Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Today's Technical Outlook-7/25/2012

Market Summary

David Chojnacki S1F Market Technician

More negative headlines out of Europe and disappointing revenues sent the Market to another poor start. The indices couldn't find any traction during the session and slowly moved to the downside throughout the day. A report 10 minutes before the bell, touting the Fed may do more easing, sent prices spiking up and off their lows of the day. At the close, the DJIA was down 0.8%, the S&P lost .9%, and the Nasdaq100 off .89%. Breadth was decidedly negative once again, 2.9 to 1, on average volume. Near term technicals continued to deteriorate and began to effect short term neutrality. RSI's moved down to the mid 40's and ROC(10's) declined, with the Nadsaq100 going negative. The continued pullback is weakening short term technicals, as MACD's have moved below signal for all three major indices. They have all remained below their 20D-SMA's, but held their 50D-SMA. The DJIA just barely held the 50D-SMA(12608). It has support there(50D) and at 12507(200D-SMA). Resistance on the upside is at 12724 and 12741. The Nasdaq100 closed at 2567, just 3 points above its 50D-SMA. Look for support at the 50D level and further below at 2550 and 2525. Look for upside resistance at 2588 and 2600. We see continued weakness for the Nasdaq100 below 2621. We are now within striking distance of the lower end of our trading range which is the 200D-SMA. Apple's disappointing earnings will impact the Nasdaq100 at the open today. The S&P closed below its 150D-SMA(1344) and approached the lower end of its trading range yesterday. There is fairly good support at 1325 and then again at its 200D-SMA(1315). On the upside, we see resistance at 1344-48 area and 1353. The VIX spiked up 9.9% to close at 20.47. Futures mixed this morning with the Nasdaq100 down and the S&P and DJIA up slightly.

Major Economic Reports Today

New Home Sales-10:00am Crude Inv.-10:30am

DISCLAIMER LANGUAGE

ALL PRICES NOTED IN THIS PUBLICATION ARE AS OF THE CLOSE ON TRADING PRIOR TO TODAY'S DATE, UNLESS OTHERWISE INDICATED

This publication is neither an offer to sell nor a solicitation to buy any securities mentioned herein. The information contained herein is based on data obtained from recognized sources that are believed to be reliable. Street One Financial LLC (S1F) have not independently verified the facts, assumptions and estimates contained in this publication. Accordingly, no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this publication. The information contained in this publication is not and does not purport to be a complete analysis of every material fact respecting any company, industry, ETF or other security. Additional information concerning this publication may be available on request, if available. Many of the securities mentioned in this publication involve a higher degree of risk and more volatility than the securities of more established securities. For these and other reasons, the investments discussed in this publication may be unsuitable for investors depending on their specific investment objectives and financial position. Each investor should complete his or her own additional investigation and assessment prior to making investments in any securities. Transactions in securities mentioned herein may be effected only in those states where such securities are qualified for sale. Street One Technical Analysis LLC is an independently owned Company from Street One Financial LLC (S1F). S1F is an independent Company specializing in ETF's, equities, and options. S1F specializes in agency ETF/ETP, equities, and options trade execution. On the ETF/ETP end, S1F may work with the ETF issuers to understand their products more thoroughly and how they can complement an investor's portfolio