Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24
US House Prices Trend Forecast 2024 to 2026 - 11th Oct 24
US Housing Market Analysis - Immigration Drives House Prices Higher - 30th Sep 24
Stock Market October Correction - 30th Sep 24
The Folly of Tariffs and Trade Wars - 30th Sep 24
Gold: 5 principles to help you stay ahead of price turns - 30th Sep 24
The Everything Rally will Spark multi year Bull Market - 30th Sep 24
US FIXED MORTGAGES LIMITING SUPPLY - 23rd Sep 24
US Housing Market Free Equity - 23rd Sep 24
US Rate Cut FOMO In Stock Market Correction Window - 22nd Sep 24
US State Demographics - 22nd Sep 24
Gold and Silver Shine as the Fed Cuts Rates: What’s Next? - 22nd Sep 24
Stock Market Sentiment Speaks:Nothing Can Topple This Market - 22nd Sep 24
US Population Growth Rate - 17th Sep 24
Are Stocks Overheating? - 17th Sep 24
Sentiment Speaks: Silver Is At A Major Turning Point - 17th Sep 24
If The Stock Market Turn Quickly, How Bad Can Things Get? - 17th Sep 24
IMMIGRATION DRIVES HOUSE PRICES HIGHER - 12th Sep 24
Global Debt Bubble - 12th Sep 24
Gold’s Outlook CPI Data - 12th Sep 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Another Solid Up-Session

Stock-Markets / Stock Index Trading Apr 30, 2009 - 12:08 AM GMT

By: Harry_Boxer

Stock-Markets

The indices had another solid up-session, although they came way off their highs in the last hour after the FOMC announcement's brief spike-up rally.
The day started out with a gap up. They motored strongly all morning, backed and filled mid-day but held support, and then came on after the FOMC meeting, spiked up to 1398 on the Nasdaq 100 and up to 882 on the S&P 500, right near our overhead resistance levels, and then came down in a sharp 5-wave decline in the last hour, bouncing in the last 5 minutes to take back some of the losses.


Net on the day the Dow was up 168.78 to 8185.73, the S&P 500 up 18.48 at 873.64, and the Nasdaq 100 up 20.46 at 1382.50. The Philadelphia Semiconductor Index (SOXX) was up 4.88 to 251.55.

The technicals were the story today and were very positive. Advance-declines were 2563 up and just 485 down on New York, better than 5 to 1, and 2120 up and 624 down, or about 3 1/2 to 1 positive, on Nasdaq. Up/down volume was about 8 to 1 positive on New York on total volume of just under 1.5 billion. Nasdaq traded just under 2.4 billion and had about a 4 to 1 positive volume ratio.

So, a very strong day technically for the markets, though they gave back a chunk of it in the last hour.

TheTechTrader.com board was much higher. Leading the way on positive drug news was Dendreon (DNDN), which yesterday had a very sharp late hit, but took it all back and then some, closing at 22.94, up 11.13, although that traded as high as over 28 in the pre-market, and 27.40 near the opening, with 48 million shares traded.

Goldman Sachs (GS) led the financials higher, up 6.51 to 127.18. JP Morgan (JPM) was up 1.69 at 34.48 on 84 million, and Morgan Stanley (MS) up 1.99 at 23.07 on 47 million. Bank of America (BAC) was up 53 cents to 8.68 on 454 million, and Wells Fargo (WFC) advanced 49 cents to 19.97 on 142 million.

Hartford Financial Services (HIG) also gained 1.13 to 10.88 on nearly 23 million.

Other stocks of note, Apple (AAPL) was up 1.24 to 125.14. American Italian Pasta (AIPC) was up 1.48 at 30.56.

The agriculture/chemical sector was strong, with Potash (POT) up 3.47 to 85.59 and Mosaic (MOS) up 1.15 to 40.03.

Solars were positive, with SunPower (SPWR) up 2.44 to 25.05 and Energy Conversion Devices (ENER) up 1.20 to 17.16.

In the ETF sector, the iShares MSCI Brazil Index ETF (EWZ) gained 1.78, and the iShares FTSE/Xinhua China 25 Index (FXI) up 1.41. The Direxion Large Cap Bull 3X Shares (BGU) jumped 1.62 to 29.63.

On the downside, the ultrashorts got hammered again, with the UltraShort Financial ProShares (SKF) down 5.05 to 56.12. FXP fell 1.95 to 20.04, the UltraShort Real Estate ProShares (SRS) 1.96 to 23.76, the Direxion Financial Bear 3x Shares (FAZ) down 1.07 to 8.20 on 236 million traded, and the Direxion Large Cap Bear 3X Shares (BGZ) down 3.08 to 44.60.

Stepping back and reviewing the hourly chart patterns, the indices had another very strong session, and after holding support yesterday, they ran them sharply higher to new multi-month rally highs today, but a late hit at the end of the session may be indicating that the rally is getting long in the tooth and due for a drop. But the rally continues to press higher, and until it's broken and key support is taken out, we have to assume there's still the possibility of more upside. Those key support zones are 1355-60 on the NDX and 850-55 on the S&P 500.

Good trading!

Harry

For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary. Or sign up for a Free 30-Day Trial to his Top Charts of the Week service.

(c) 2009 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at info@advicetrade.com . In using any portion of Harry Boxer's content, you agree to the terms and conditions governing the use of the service as described in our disclaimer at http://www.thetechtrader.com

Mr. Boxer's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

Harry Boxer Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in