Most Popular
1. THE INFLATION MONSTER is Forecasting RECESSION - Nadeem_Walayat
2.Why APPLE Could CRASH the Stock Market! - Nadeem_Walayat
3.The Stocks Stealth BEAR Market - Nadeem_Walayat
4.Inflation, Commodities and Interest Rates : Paradigm Shifts in Macrotrends - Rambus_Chartology
5.Stock Market in the Eye of the Storm, Visualising AI Tech Stocks Buying Levels - Nadeem_Walayat
6.AI Tech Stocks Earnings BloodBath Buying Opportunity - Nadeem_Walayat
7.PPT HALTS STOCK MARKET CRASH ahead of Fed May Interest Rate Hike Meeting - Nadeem_Walayat
8.50 Small Cap Growth Stocks Analysis to CAPITALISE on the Stock Market Inflation -Nadeem_Walayat
10.Apple and Microsoft Nuts Are About to CRACK and Send Stock Market Sharply Lower - Nadeem_Walayat
Last 7 days
The NEXT BIG EMPIRE WILL BE..... CANZUK - 25th June 22
Who (or What) Is Really in Charge of Bitcoin's Price Swings? - 25th June 22
Crude Oil Price Forecast - Trend Breaks Downward – Rejecting The $120 Level - 25th June 22
Everyone and their Grandma is Expecting a Big Stocks Bear Market Rally - 23rd June 22
The Fed’s Hawkish Bite Left Its Mark on the S&P 500 Stocks - 23rd June 22
No Dodging the Stock Market Bullet - 23rd June 22
How To Set Up A Business To Better Manage In The Free Market - 23rd June 22
Why Are Precious Metals Considered A Good Investment? Find Out Here - 23rd June 22
UK House Prices and the Inflation Mega-trend - 22nd June 22
Sportsbook Betting Reviews: How to Choose a Sportsbook- 22nd June 22
Looking to buy Cannabis Stocks? - 22nd June 22
UK House Prices Momentum Forecast - 21st June 22
The Fed is Incompetent - Beware the Dancing Market Puppet - 21st June 22
US Economy Headed for a Hard Landing - 21st June 22
How to Invest in EU - New Opportunities Uncovered - 21st June 22
How To Protect Your Assets During Inflation - 21st June 22
AI Tech Stocks Current State, Is AMAZON a Dying Tech Giant? - 20th June 22
Gold/Gold miners fundamental checkup - 20th June 22
Personal Finance Tips: How To Get Out Of A Tough Financial Situation - 20th June 22
UK House Prices Relative to GDP Growth - 19th June 22
Will Global Markets Be Pushed Deeper Into Crisis Event By The US Fed? - 19th June 22
Useful Things You Need To Know About Tweezer Top Candlestick Pattern - 19th June 22
UK House Prices Real Terms Sustainable Trend - 17th June 22
Why I’m buying the “new” value stocks… - 17th June 22
Optimize Benefits from R&D in Software Product Development with an R&D Tax Credit Software - 17th June 22
Want To Save On Your Business Energy? Here Are Some Helpful Tips - 17th June 22

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Indices Surge Out of 3-Day Downtrend, Rally to New 5-Month Highs

Stock-Markets / Stock Index Trading Apr 16, 2009 - 09:51 PM GMT

By: Harry_Boxer

Stock-Markets Another strong session going into options expiration tomorrow. The indices had a large gap up at the opening, backed and filled, pulled back quickly in the morning but held support. That was key. When support held they started a rally that retested the highs, backed off and then moved through them, and in the last hour spiked up, reaching new 5-month highs, at 870 on the S&P 500 and nearly 1359 on the Nasdaq 100. Only in the last 15-20 minutes did the market pull back and pare the gains.

Net on the day the Dow was up 95.81 to 8125.43, the S&P 500 up 13.24 to 865.30, and the Nasdaq 100 up 36.47 to 1352.98, nearly 3 percent. The Philadelphia Semiconductor Index (SOXX) gained 8.27, more than 3 percent

Advance-declines were 4 to 1 positive on New York, but only 2 1/2 to 1 positive on Nasdaq. Up/down volume was about 4 to 1 positive as well on New York on total volume of under 1.6 billion. Nasdaq traded more than 2.3 billion and had about a 6 1/2 to 1 positive volume ratio. board was generally mixed, but mostly higher. The handheld group was up, with Apple (AAPL) up 3.81 at 121.45, Research in Motion (RIMM) up 3.61 to 67.51, and Palm Inc. (PALM) up 68 cents to 9.90 on more than 10 million.

Stem cell biotech Geron (GERN) at 5.49 was up 48 cents on more than 4 million. General Electric (GE) was up 44 cents to 12.27 on 132 million ahead of earnings tomorrow morning. DryShips (DRYS) advanced 28 cents to 5.55, but in the aftermarket on news of a financing traded just under 6. Amazon (AMZN) gained 2.54 to 77.25, and the Direxion Large Cap Bull 3X Shares (BGU) was up 1.23 to 28.98.

The iShares MSCI Brazil Index ETF (EWZ) was also strong, up 96 cents to 44.56.

On the downside, UltraShort Real Estate ProShares (SRS) fell 2.58 to 28.29, and the Direxion Large Cap Bear 3X Shares (BGZ) was down 2.37 to 47.07.
Stepping back and reviewing the hourly chart patterns, the indices firmly broke out of their 3-day downtrend, by gaping up in the morning through price, moving average and trendline resistance. We have now have reached 6-week rally highs and new 5-month 2009 highs on both indices and are quite overbought (+218 on the McClellan Oscillator). Tomorrow is Friday options expiration day, and it could be a wild one.

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