Best of the Week
Most Popular
1. The Trump Stock Market Trap May Be Triggered - Barry_M_Ferguson
2.Why are Central Banks Buying Gold and Dumping Dollars? - Richard_Mills
3.US China War - Thucydides Trap and gold - Richard_Mills
4.Gold Price Trend Forcast to End September 2019 - Nadeem_Walayat
5.Money Saving Kids Gardening Growing Giant Sunflowers Summer Fun - Anika_Walayat
6.US Dollar Breakdown Begins, Gold Price to Bolt Higher - Jim_Willie_CB
7.INTEL (INTC) Stock Investing to Profit From AI Machine Learning Boom - Nadeem_Walayat
8.Will Google AI Kill Us? Man vs Machine Intelligence - N_Walayat
9.US Prepares for Currency War with China - Richard_Mills
10.Gold Price Epochal Breakout Will Not Be Negated by a Correction - Clive Maund
Last 7 days
Trading Natural Gas As The Season Changes - 16th Sep 19
Cameco Crash, Uranium Sector Won’t Catch a break - 16th Sep 19
These Indicators Point to an Early 2020 Economic Downturn - 16th Sep 19
Gold When Global Insanity Prevails - 16th Sep 19
Stock Market Looking Toppy - 16th Sep 19
Is the Stocks Bull Market Nearing an End? - 16th Sep 19
US Stock Market Indexes Continue to Rally Within A Defined Range - 16th Sep 19
What If Gold Is NOT In A New Bull Market? - 16th Sep 19
A History Lesson For Pundits Who Don’t Believe Stocks Are Overvalued - 16th Sep 19
The Disconnect Between Millennials and Real Estate - 16th Sep 19
Tech Giants Will Crash in the Next Stock Market Downturn - 15th Sep 19
Will Draghi’s Swan Song Revive the Eurozone? And Gold? - 15th Sep 19
The Race to Depreciate Fiat Currencies Is Accelerating - 15th Sep 19
Can Crypto casino beat Hybrid casino - 15th Sep 19
British Pound GBP vs Brexit Chaos Timeline - 14th Sep 19
Recession 2020 Forecast : The New Risks & New Profits Of A Grand Experiment - 14th Sep 19
War Gaming the US-China Trade War - 14th Sep 19
Buying a Budgie, Parakeet for the First Time from a Pet Shop - Jollyes UK - 14th Sep 19
Crude Oil Price Setting Up For A Downside Price Rotation - 13th Sep 19
A “Looming” Recession Is a Gold Golden Opportunity - 13th Sep 19
Is 2019 Similar to 2007? What Does It Mean For Gold? - 13th Sep 19
How Did the Philippines Establish Itself as a World Leader in Call Centre Outsourcing? - 13th Sep 19
UK General Election Forecast 2019 - Betting Market Odds - 13th Sep 19
Energy Sector Reaches Key Low Point – Start Looking For The Next Move - 13th Sep 19
Weakening Shale Productivity "VERY Bullish" For Oil Prices - 13th Sep 19
Stock Market Dow to 38,000 by 2022 - 13th Sep 19 - readtheticker
Gold under NIRP? | Negative Interest Rates vs Bullion - 12th Sep 19
Land Rover Discovery Sport Brake Pads and Discs's Replace, Dealer Check and Cost - 12th Sep 19
Stock Market Crash Black Swan Event Set Up Sept 12th? - 12th Sep 19
Increased Pension Liabilities During the Coming Stock Market Crash - 12th Sep 19
Gold at Support: the Upcoming Move - 12th Sep 19
Precious Metals, US Dollar, Stocks – How It All Relates – Part II - 12th Sep 19
Boris Johnson's "Do or Die, Dead in a Ditch" Brexit Strategy - 11th Sep 19
Precious Metals, US Dollar: How It All Relates – Part I - 11th Sep 19
Bank of England’s Carney Delivers Dollar Shocker at Jackson Hole meeting - 11th Sep 19
Gold and Silver Wounded Animals, Indeed - 11th Sep 19
Boris Johnson a Crippled Prime Minister - 11th Sep 19
Gold Significant Correction Has Started - 11th Sep 19
Reasons To Follow Experienced Traders In Automated Trading - 11th Sep 19
Silver's Sharp Reaction Back - 11th Sep 19
2020 Will Be the Most Volatile Market Year in History - 11th Sep 19
Westminister BrExit Extreme Chaos Puts Britain into a Pre-Civil War State - 10th Sep 19
Gold to Correct as Stocks Rally - 10th Sep 19
Market Decline Will Lead To Pension Collapse, USD Devaluation, And NWO - 10th Sep 19
Stock Market Sector Rotation Giving Mixed Signals About The Future - 10th Sep 19
The Online Gaming Industry is Going Up - 10th Sep 19
The Unknown Tech Stock Transforming The Internet - 10th Sep 19
More Wall Street Propaganda - 10th Sep 19
Stock Market Price Structure Still Suggests We Are Within Volatile Rotation - 9th Sep 19
Stock Market Still Treading Water - 9th Sep 19
Buying Pullbacks in Silver & Gold - 9th Sep 19
Government Spending - The High Price of a "Free Lunch" - 9th Sep 19
Don't Worry About a Recession - 9th Sep 19
Large Drop in Stocks, Big Rally in Gold and Silver - 9th Sep 19

