Best of the Week
Most Popular
1. US Housing Market Real Estate Crash The Next Shoe To Drop – Part II - Chris_Vermeulen
2.The Coronavirus Greatest Economic Depression in History? - Nadeem_Walayat
3.US Real Estate Housing Market Crash Is The Next Shoe To Drop - Chris_Vermeulen
4.Coronavirus Stock Market Trend Implications and AI Mega-trend Stocks Buying Levels - Nadeem_Walayat
5. Are Coronavirus Death Statistics Exaggerated? Worse than Seasonal Flu or Not?- Nadeem_Walayat
6.Coronavirus Stock Market Trend Implications, Global Recession and AI Stocks Buying Levels - Nadeem_Walayat
7.US Fourth Turning Accelerating Towards Debt Climax - James_Quinn
8.Dow Stock Market Trend Analysis and Forecast - Nadeem_Walayat
9.Britain's FAKE Coronavirus Death Statistics Exposed - Nadeem_Walayat
10.Commodity Markets Crash Catastrophe Charts - Rambus_Chartology
Last 7 days
Will Fed‘s Cap On Interest Rates Trigger Gold’s Rally? - 30th May
Is Stock Market Setting Up for a Blow-Off Top? - 29th May 20
Strong Signs In The Mobile Gaming Market - 29th May 20
Last Clap for NHS and Carers, Sheffield UK - 29th May 20
The AI Mega-trend Stocks Investing - When to Sell? - 28th May 20
Trump vs. Biden: What’s at Stake for Precious Metals Investors? - 28th May 20
Stocks: What to Make of the Day-Trading Frenzy - 28th May 20
Why You’ll Never Get Another Stimulus Check - 28th May 20
Implications for Gold – 2007-9 Great Recession vs. 2020 Coronavirus Crisis - 28th May 20
Ray Dalio Suggests USA Is Entering A Period Of Economic Decline And New World Order - 28th May 20
Europe’s Coronavirus Pandemic Dilemma - 28th May 20
I Can't Pay My Payday Loans What Will Happen - 28th May 20
Predictive Modeling Suggests US Stock Markets 12% Over Valued - 27th May 20
Why Stocks Bear Market Rallies Are So Tricky - 27th May 20
Precious Metals Hit Resistance - 27th May 20
Crude Oil Cuts Get Another Saudi Boost as Oil Demand Begins to Show Signs of Life - 27th May 20
Where the Markets are heading after COVID-19? - 27th May 20
Silver Springboards Higher – What’s Next? - 26th May 20
Stock Market Key Resistance Breakout Is Where the Rubber Meets the Road - 26th May 20
5 Ways To Amp Up Your CFD Trading Today - 26th May 20
The Anatomy of a Gold Stock Bull Market - 26th May 20
Stock Market Critical Price Level Could Soon Prompt A Big Move - 25th May 20
Will Powell Decouple Gold from the Stock Market? - 25th May 20
How Muslims Celebrated EID in Lockdown Britain 2020 - UK - 25th May 20
Stock Market Topping Behavior - 24th May 20
Fed Action Accelerates Boom-Bust Cycle; Not A Virus Crisis - 23rd May 20
Gold Silver Miners and Stocks (after a quick drop) Ready to Explode - 23rd May 20
3 Ways to Prepare Financially for Retirement - 23rd May 20
4 Essential Car Trade-In Tips To Get The Best Value - 23rd May 20
Budgie Heaven at Bird Land - 23rd May 20
China’s ‘Two Sessions’ herald Rebound of Economy - 22nd May 20
Signs Of Long Term Devaluation US Real Estate - 22nd May 20
Reading the Tea Leaves of Gold’s Upcoming Move - 22nd May 20
Gold, Silver, Mining Stocks Teeter On The Brink Of A Breakout - 21st May 20
Another Bank Bailout Under Cover of a Virus - 21st May 20
Do No Credit Check Loans Online Instant Approval Options Actually Exist? - 21st May 20
An Eye-Opening Perspective: Emerging Markets and Epidemics - 21st May 20
US Housing Market Covid-19 Crisis - 21st May 20
The Coronavirus Just Hit the “Fast-Forward” Button on These Three Industries - 21st May 20
AMD Zen 3 Ryzen 9 4950x Intel Destroying 24 core 48 thread Processor? - 21st May 20
Dow Stock Market Trend Analysis and Forecast - 20th May 20
The Credit Markets Gave Their Nod to the S&P 500 Upswing - 20th May 20
Where to get proper HGH treatment in USA - 20th May 20
Silver Is Ensured A Prosperous 2020 Thanks To The Fed - 20th May 20
It’s Not Only Palladium That You Better Listen To - 20th May 20
DJIA Stock Market Technical Trend Analysis - 19th May 20
US Real Estate Showing Signs Of Covid19 Collateral Damage - 19th May 20
Gold Stocks Fundamental Indicators - 19th May 20
Why This Wave is Usually a Market Downturn's Most Wicked - 19th May 20
Gold Mining Stocks Flip from Losses to 5x Leveraged Gains! - 19th May 20
Silver Price Begins To Accelerate Higher Faster Than Gold - 19th May 20
Gold Will Soar Soon; World Now Faces 'Monetary Armageddon' - 19th May 20

