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 Indices Reverse Opening Up-Gaps

Stock-Markets / US Stock Markets Nov 11, 2008 - 06:00 AM GMT

By: Harry_Boxer

Stock-Markets The markets had what I would call an ugly day today and a nasty way to start the week. They weren't down tremendously, but they ended far from where they started.


The day started out with pre-market futures sharply higher. The indices gapped up nicely ,but then sold off the rest of the morning. At mid-session when they hit their mid-day lows and they tried to bounce, lasting about an hour, but they couldn' t carry too far. They only took back about 30 percent of the losses, then rolled over, retested, broke down and made lower lows, bounced around in the last hour and held last week's support lows. In the last 15 minutes they did get a snapback that took them substantially off the lows.

Net on the day the Dow closed near 8870, down 73.27. The S&P 500 at 919 was down 11.78, and the Nasdaq 100 at 1251 was down 20.62. The Philadelphia Semiconductor Index (SOXX) at around 214 1/2 was down 8.71, about a 4 1/2 percent loss.

Advance-declines were negative by 21 to 10 on New York and about 20 to 8 1/2 on Nasdaq. Up/down volume was more than 2 to 1 negative on New York on total volume of less than 1.2 billion. Nasdaq traded a little more than 1 2/3 billion, with a volume ratio of 3 1/2 to 1 negative.

TheTechTrader.com board was mixed and narrowly so for most stocks. On the plus side, the agriculture stocks were strong in the morning, gave back a chunk of it, but still several of them ended on the plus side. CF gained 1.45 and POT 1.06.

Alpha Natural Resources (ANR) was up 2.10 to 26.51. The SDS was up 1.51, the QID 2.27, the FXI Chinese ETF up 1.01 and the USO up 1.06 on firm oil today.

Other than that there were only fractional gainers on our board.

On the downside, Apple (AAPL) lost 2.36, CAL 1.96, and MS 1.40. JA Solar (JASO) lost 87 cents, Canadian Solar (CSIQ) 42 cents, C 61 cents, BRCM 52 cents, and AFAM 66 cents. Sigma Designs (SIGM) lost 68 cents to 9.18. UAUA lost 64 cents.

Stepping back and reviewing the hourly chart patterns the indices had a promising start, with a strong gap-up, but failed to follow through, and when they broke early support, they turned south in a hurry, tried to rally back mid-day , but continued lower in the afternoon to new session lows. Last week's sharp lows on the NDX just above 1235 held, and a late snapback took them back off the lows.

The trend certainly remains in doubt, but the technical damage done on Tuesday and Friday was not abated today, as the indices retested the lows and are in jeopardy of making lower lows and retesting much deeper levels unless they can stem the tide here.

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) 2008 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