Market Oracle FREE Newsletter

The No1 Tech Stock for 2019

Late Session Dive Sends Stocks Indices Lower

Stock-Markets / US Stock Markets Feb 26, 2009 - 03:22 AM GMT

By: Harry_Boxer

Stock-Markets The markets were quite volatile swinging down and then back up again and getting hit at the end of the day to close mostly lower on the session. The day started out with a gap down, and then we had a 5-wave decline that took us to the lows for the session around an hour after the opening. They bounced back, failed at resistance, and then retested, but that was successful. When that occurred the indices started an afternoon rally that was interrupted mid-way with a sharp set-back, with the set-back holding intraday moving averages.

Then a very strong rally ensued, going into the last 1/2 hour of the day, which took the indices back up towards key overhead resistance, with the NDX testing 1185 and the S&P 500 testing 780 key overhead resistance. That key resistance proved to be very formidable, as the indices backed off sharply into the last half hour giving back the vast majority of the afternoon rally.

Net on the day the Dow was down 80 to 7270, the S&P 500 was off 8.24, closing just under 765, and the Nasdaq 100 down 10.62 at 1160.83. The Philadelphia Semiconductor Index (SOXX), which was firm all day, managed to close up nearly 6 to over 205, and was positively diverging.

The technicals were negative by 3 to 2 on advance-declines on New York and 2 to 1 on Nasdaq. Up/down volume was nearly 2 to 1 negative on New York on total volume of 1 3/4 billion shares. Nasdaq traded just under 2.4 billion and also had 2 to 1 negative volume ratio. board was mixed, generally lower. Agrium (AGU) acquired CF Holdings (CF), which gained 6.19 while AGU dropped 3.73. Other stocks in that group, originally higher, gave back all their gains, with Potash (POT) dropping from a high of nearly 85 down to 80.66, closing down 1.64, and Mosaic (MOS) at 39.12 up 26 cents but 2 1/2 off its high.

Financials were strong until late in the session when they gave a chunk of it back. Bank of America (BAC) closed up 43 cents to 5.16, WFC jumped to 13.44, up 39 cents, reaching over $14 at one point, and JPM was up 71 cents to 21.73, but $1.50 off its high.

SunPower (SPWR) in a very weak solar sector was down 2.65, Energy Conversion Devices (ENER) fell 2.41 based on sharply lower session by First Solar (FSLR), which painted a bleak picture in their conference call about the upcoming quarter.

Amazon (AMZN) dropped 1.89 today, and Hartford Financial Services (HIG) gave back 97 cents in the financial sector.

On the plus side, the Direxion Large Cap Bear 3X Shares (BGZ) was up 2.13, and the UltraShort Real Estate ProShares ETF (SRS) gained 2.31.

There were very few other gains to speak of other than Apple (AAPL), which advanced 91 cents to 91.16.

Stepping back and reviewing the hourly chart patterns, the indices did well today to hold the 2-day rising trendlines and secondary price support, and rallied sharply. But the slide in the last half hour was a very negative way to end the session, and the indices are no where near out of the water, having yet to take out key overhead resistance.

On the plus side, the 2-week declining channel tops were taken out today. Although with the last half hour slide, they did close back beneath them, another negative technical occurrence for sure.

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