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StreetOne Technical Analysis, LLC Market Summary-09/07/2010

 by David Chojnacki

The Market gapped up at the open but began to sell off late morning.  The Market caught another bid after the noon hour and steadily gained into the close.  At the close, the DJIA gained 1.2%, the S&P500 was up 1.3%, and the Nasdaq100, the best gainer again, up 1.6%.  Breadth was positive, 3.3 to 1, and volume remained weak for the second session.  For the week, the DJIA was up 2.9%, the S&P500 up 3.7%, and the big gainer, the Nasdaq100 up 4.4%.  The DJIA and the Nasdaq100 also moved into positive territory for the year, while the S&P is still slightly below.  The DJIA met resistance at its 200D-SMA(10451) and closed just below.  It closed just above its 50% retracement of the April to July down leg and just above its 50week-SMA.   Support is now 10355, with resistance at 10450-10554. The S&P moved above its 200D-EMA and closed right at its 50week-SMA. Support is now 1093-1096; resistance at 1116-1120 area. The Nasdaq100 closed above its 200D-SMA, moved through tough resistance at 1850-55, and closed above its 50week-SMA.  Near term support is now 1850-55, with resistance at 1875-1893 area. The VIX lost 8.1% to 21.31, and remained below its 200D-SMA and lowest close since early May. 

 

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 is close to reversing.   Near term, technicals continue to improve as bias remains to the upside.  We are approaching some tough resistance levels and futures pointing to a weak open. Minimal amount of economic reports this week to influence the Market.  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:

None scheduled

 

 

MAJOR INDICES Short term support and resistance level

DJIA

(close 10447

SP500

(close 1104

N100

(close 1870

10445

10450

1100

1116

1863

1875

10401

10451

1096

1117

1855

1891

10366

10500

1093

1120

1850

1893

10355

10554

1087

1123

1839

1900

10303

10624

1082

1130

1835

1904

10267

10659

1079

 1136

1831

 1915

10266

10708

1076

 1143

1830

 1930

10258

10725

1070

 1150

1823

 

10232

10800

1056

 

1822

 

 

 

 

Trade Ideas

None today.

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

 

DISCLAIMER LANGUAGE

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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