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 Last-Hour Rollover Dampens Rally

Stock-Markets / Stock Index Trading Feb 23, 2010 - 02:27 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices started off on a slightly weak note, but most of the stocks we follow and traded today had very good sessions.


The day started out with a gap up, followed by a sharp pullback to test the 1812 area on the Nasdaq 100 and the 1105 area on the S&P 500. The indices bounced sharply to resistance, backed off and retested, and when that was successful they embarked on a 5-wave multi-hour move. They reached the session highs late in the afternoon just under the multi-session rally highs on the SPX near 1112 but far short of that on the NDX at 1823, about 7 points short. In any case, in the last hour they rolled over very sharply, bounced in the last five minutes, but still ended down on the day.

Net on the day the Dow was down 18.97 at 10383.38, the S&P 500 down 1.16 at 1108.01, and Nasdaq 100 down 5.69 at 1817.63. The Philadelphia Semiconductor Index (SOXX) was off 0.99 at 342.55.

Advance-declines were nearly dead-even flat on the New York Stock Exchange, just slightly lower by about 22 issues. Up/down volume was also just slightly lower and light with a total volume of under 940 million today. On Nasdaq advance-declines were about 165 issues higher today and up/down volume was slightly to the downside on total volume of 1.9 billion.

However, TheTechTrader.com board, as noted earlier, had a substantial up-session today. Green Plains Renewable Energy (GPRE) led the way, up 2.85 to 16.99. Telestone Technologies (TSTC) advanced 1.41 to 21.35, China Agritech (CAGC) 1.23 to 24.00, and China Automotive (CAAS) 2.21 to 19.33 in a generally very strong Chinese sector.

Other stocks of note, American International Group (AIG) jumped 1.90 to 28.43, Skyworks Solutions (SWKS) 70 cents to 15.28, Pacer International (PACR) 67 cents at 4.71, Pacific Ethanol (PEIX) 34 cents to 2.25, portfolio position Taser (TASR) 48 cents to 7.63, Sequenom (SQNM) 38 cents to 5.71, SmartHeat (HEAT) 59 cents to 13.75, A-Power Energy (APWR) 89 cents to 13.74, Nanometrics (NANO) 40 cents to 10.16, and Origin Agritech (SEED) 39 cents to 9.54.

The Direxion Financial Bull 3x Shares (FAS) was also a winner, up 2.21 to 74.84.

On the downside Xyratex Ltd. (XRTX) backed off 78 cents to 13.63, Brigham Exploration (BEXP) 70 cents to 15.97, and the Direxion Daily Financial Bear 3x (FAZ) 53 cents down to 17.85. Other than that most of the losses were small fractions.

Stepping back and reviewing the hourly chart patterns, the indices were down sharply in the morning, bounced around mid to late morning, stabilzed and then rallied in the 5-wave move to the session highs before a last hour rollover took them back into the negative column. However, intraday moving averages held on the hourly charts, and support is still holding at NDX 1812 and SPX 1105-6. So we'll see what we get tomorrow and what kind of follow through they have.

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) 2010 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