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
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
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

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Markets Plunge Near the Close

Stock-Markets / US Stock Markets Nov 14, 2008 - 04:27 PM GMT

By: Harry_Boxer

Stock-Markets Best Financial Markets Analysis ArticleWe certainly had a topsy-turvy, volatile session today with the indices moving in three distinct waves on Friday. In the morning they gapped lower at the opening and moved down steadily until they reached yesterday's late reaction lows just under 1180 on the Nasdaq 100 and down around the 870 range on the S&P 500.


When support near those levels held they came on again in the afternoon and rallied back to actually take out the highs with less than an hour to go, but rolled over very sharply, with the Nasdaq 100 dropping from 1237 to 1176, more than 60 points in the last hour. The S&P 500 dropped from 917 down to 872, or about 45 points, so a very negative close to the market and a very disappointing way to end what was a very promising rally yesterday and a nice snapback rally in the afternoon today. So, to say the least, the indices remain in flux and without clear direction.

Net on the day the Dow was down 338, the S&P 500 down 38, and the Nasdaq 100 down more than 61. The Philadelphia Semiconductor Index (SOXX) fell nearly 14, a loss of just under 7 percent.

The technicals were negative by 4 to 1 on declines over advancers on New York and a little less than that on Nasdaq. Up/down volume was also quite negative with about an 8 to 1 negative ratio on New York on total volume of over 1.4 billion. Nasdaq traded almost 2.3 billion and had a 9 to 1 negative volume ratio.

TheTechTrader.com board's stocks were nearly all down today, except for the short instruments, with the SDS up 7.71 and QID up 7.12.

Most of the multiple-point changes were on the downside today. AAPL lost 6.20 closing at 90.24, CF lost 5.48 to close at 51.97, much of that loss coming in the last hour. ENER dropped 3.80, POT 4.38, and AGU 3.04 in a very weak agriculture group.

Among ETFs, the DIG fell 2.40, EWZ 2.69, FXI 2.51and the QLD dropped 2.90. AFAM gave back 3.12, AVAV 2.04, CAL 1.33 and DRYS1.98 today, as it was a very weak last hour, to say the least.

Stepping back and reviewing the hourly chart patterns the markets did nothing today to instill confidence, particularly in the last hour. A very promising mid-afternoon rally that appeared to be confirmation that support had held was certainly buffeted in the last hour. The indices closed on an extremely negative note, so we'll see if that carries over on Monday, or if they stabilize and resume the rally.

Right now the trend is certainly in doubt and the rally in jeopardy.

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