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

Another Negative Monday on Wall Street

Stock-Markets / US Stock Markets Mar 09, 2009 - 09:09 PM GMT

By: Harry_Boxer

Stock-Markets The markets had another down day to start the week. I don't know how many consecutive Mondays we've been down. The day did start with a thrust to the upside and they had a nice sharp rally in the first 40 minutes or so that took the indices to the highs for the day, NDX reaching up to 1087 and change and the SPX getting up to over 695. But that was it for the day, and the indices sold off steadily in a 5-weave decline for the rest of the session in a neat orderly channel that closed near the lows for the day.


Net on the day the Dow was down just under 80 at 6547, the S&P 500 down 6.85 to 676.53, and the Nasdaq 100 down 20.83 at 1043.87, now about 24 points off its November low, the only index to still be above it.. The Philadelphia Semiconductor Index (SOXX) closed at 190.47, down 4.54, and it was generally a negative session all around.

Advance-declines were negative by 2 1/2 to 1 on New York with 2214 down and 886 up, and a similar amount on Nasdaq. Up/down volume was a little worse than 8 to 7 negative on New York on total volume of 1 1/2 billion. Nasdaq traded more than 2 billion and had a 3 to 1 negative volume ratio.

TheTechTrader.com board was mixed, with several point plus gainers. Potash (POT) was up 3.00 to 69.31, Agrium (AGU) 1.15 to 32.58, and Mosaic (MOS) 1.19 to 40.35 in a generally strong AG sector.

Financials were positive for most of the day, gave back a bunch of it, but still closed up on the day, with Wells Fargo (WFC) up 1.36 to 9.97 on more than 208 million shares traded. Hartford Financial Services (HIG) advanced 48 cents to 4.10, and BAC was up 61 cents to 3.75.

General Electric (GE) gained 35 cents to 7.41 on 264 million shares, Geron (GERN) up 64 cents at 4.51, but traded as high as 5.24 in the morning.

On the downside, the Direxion Financial Bear 3x Shares (FAZ) was down 4.90, as you would imagine with the financials positive despite the market being lower. The SRS ultrashort real estate ETF also dropped 3.32, but the Direxion Large Cap Bear 3X Shares (BGZ) advanced 3.77.

Apple (AAPL) down 2.19 to 83.11, Amazon (AMZN) 1.20 to 60.49, and Energy Conversion Devices (ENER) 1.18 to 16.27, with SunPower (SPWR) down another 1.22 to 22.17.

Stepping back and reviewing the hourly chart patterns, the indices continue in their declining channels over the last 4 weeks, with the early morning rally reaching right up to the declining moving averages, which once again thwarted the rally and pushed it back.

The indices need to get over overhead resistance, which right now is near 1090 on the NDX and 700 for starters on the S&P 500.

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