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
Fasten Your Seatbelts Stock Market Make Or Break – Big Trends Ahead - 17th Sep 20
Peak Financialism And Post-Capitalist Economics - 17th Sep 20
Challenges of Working from Home - 17th Sep 20
Sheffield Heading for Coronavirus Lockdown as Covid Deaths Pass 432 - 17th Sep 20
What Does this Valuable Gold Miners Indicator Say Now? - 16th Sep 20
President Trump and Crimes Against Humanity - 16th Sep 20
Slow Economic Recovery from CoronaVirus Unlikely to Impede Strong Demand for Metals - 16th Sep 20
Why the Knives Are Out for Trump’s Fed Critic Judy Shelton - 16th Sep 20
Operation Moonshot: Get Ready for Millions of New COVAIDS Positives in the UK! - 16th Sep 20
Stock Market Approaching Correction Objective - 15th Sep 20
Look at This Big Reminder of Stock Market Mania - 15th Sep 20
Three Key Principles for Successful Disruption Investors - 15th Sep 20
Billionaire Hedge Fund Manager Warns of 10% Inflation - 15th Sep 20
Gold Price Reaches $2,000 Amid Dollar Depreciation - 15th Sep 20
GLD, IAU Big Gold ETF Buying MIA - 14th Sep 20
Why Bill Gates Is Betting Millions on Synthetic Biology - 14th Sep 20
Stock Market SPY Expectations For The Rest Of September - 14th Sep 20
Gold Price Gann Angle Update - 14th Sep 20
Stock Market Recovery from the Sharp Correction Goes On - 14th Sep 20
Is this the End of Capitalism? - 13th Sep 20
The Silver Big Prize - 13th Sep 20
U.S. Shares Plunged. Is Gold Next? - 13th Sep 20
Why Are 7,500 Oil Barrels Floating on this London Lake? - 13th Sep 20
Sheffield 432 Covid-19 Deaths, Last City Centre Shop Before Next Lockdown - 13th Sep 20
Biden or Trump Will Keep The Money Spigots Open - 13th Sep 20
Gold And Silver Up, Down, Sideways, Up - 13th Sep 20
Does the Stock Market Really "See" the Future? - 12th Sept 20
Basel III and Gold, Silver and Platinum - 12th Sept 20
Tech Stocks FANG Index Nearing Critical Support – Could Breakout At Any Moment - 12th Sept 20
The Tech Stocks Quantum AI EXPLOSION is Coming! - 12th Sept 20
AMD Zen 3 Ryzen 4000 Questions Answered on Cores, Prices, Benchmarks and Threadripper Launch - 12th Sept 20
The Inflation Mega-trend is Going Hyper! - 11th Sep 20
Gold / Silver Ratio: Slowly I Toined… - 11th Sep 20
Stock Market Correction or Reversal? The Jury Isn't Out! - 11th Sep 20
Crude Oil – The Bearish Outlook Remains - 11th Sep 20
Crude Oil Breaks Lower – Sparking Fears Of Another Sub $30 Price Collapse - 11th Sep 20
Inflation by Fiat - 10th Sep 20
Unemployment Rate Drops. Will It Drag Gold Down? - 10th Sep 20
How Does The Global Economy Recover After This Global Pandemic? - 10th Sep 20
The Best Mobile Casino - 10th Sep 20
QE4EVER! - 9th Sep 20
AMD Ryzen Zen 3 4800x 10 Core 5ghz CPU, Cinebench Benchmark Scores (Est.) - 9th Sep 20
Stock Traders’ Dreams Come True – Big Technical Price Swings Pending on SP500 - 9th Sep 20
Should You Be Concerned About The Stock Market Big Downside Rotation? - 9th Sep 20
Options Traders Keep "Opting" for Even Higher Stock Market Prices - 8th Sep 20
Gold Stocks in Correction Mode - 8th Sep 20
The law of long-term time preference and Gold ownership - 8th Sep 20
Gold Bull Markets: History and Prospects Ahead - 8th Sep 20
Sheffield City Centre Coronavirus Shopping Opera Ahead of Second Covid-19 Peak - 8th Sep 20
Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
From Trump’s TikTok Mess to US Tech Cold War against China - 7th Sep 20
The Federal Reserve vs. Judy Shelton And Gold - 7th Sep 20
Fed Dials Up Inflation Target…Own Gold - 7th Sep 20
Does Gold Still Have Plenty of Potential? - 7th Sep 20
CDC Shock Admission - THERE IS NO PANDEMIC! Over 90% of Deaths NOT From COVID19 - 7th Sep 20
Stock Market SPX to Gold/Silver Ratios Explored – What To Expect Next - 7th Sep 20
Is the Precious Metals Market really Overwhelmed and Chaotic - 7th Sep 20

