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
Where’s my self-driving car? - 16th Aug 22
Real Reason why Pakistan and India Gained Independence in 1947 at 75th Anniversary - 16th Aug 22
Electronic Payments Can Benefit Your Business - Here’s How - 16th Aug 22
Qualcom Stock Market Harbinger - 12th Aug 22
Apple Exec Gets World's 1st iPhone 14 for Daughters 14th Birthday Surprise Present Unboxing! - 12th Aug 22
Steps to remember while playing live roulette online - 12th Aug 22
China Bank Run Protests - Another Potential Tiananmen Square Massacre? - 11th Aug 22
Silver Coin Premiums – Another Collapse? - 11th Aug 22
Gold-to-Silver Ratio Heading Lower – Setup Like 1989-03 - 11th Aug 22
Severe Stocks Bear Market: Will You Be Among the Prepared 1.5%? - 11th Aug 22
There's a Hole in My Bucket Dear Liza, UK Summer Heatwave Plants Watering Problem Song - 11th Aug 22
Why PEAK INFLATION is a RED HERRING! Prepare for a Decade Long Cost of Living Crisis - 9th Aug 22
FREETRADE Want to LEND My Shares to Short Sellers! - 8th Aug 22
Stock Market Unclosed Gap - 8th Aug 22
The End Game for Silver Shenanigans... - 8th Aug 22er
WARNING Corsair MP600 NVME2 M2 SSD Are Prone to Failure Can Prevent Systems From Booting - 8th Aug 22
Elliott Waves: Your "Rhyme & Reason" to Mainstream Stock Market Opinions - 6th Aug 22
COST OF LIVING CRISIS NIGHTMARE - Expect High INFLATION for whole of this DECADE! - 6th Aug 22
Recession Is Good for Gold, but a Crisis Would Be Even Better - 5th Aug 22
Stock Market Rallying On Slowly Thinning Air - 5th Aug 22
Stock Market Trend Pattren 2022 Forecast Current State - 4th Aug 22
Should We Be Prepared For An Aggressive U.S. Fed In The Future? - 4th Aug 22
Will the S&P 500 Stock Market Index Go the Way of Meme Stocks? - 4th Aug 22
Stock Market Another Upswing Attempt - 4th Aug 22
What is our Real Economic and Financial Prognosis? - 4th Aug 22
The REAL Stocks Bear Market of 2022 - 3rd Aug 22
The ‘Wishful Thinking’ Fed Is Anything But ‘Neutral’ - 3rd Aug 22
Don’t Be Misled by Gold’s Recent Upswing - 3rd Aug 22
Aluminum, Copper, Zinc: The 3 Horsemen of the Upcoming "Econocalypse" - 31st July 22
Gold Stocks’ Rally Autumn 2022 - 31st July 22
US Fed Is Battling Excess Global Capital – Which Is Creating Inflation - 31st July 22

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Reversal Session

Stock-Markets / Stock Index Trading Nov 13, 2009 - 01:30 AM GMT

By: Harry_Boxer


The indices finally backed off as profit taking finally set in, but they started with a bang to the upside early on and hit nominal new 2009 highs before they began to back off in the morning.

At that point they began to stair-step lower in a nice orderly down-channel all day. I'm not sure if that means we're getting the start of a significant down move just yet, but we'll see if they can at least get downside follow-through in the next day or two.

Net on the day the Dow was down 93.79 at 10197.47, the S&P 500 11.27 at 1087.24, and the Nasdaq 100 down 9.81 at 1773.14. All those were higher in the morning, so we had a reversal day today, with the indices closing near the rising moving averages on their hourly charts.

Advance-declines were decidedly negative by 4 to 1 on New York and 3 to 1 on Nasdaq. Up/down volume was about 6 to 1 negative on New York on total volume of just over 1 billion. Nasdaq traded just under 2.2 billion and had a 2 to 1 negative volume ratio. board was mostly negative, but there were plenty of gainers. On the plus side, Advanced Micro Devices (AMD) on a settlment with Intel (INTC) jumped 1.16 on 162 million shares to close at 6.48.

China Automotive (CAAS) on strong earnings gained 1.63 to 16.25, but traded more than a point higher earlier in the session.

Nanometrics (NANO) continued its recent run, following through to yesterday's breakout, up 1 to 9.86 on 1.6 million traded.

Those were the only point-plus gainers on our board.

Among the fractional gainers, Sinovac (SVA) in the junior biotech group was up 73 cents to 9.59 on 5 1/4 million Revlon (REV) gyrated but closed up 59 cents to 15.10.

Genco (GNK) jumped 34 cents to 24.10, but traded as high as 25 earlier in the session, in a generally firm shipping group after the Baltic Dry Index advanced for the 10th consecutive session.

The Direxion Small Cap 3x Bear (TZA) added 70 cents to 12.76 and the Direxion Large Cap Bear 3X Shares (BGZ) up 58 cents to 19.03.

On the downside, the Direxion Daily Small Cap Bull 3x Shares (TNA) was down 2.31 at 39.46. and Direxion Large Cap Bull 3X Shares (BGU) 1.17 to 54.77.

Goldman Sachs (GS) lost 1.37 to 178.48, Apple (AAPL) 1.26 to 201.99, and Protalix (PLX) 1.08 to 10.25.

Kongzhong Corp. (KONG) gave back 1.06 to 14.07, and the U.S. Oil Fund ETF (USO) 1.04 to 39.51 as oil weakened today.

Stepping back and reviewing the hourly chart patterns, the indices were up early but down for the rest of the session in stair-step fashion, took out initial minor support, but held near secondary and more key price and moving average support. Important test tomorrow to see if they can hold or not.

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