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 Correct into Bitcoin Happy Thanks Halving - Earnings Season Buying Opps - 4th July 24
24 Hours Until Clown Rishi Sunak is Booted Out of Number 10 - UIK General Election 2024 - 4th July 24
Clown Rishi Delivers Tory Election Bloodbath, Labour 400+ Seat Landslide - 1st July 24
Bitcoin Happy Thanks Halving - Crypto's Exist Strategy - 30th June 24
Is a China-Taiwan Conflict Likely? Watch the Region's Stock Market Indexes - 30th June 24
Gold Mining Stocks Record Quarter - 30th June 24
Could Low PCE Inflation Take Gold to the Moon? - 30th June 24
UK General Election 2024 Result Forecast - 26th June 24
AI Stocks Portfolio Accumulate and Distribute - 26th June 24
Gold Stocks Reloading - 26th June 24
Gold Price Completely Unsurprising Reversal and Next Steps - 26th June 24
Inflation – How It Started And Where We Are Now - 26th June 24
Can Stock Market Bad Breadth Be Good? - 26th June 24
How to Capitalise on the Robots - 20th June 24
Bitcoin, Gold, and Copper Paint a Coherent Picture - 20th June 24
Why a Dow Stock Market Peak Will Boost Silver - 20th June 24
QI Group: Leading With Integrity and Impactful Initiatives - 20th June 24
Tesla Robo Taxis are Coming THIS YEAR! - 16th June 24
Will NVDA Crash the Market? - 16th June 24
Inflation Is Dead! Or Is It? - 16th June 24
Investors Are Forever Blowing Bubbles - 16th June 24
Stock Market Investor Sentiment - 8th June 24
S&P 494 Stocks Then & Now - 8th June 24
As Stocks Bears Begin To Hibernate, It's Now Time To Worry About A Bear Market - 8th June 24
Gold, Silver and Crypto | How Charts Look Before US Dollar Meltdown - 8th June 24
Gold & Silver Get Slammed on Positive Economic Reports - 8th June 24
Gold Summer Doldrums - 8th June 24
S&P USD Correction - 7th June 24
Israel's Smoke and Mirrors Fake War on Gaza - 7th June 24
US Banking Crisis 2024 That No One Is Paying Attention To - 7th June 24
The Fed Leads and the Market Follows? It's a Big Fat MYTH - 7th June 24
How Much Gold Is There In the World? - 7th June 24
Is There a Financial Crisis Bubbling Under the Surface? - 7th June 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Solid Gain but Disappointing Finish

Stock-Markets / Stock Index Trading Mar 05, 2009 - 01:55 AM GMT

By: Harry_Boxer

Stock-Markets Best Financial Markets Analysis ArticleThe market ended with a solid gain for the session, but it disappointed with a last half-hour sell-off that took back a chunk of the gains. The day started out with a gap up. They backed and filled early in the session, but then took off in the morning, reaching the morning highs just before the lunch hour. During the lunch hour and shortly thereafter they consolidated in a flag-like fashion, holding intraday support, and came on again in the afternoon, especially on the S&P 500 and Dow, as the blue chips caught up with the NDX from yesterday.


With a half hour to go, the S&P 500 reached its declining 40-day moving average on the hourly charts, which proved to be formidable resistance, as the indices again sold off, giving back about 100 Dow points in the last half hour,14 on the NDX & 12 on the SPX

Net on the day the Dow was up nearly 150, the S&P 500 up 16 1/2, and the Nasdaq 100 up a little less than 30. The Philadelphia Semiconductor Index (SOXX) gained 8.78 for a 4 1/2 percent gain.

----------------------
See Harry's Chart of the Day Video Presentation
----------------------

Advance-declines were positive by 4 to 1 on New York and about 2 1/2 to 1 on Nasdaq. Up/down volume was 12 to 5 positive on New York on total volume of just under 1.8 billion. Nasdaq traded just over 2.3 billion and had a 5 to 1 positive volume ratio.

TheTechTrader.com board had an excellent session. Other than the ultrashorts and some of the financials, most stocks on our board were up.

Point-plus gainers included Amazon (AMZN), which broke out of a beautiful bull flag and ran up 3.11 on nearly 11 million shares to close at 64.81. Apple (AAPL) was up 2.80 to 91.17, and Mosaic (MOS) was up 1.73 to 41.88.

Morgan Stanley (MS) jumped 1.22 to 19.40 in a mixed financial sector. JP Morgan (JPM) was down 1.71 to 19.30, and Wells Fargo (WFC) dropped 1.01 to 9.66.

There was negative news in the agriculture sector, and as a result Potash (POT) was down 2.07 to 74.63. But Agrium (AGU) managed to gain 1.67. So, a mixed picture in that sector, but there was a steep afternoon sell-off, before the snapback.

Other significant gains included DryShips (DRYS) up 1.11 to 3.90, a big percentage gain, on 31 million shares, and Excel Maritime (EXM) up 1.06 to 4.35. GNK closed up 2 to 11.04, as the Baltic Dry Index had a strong day, giving hope for firming prices in the shipping sector.

Among the ETFs, The Direxion Financial Bear 3x Shares (FAZ) was up 1.75, the iShares MSCI Brazil Index ETF (EWZ) up 2.27, and iShares FTSE/Xinhua China 25 Index (FXI) up 2.16, along with the U.S. Oil Fund ETF (USO) up 2.22.

However, the Direxion Large Cap Bear 3X Shares (BGZ) was down 7.96 to 98.52 and the SRS lost 3.20 to 87.42.

Energy Conversion Devices (ENER) jumped 1.19 to 20 even, and Aluminum Corp. of China (ACH) gained 1.65 to 13.31 in a firm China sector.

Stepping back and reviewing the hourly chart patterns, the indices extended the snapback off yesterday's lows, but got up to key overhead resistance and backed off late in the session. We'll see if that's significant, and whether or not the indices can right themselves and extend the bounce off the lows to take out the declining 4-week channel and moving averages resistance.

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) 2009 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