Market Oracle FREE Newsletter

How to Get Rich Investing in Stocks by Riding the Electron Wave

Stock Market Quiet Pre-FOMC Trading Session

Stock-Markets / US Stock Markets Jan 28, 2009 - 02:45 AM GMT

By: Harry_Boxer

Stock-Markets The indices had what we expected, a non-volatile and somewhat quiet pre-FOMC session, although gains were had at the end. The day started out with a move up. They backed off, held intraday price and moving average support, and went to new session highs, testing yesterday's rally highs on both indices, but fell short, and then backed off mid-afternoon to retest the rising 3-day trendlines, which held again. Then they moved back to once again retest the highs, but they were not able to punch through, as resistance was futile today and they backed off into the close.

Still, net on the day the Dow was up 58.70, the S&P 500 up 9.14, and the Nasdaq 100 up 9.85. The Philadelphia Semiconductor Index (SOXX) was up 7.39 for a gain of 3 1/2 percent.

Advance-declines were about 21 to 9 1/2 positive on New York and 17 to 10 positive on Nasdaq. Up/down volume was 2 1/2 to 1 positive on New York on total volume of a lighter 1.15 billion. Nasdaq traded just under 1.8 billion and also had a 2 1/2 to 1 positive volume ratio. board was narrowly mixed. Point-plus gainers included RIMM, which extended its gains, up another 3.20 to 53.91 on 26 3/4 million. AAPL also advanced 1.09 to 90.73.

The only other point-plus gainer on our board was the Direxion Large Cap Bull 3X Shares (BGU), a portfolio position, up 1.08 to 29.53.

Financials were firm today, with Morgan Stanley (MS) up 71 cents, JP Morgan (JPM) up 56 cents, and Bank of America (BAC) up 52 cents. Wells Fargo (WFC) also advanced 71 cents. The Direxion Financial Bull 3x Shares (FAS) gained 65 cents to 9.30 on 56 million shares. That was our Chart of the Day.

See Harry's Chart of the Day Video Presentation

Cree Inc. (CREE) was up 44 cents to 20.24, Energy Conversion Devices (ENER) up 71 cents to 25.50, Hartford Financial Services (HIG) up 54 cents to 24.59, and SunPower (SPWR) up 75 cents to 29.55, along with portfolio position Net 1 Ueps Technologies (UEPS), up 46 cents to 12.34.

On the downside, the Direxion Financial Bear 3x Shares (FAZ) ultrashort ETF got hammered for 5.30, closing at 57.63, and the Direxion Large Cap Bear 3X Shares (BGZ) fell 2.47 to 66.35.

Oil got hammered today for $3 1/2, and the U.S. Oil Fund ETF (USO) suffered, closing at 29.50, down 2.64.

Those were the only point-plus losers on our board. Sequenom (SQNM) gave back 85 cents today, closing not far off its session lows, as did Geron (GERN), down 91 cents to 7.24.

Stepping back and reviewing the hourly chart patterns, today was a consolidation day as the indices held the rising trendlines but resisted at overhead key resistance levels, and the short-term trend, despite being up in the last several sessions, stalled in this zone.

It'll be interesting to see what happens after tomorrow's FOMC announcement, and we expect volatility to increase.

Good trading!


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) 2009 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at . 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

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 - 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