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 Big Day, as Indices Spike Higher Into the Close

Stock-Markets / Stock Markets 2010 May 28, 2010 - 01:16 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices had a big day, as huge gaps spurred the market sharply higher at the opening. Early on they got to key overhead resistance at 1850 on the Nasdaq 100 and 1095 on the S&P 500, backed and filled the rest of the morning, and then consolidated in a bullish manner holding support.


In the early afternoon they took off, broke through resistance, retested, and then exploded in the last half hour, spiking into the session highs going away at the close.

Net on the day, the Dow was up 284.54 at 10,258.99, the S&P 500 up 35.11 at 1103.08, and the Nasdaq 100 up 66.24 at 1862.71. Even the OEX was up 3% today, up at 14.96 at 499.05.

The technicals were outstanding, by far one of the best ratios we've seen in a long time. Advance-declines were 2900 up and just 223 down on the New York Stock Exchange, and nearly 2400 up and 343 down on Nasdaq. Up/down volume was an astounding only 1.38 billion up and only 38 million down on New York. Nasdaq was an amazing 2.2 billion up and 97 million down on.

TheTechTrader.com board, as a result, was almost all higher today and most of the large-cap market leaders were up huge today. Leading the way was Google Inc. up 15.00 at 490.46, Baidu, Inc. (BIDU) up 5.91 at 73.50, and Cree Inc. (CREE) 4.06 at 69.10. Goldman Sachs (GS) gained an even 5.00 at 144.95, NetApp Inc. (NTAP) 5.74 at 38.17, Apple Inc. (AAPL) 9.24 at 253.35, Amazon.com 3.49 at 126.70, Las Vegas Sands (LVS) 2.18 at 23.83, and Xyratex (XRTX) 2.25 at 16.40.

Many other stocks were up more than a point, but are too numerous to mention here. However, low-priced FSI Internatiional (FSII) jumped to 4.04, up 1.29, a big percentage gain there.

On the downside, the ETFs got slammed hard today. The Direxion Daily Emerging Market Bear 3X Shares (EDZ) got crushed for 10.74 down to 48.19, the iPath S&P 500 VIX Short-Term Futures ETN (VXX) lost 2.70 to 28.33, and the Direxion Daily Financial Bear 3X Shares (FAZ) dropped 2.12 to 14.15.

So, it was a very strong day for the bulls, and the necklines on the inverse head-and-shoulder bottoming patterns were taken out today. The rally rolls on, and it should be an interesting Friday tomorrow before the upcoming 3-day holiday.

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