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StreetOne Technical Analysis, LLC Market Summary-08/17/2010

|Includes: QLD, PowerShares QQQ Trust ETF (QQQ)

 by David Chojnacki

The Market opened the day and week to the downside, but quickly regained its losses and traded sideways for the remainder of the session.  At the close, the DJIA was off just 1 point, the S&P500 up 0.13 points, and the Nasdaq100 up 2.7.  Breadth was positive, 1.6 to 1, on below average volume.  The S&P500 and Nasdaq100, 20 and 50D-EMA’s are equal, as the major indices remain  near or below the popular moving averages.  The DJIA, once again, held its 50D-SMA(10273), as this remains near term support. Near term resistance continues at 10355. The S&P500 traded between two technical levels, 1070 and 1083, during the session and closed basically unchanged.  More important support remains at 1056 and upside resistance continues at 1087 and 1096. The Nasdaq100 closed up slightly but remains below its 200D-EMA(1824).  Near term support remains at 1800, with resistance at 1830 and 1850-55 area.  The move to the downside, for the major indices, has seemed to slow in the last two sessions. The S&P500 appears to have good support and resistance between 1056 and 1120 areas.  It may take a catalyst to shake out of this range.  After six straight sessions to the upside, the VIX lost 0.5% to close at 26.10.         

 

 

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 selling has waned in the last two sessions.  We are nearing some support levels that are key.  Today’s futures(8:15am) are up moderately versus fair value. The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

Major Economic Reports Today:

Housing Starts/Building Permits-8:30am     PPI-8:30am     Industrial Prod./Capacity Util.-9:15am     

 

 

MAJOR INDICES Short term support and resistance level

DJIA

(close 10302

SP500

(close 1079

N100

(close 1821

10273

10355

1070

1083

1808

1824

10267

10366

1068

1087

1800

1830

10150

10383

1056

1096

1781

1835

10140

10401

1044

1098

1775

1844

10000

10436

1035

1099

1750

1850

9925

10443

1025

 1100

1732

 1855

9908

10445

1022

 1116

 

 1856

9850

10500

1016

 1117

 

 1857

 

10554

1010

 1120

 

 1858

 

 

Trade Ideas

 

Day Trade

Early futures indicating a bounce after recent move to the downside.  QQQQ(Powershares QQQ Trust)-44.80. A buy above 45.00.  QLD similar(2X leverage).

 



Disclosure: No positions

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

 

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