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
AI Tech Stock PORTFOLIO NAME OF THE GAME - 29th June 22
Rebounding Crude Oil Gets Far Away from the Bearish Side - 29th June 22
UK House Prices - Lets Get Jiggy With UK INTEREST RATES - 28th June 22
This “Bizarre” Chart is Wrecking the Stock Market - 28th June 22
Recession Question Answered - 28th June 22
Technical Analysis: Why You Should Expect a Popularity Surge - 28th June 22
Have US Bonds Bottomed? - 27th June 22
Gold Junior Miners: A Bearish Push Is Coming to Move Them Lower - 27th June 22
Stock Market Watching Out - 27th June 22
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

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Indices Late Rally Saves the Day

Stock-Markets / Stock Index Trading Apr 23, 2009 - 08:51 PM GMT

By: Harry_Boxer


The indices saved the day with a late rush, but with a half hour to go they were unchanged on the session and vacillating back and forth.

The day started out with a move down. They rallied back to resistance, failed and rolled over to new lows, and then bounced again and made lower highs and then hit the session lows by mid-morning at around 1321 NDX and 835 SPX. That was followed by a steady rise back up toward the highs, a pullback mid-day that looked bullish in terms being of a corrective pullback, and then a rally to new highs on the SPX but failing to do so on the NDX. That brought a late afternoon sell-off, but they turned it around with a half hour to go and spiked them back up again. So quite the schizoid/paranoid market today.

Net on the day the Dow was up 70.49 to 5967.06, the S&P 500 up 8.37 at 851.92, and the Nasdaq 100 up 8.69 to 1344.41. The Philadelphia Semiconductor Index (SOXX), however, ended down 1.72 on the day at 249.36.

The technicals were positive by about 3 to 2 on advance-declines were on New York and 2 to 1 on up volume over down volume, on total volume of less than 1.6 billion. Nasdaq had a more than 600 negative plurality of decliners over advancers, but up/down volume managed to stay about 7 to 5 positive on total volume over 2.4 billion.

Most of the stocks on board were narrowly mixed, but there were several point-plus gainers and losers. On the plus side, Goldman Sachs (GS) gained 2.32 to 122.81. Apple (AAPL) added 3.89 to 125.40, and JP Morgan (JPM) was up 1.31 to 33.21 in a generally a strong financial sector. Wells Fargo (WFC) led the way there, up 1.91 to 20.09 on 206 million. Bank of America (BAC) gained 56 cents to 8.82 on 558 million.

Other stocks of note, Research in Motion (RIMM) gained 1.07 to 68.27, and Amazon (AMZN) was up 1.41 to 80.61.

On the downside, the ultrashort ETFs had the biggest losses today. UltraShort Financial ProShares (SKF) was 4.62 to 59.41, UltraShort Real Estate ProShares (SRS) was down 2.85 to 26.20, the Direxion Large Cap Bear 3X Shares (BGZ) down 1.25 to 48.50, and the Direxion Financial Bear 3x Shares (FAZ) dropped 1 to 8.91 on 270 million shares.

In addition, AKAM fell 1.02 to 19.58 Potash (POT) was down 1.37 to 79.62, and SunPower (SPWR) also lost 1.37 to 25.93.

Stepping back and reviewing the hourly chart patterns, the indices came down sharply in the morning and rallied back nicely in the afternoon. Despite a late afternoon sell-off, they came on again into the close to finish at the highs for the day going away, just above initial key resistance on the SPX but right at it on the NDX. We'll see if we get an upside follow-through tomorrow, but the indices are still in a tentative consolidation mode.

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