.  It begins to hit resistance near here.        

 

Trading Trend

Long term, bias remains to the downside, as the indices continue below some key longer term indicators.  Short term downside bias continues, but we remain within a wide range.  Near term, bias remains to the downside, though we are nearing some support levels that are key.  Investors continue to focus on economic news for keys to future economic outlook.  Today’s futures(8:15am) are down slightly versus fair value. The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

Major Economic Reports Today:

NY Empire Man. Index-8:30am     TIC Flows-9:00am     NAHB Housing Index-10:00am     

 

 

MAJOR INDICES Short term support and resistance level

DJIA

(close 10303

SP500

(close 1079

N100

(close 1818

10267

10355

1070

1083

1807

1824

10266

10366

1066

1087

1800

1830

10150

10386

1056

1196

1781

1835

10012

10401

1044

1100

1775

1841

10000

10440

1035

1101

1750

1844

9925

10450

1025

 1102

1732

 1850

9908

10478

1022

 1117

 

 1855

9850

10500

1016

 1120

 

 1856

 

 

1010

 1130

 

 1857

 

 

 

Trade Ideas

 

None today.

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

 

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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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