Best of the Week
Most Popular
1. Market Decline Will Lead To Pension Collapse, USD Devaluation, And NWO - Raymond_Matison
2.Uber’s Nightmare Has Just Started - Stephen_McBride
3.Stock Market Crash Black Swan Event Set Up Sept 12th? - Brad_Gudgeon
4.GDow Stock Market Trend Forecast Update - Nadeem_Walayat
5.Gold Significant Correction Has Started - Clive_Maund
6.British Pound GBP vs Brexit Chaos Timeline - Nadeem_Walayat
7.Cameco Crash, Uranium Sector Won’t Catch a break - Richard_Mills
8.Recession 2020 Forecast : The New Risks & New Profits Of A Grand Experiment - Dan_Amerman
9.Gold When Global Insanity Prevails - Michael Ballanger
10.UK General Election Forecast 2019 - Betting Market Odds - Nadeem_Walayat
Last 7 days
Dow Stock Market Short-term Trend Analysis - 15th Oct 19
The Many Aligning Signals in Gold - 15th Oct 19
Market Action Suggests Downside in Precious Metals - 15th Oct 19
US Major Stock Market Indexes Retest Critical Price Channel Resistance - 15th Oct 19
“Baghad Jerome” Powell Denies the Fed Is Using Financial Crisis Tools - 15th Oct 19
British Pound GBP Trend Analysis - 14th Oct 19
A Guide to Financing Your Next Car - 14th Oct 19
America's Ruling Class - Underestimating Them & Overestimating Us - 14th Oct 19
Stock Market Range Bound - 14th Oct 19
Gold, Silver Bonds - Inflation in the Offing? - 14th Oct 19
East-West Trade War: Never Take a Knife to a Gunfight - 14th Oct 19
Consider Precious Metals for Insurance First, Profit Second... - 14th Oct 19
Stock Market Dow Elliott Wave Analysis Forecast - 13th Oct 19
The Most Successful IPOs Have This One Thing in Common - 13th Oct 19
Precious Metals & Stock Market VIX Are Set To Launch Dramatically Higher - 13th Oct 19
Discovery Sport EGR Valve Gasket Problems - Land Rover Dealer Fix - 13th Oct 19
Stock Market US Presidential Cycle - Video - 12th Oct 19
Social Security Is Screwing Millennials - 12th Oct 19
Gold Gifts Traders With Another Rotation Below $1500 - 12th Oct 19
US Dollar Index Trend Analysis - 11th Oct 19
China Golden Week Sales Exceed Expectations - 11th Oct 19
Stock Market Short-term Consolidation Does Not change Secular Bullish Trend - 11th Oct 19
The Allure of Upswings in Silver Mining Stocks - 11th Oct 19
US Housing Market 2018-2019 and 2006-2007: Similarities & Differences - 11th Oct 19
Now Is the Time to Load Up on 5G Stocks - 11th Oct 19
Why the Law Can’t Protect Your Money - 11th Oct 19
Will Miami be the First U.S. Real Estate Bubble to Burst? - 11th Oct 19
How Online Casinos Maximise Profits - 11th Oct 19
3 Tips for Picking Junior Gold Stocks - 10th Oct 19
How Does Inflation Affect Exchange Rates? - 10th Oct 19
This Is the Best Time to Load Up on These 3 Value Stocks - 10th Oct 19
What Makes this Gold Market Rally Different From All Others - 10th Oct 19
Stock Market US Presidential Cycle - 9th Oct 19
The IPO Market Is Nowhere Near a Bubble - 9th Oct 19
US Stock Markets Trade Sideways – Waiting on News/Guidance  - 9th Oct 19
Amazon Selling Fake Hard Drives - 4tb WD Blue - How to Check Your Drive is Genuine  - 9th Oct 19
Whatever Happened to Philippines Debt Slavery?  - 9th Oct 19
Gold in the Negative Real Interest Rates Environment - 9th Oct 19
The Later United States Empire - 9th Oct 19
Gold It’s All About Real Interest Rates Not the US Dollar - 8th Oct 19
A Trump Impeachment Would Cause The Stock Market To Rally - 8th Oct 19
The Benefits of Applying for Online Loans - 8th Oct 19
Is There Life Left In Cannabis - 8th Oct 19
Yield Curve Inversion Current State - 7th Oct 19

Market Oracle FREE Newsletter

Stock Market Trend Forecast Oct - Dec 2019 by Nadeem Walayat

Stock Market Indices Finally Roll Over

Stock-Markets / Stock Index Trading May 21, 2009 - 04:21 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices finally rolled over and had a negative session, but the day started out with a very strong surge to the upside. They went to new rally highs on both indices, which fell short of the early May rally highs. With the retest of the highs falling short, they rolled over in a strong 3-wave decline and got not far off the lows for the day. Only a last 10-minute slight bounce brought them off the exact lows for the session.


Net on the day the Dow was down 52.81 to 8422 and change, the S&P 500 down 4.66 to 903.47, and the Nasdaq 100 down 4.33 to 1393.78. The Philadelphia Semiconductor Index (SOXX), however, was up 0.66 to 256.99.

The technicals were mixed, only slightly positive on advance-declines on New York by just 106 issues, and slightly negative on Nasdaq by 191 more decliners. Up/down volume was just slightly negative on New York on total volume of more than 1.6 billion. Nasdaq traded 2.3 billion, but had a 7 to 4 negative volume ratio.

TheTechTrader.com board was mostly narrowly mixed. On the plus side, oil was up again today, and the U.S. Oil Fund ETF (USO) gained another 1.08 to 33.87. The UltraShort Financial ProShares (SKF) added 1.83 to 45.30, and the Direxion Financial Bear 3x Shares (FAZ) was up 34 cents to 5.41. The Direxion Small Cap 3x Bear (TZA) advanced 78 cents to 27.45, and the Shares MSCI Brazil Index ETF (EWZ) rose 40 cents to 51.98.
Portfolio position PowerShares DB Double Long Oil (DXO) was up 21 cents to 3.75, a new multi-month high.

On the downside, the financials led the way, with Goldman Sachs (GS) down 4.71 to 136.44, JP Morgan (JPM) down 1.26 at 34.55, Morgan Stanley (MS) 91 cents to 28.00, and Wells Fargo (WFC) 99 cents to 24.46. Bank of America (BAC), however, was up 24 cents to 11.49.

Other stocks of note, American Italian Pasta (AIPC) dropped 1.90 to 23.59, continuing its recent losing ways, and Apple (AAPL) lost 1.58 to 25.87.

Stepping back and reviewing the hourly chart patterns, the market had a strong surge in the morning, then a 3-wave decline that brought them near the lows for the day, ending the day down and breaking key short-term support in the last 1-1 1/2 hours. We’ll see if that’s significant and whether or not the head and shoulders-looking tops of the last two days are significant. We’ll be watching support carefully tomorrow in the 1380-85 zone on the Nasdaq 100 and the 896-98 on the SPX.

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

© 2005-2019 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

6 Critical Money Making Rules