Market Oracle FREE Newsletter

Coronavirus-stocks-bear-market-2020-analysis

Stock Market Consolidation Day Ends Lower in Late Sell-Off

Stock-Markets / US Stock Markets Dec 18, 2008 - 08:15 AM GMT

By: Harry_Boxer

Stock-Markets

The markets had a consolidation day, but ended on the downside. They were lower in the morning, rallied mid-day, and then backed and filled into the close, but in the last 10 minutes took a quick hit to close near the afternoon lows.

Net on the day the Dow was down just under 100, down 99.80 at 8824 and change. The S&P 500 down 8 3/4 at 904.42, and the Nasdaq 100 was down 17.63 1225.86. The Philadelphia Semiconductor Index (SOXX) gave back just a fraction, 0.35 to 221.16.


Advance-declines were 3 to 2 positive on New York and only positive by 120 issues on Nasdaq. That's pretty good for a down day, so the technicals held up well today. Up/down volume had a slight edge to the downside on New York on total volume of just over 1.3 billion. Nasdaq traded more than 2.1 billion and had about a 12 to 9 1/2 negative volume ratio.

TheTechTrader.com board was mixed, but mostly higher, with many point-plus gaines. Leading the way was portfolio position SunPower (SPWRA) at 36.82, up 4.57 to a new multi-week high.

Agriculture stocks were strong, with POT at 80.10, up 3.19, although that was nearly 3 points off its earlier high on nearly 14 million shares. MOS in that group was up 1.21, and CF at 55.50 up 1.73.

Other stocks of note, DRYS had another strong session, closing at 12.43, up 1.30 on 33 million shares. Portfolio position EBS at 24.05 was up 1.34, snapping back nicely, and portfolio position UEPS went to a new multi-week high as well, breaking out to close at 12.81, up 93 cents. CSIQ had a strong day in the solar sector, up 79 cents to 6.35. ENER also had a terrific session, up nearly 3 today to 25.89. Former Chart of the Week COGT was up 67 cents to 14.37. ACH, continuing its run of late, tagged 16 today, before closing at 15.76, up another 74 cents today. That's up more than 100% off its October low.

On the ETF list, the QID was up 1.47, the BGZ up 1.42, as the indices worked their way lower today.

On the downside, leading the way was a downgrade and negative news from AAPL, down 6.27 to 89.16. The EWZ dropped 1.88, the DIG 93 cents and the BGU 97 cents. USO dropped 1.63 as oil hit a new multi-year low today, tagging a tad below 40 at one point. QCOR continued its recent weakness, breaking under 7 for the first time in 2 months, down 68 cents to 6.98.

Stepping back and reviewing the hourly chart patterns, the indices moved down in the morning, up mid-day, and then back down and consolidated in the afternoon before a late downward hit brought them off the afternoon rally highs. The NDX closed at its 2-day rising trendline, the S&P 500 closing right at intraday support around 904. It'll be very interesting to see which way they follow through tomorrow. Overhead resistance, probed today near the 919 area on the S&P 500, failed to be taken out, and at that point the NDX had formed a negative divergence anyway intraday. So we were not surprised to see the late sell-off.

Overall still constructive behavior, and we'll see if they can avoid any steeper downside hits and eventually work their way back up through key resistance. Again, we'll be watching the 1250 area on the NDX and the 920 level on the S&P 500 as the levels we want to push through to continue the rally.

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

© 2005-2019 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

6 Critical Money Making Rules