The indices started the week with solid gains, the majority of which were gotten in the morning, when the indices gapped up and staged a 5-wave advance, taking the Nasdaq 100 to new 2009 highs, reaching 1835. However, at that point the S&P 500, reaching 1118, fell a couple points short of its high, failed to confirm, and they moved back down in a 3-wave decline to test lower levels of support, but held, and in the last hour bounced again.

Net on the day the Dow was up 85.25 at 10414.14, the S&P 500 up 11.58 at 1114.05, and the Nasdaq 100 up 21.43 at 1828.79.

Advance-declines were just under 3 to 1 positive on New York and 2 to 1 positive on Nasdaq. Up/down volume was a little more than 4 to 1 positive on New York on total volume of right at 1 billion shares. Nasdaq traded just under 1.8 billion and had about a 2 1/2 to 1 positive volume ratio.

TheTechTrader.com board wax mixed. The Direxion Financial Bull 3x Shares (FAS) gained 2.47 to 74 today, and the Direxion Large Cap Bull 3X Shares (BGU) was up 1.58 to 52.38.

Goldman Sachs (GS) advanced 2.26 to 165.45, and Canadian Solar (CSIQ) had a stellar day, up 2.03 to 28.81, closing at new 52 week high on 2 1/4 million shares.

Human Genome Sciences (HGSI) rose 1.43 to 29.60, tagging 29.98, a new 2009 high, and Rambus (RMBS), a portfolio position, gained 1.09 to 23.44 on 2.8 million.

Those were the point-plus gainers on our board today.

Other stocks of note on the plus side, Sonic Solutions (SNIC) was up 64 cents to 12.44, RINO International (RINO) up 58 cents to 28.12, Nanometrics (NANO) 29 cents to 10.50, Hi-Tech (HITK) 90 cents to 28.26, and JP Morgan (JPM) 95 cents to 41.90. A-Power Energy (APWR) added 76 cents to 19.51, and Brigham Exploration (BEXP) rose 38 cents to 13.73, continuing its recent run.

On the downside, the only point-plus losers on our board was included China Automotive (CAAS), down 1.14 to 17.87.

The key fractional losers on our board were all in the Chinese sector, including China Agritech (CAGC) down 86 cents to 26.21, China Green Agriculture (CGA) 20 cents to 14.86, SmartHeat (HEAT) 43 cents to 15.15, Kandi (KNDI) 65 cents to 5.14, and Origin Agritech (SEED) 32 cents to 10.24.

Stepping back and reviewing the hourly chart patterns, the indices were up in the morning in a 5-wave advance, reaching new 2009 highs on the NDX but failing to confirm on the SPX, which was followed by an afternoon 3-wave decline, although an orderly looking one.

So we'll see how it goes for the rest of the week, but certainly a positive start for the indices.

Good trading!

Harry

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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.

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