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StreetOne Technical Analysis, LLC Market Summary-09/28/2010

 by David Chojnacki

We had a weak open to the session and the week.  The Market traded sideways during most of the session, moved into positive territory at one point, then sold off in the last hour.   At the close, the DJIA was down 0.4%, the S&P500 off 0.5%, and the Nasdaq100 losing 0.6%. Breath was slightly negative, 1.4 to 1, on below average volume.  The DJIA continues to have fairly good support near 10708-10725 area.  Near term resistance remains at 10939.  The S&P closed one point below a support level of 1143. Next important support is 1130.  Upside resistance remains at 1155 and 1175.  The Nasdaq100 pulled back yesterday, but its 50D-SMA is about to cross above its 200D-SMA.  RSI indicating that it is overbought short term, so some consolidation not out of the question.  Near term support sets up at 2000, with resistance at 2025 and 2055.  Technicals remain  relatively strong, however, we continue with weak Financials and a lagging semi sector.  The Dow Transports have not yet confirmed the recent breakout of the trading range.  The April highs are the next big barrier for the three major indices, as there is weak resistance up to that area.  The VIX closed up 3.8% to 22.54.

 

Trading Trend  

Long term, indicators becoming stronger, but bias still remains to the downside.  Short term, bias is now to the upside.  Near term, bias remains to the upside.  Expect to test the April highs in the short term.  Some key economic reports this week, but schedule is back loaded to the end of week.  Today’s futures(at 8:15am) are mixed versus fair value. The European debt crisis and U.S. economic recovery confirmation are the top Market movers.

 

Major Economic Reports Today:

Case Shiller-9:00am     Consumer Confidence-10:00am                                                  

 

 

MAJOR INDICES Short term support and resistance level

DJIA

(close 10812

SP500

(close 1142)

N100

(close 2010)

10800

10900

1134

1143

2000

2012

10725

10970

1131

1150

1988

2025

10708

11000

1130

1155

1975

2038

10698

11125

1127

1167

1973

2055

10668

11205

1120

1175

1963

2061

10624

11254

1118

 1188

1950

 2073

10573

 

1117

 1200

 

 2092

10554

 

1116

 1217

 

 

10500

 

1105

 

 

 

 

 

Trade Ideas

None today.

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

 

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