Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
UK Covd-19 FREE Lateral Flow Self Testing Kits How Use for the First Time at Home - 10th Apr 21
NVIDIA Stock ARMED and Dangeorus! - 10th Apr 21
The History of Bitcoin Hard Forks - 10th Apr 21
Gold Mining Stocks: A House Built on Shaky Ground - 9th Apr 21
Stock Market On the Verge of a Pullback - 9th Apr 21
What Is Bitcoin Unlimited? - 9th Apr 21
Most Money Managers Gamble With Your Money - 9th Apr 21
Top 5 Evolving Trends For Mobile Casinos - 9th Apr 21
Top 5 AI Tech Stocks Investing 2021 Analysis - 8th Apr 21
Dow Stock Market Trend Forecast 2021 - Crash or Continuing Bull Run? - 8th Apr 21
Don’t Be Fooled by the Stock Market Rally - 8th Apr 21
Gold and Latin: Twin Pillars of Western Rejuvenation - 8th Apr 21
Stronger US Dollar Reacts To Global Market Concerns – Which ETFs Will Benefit? Part II - 8th Apr 21
You're invited: Spot the Next BIG Move in Oil, Gas, Energy ETFs - 8th Apr 21
Ladies and Gentlemen, Mr US Dollar is Back - 8th Apr 21
Stock Market New S&P 500 Highs or Metals Rising? - 8th Apr 21
Microsoft AI Azure Cloud Computing Driving Tech Giant Profits - 7th Apr 21
Amazon Tech Stock PRIMEDAY SALE- 7th Apr 21
The US has Metals Problem - Lithium, Graphite, Copper, Nickel Supplies - 7th Apr 21
Yes, the Fed Will Cover Biden’s $4 Trillion Deficit - 7th Apr 21
S&P 500 Fireworks and Gold Going Stronger - 7th Apr 21
Stock Market Perceived Vs. Actual Risks: The Key To Success - 7th Apr 21
Investing in Google Deep Mind AI 2021 (Alphabet) - 6th Apr 21
Which ETFs Will Benefit As A Stronger US Dollar Reacts To Global Market Concerns - 6th Apr 21
Staying Out of the Red: Financial Tips for Kent Homeowners - 6th Apr 21
Stock Market Pushing Higher - 6th Apr 21
Inflation Fears Rise on Biden’s $3.9 TRILLION in Deficit Spending - 6th Apr 21
Editing and Rendering Videos Whilst Background Crypto Mining Bitcoins with NiceHash, Davinci Resolve - 5th Apr 21
Why the Financial Gurus Are WRONG About Gold - 5th Apr 21
Will Biden’s Infrastructure Plan Rebuild Gold? - 5th Apr 21
Stocks All Time Highs and Gold Double Bottom - 5th Apr 21
All Tech Stocks Revolve Around This Disruptor - 5th Apr 21
Silver $100 Price Ahead - 4th Apr 21
Is Astra Zeneca Vaccine Safe? Risk of Blood Clots and What Side Effects During 8 Days After Jab - 4th Apr 21
Are Premium Bonds A Good Investment in 2021 vs Savings, AI Stocks and Housing Alternatives - 4th Apr 21
Penny Stocks Hit $2 Trillion - The Real Story Behind This "Road to Riches" Scheme - 4th Apr 21
Should Stock Markets Fear Inflation or Deflation? - 4th Apr 21
Dow Stock Market Trend Forecast 2021 - 3rd Apr 21
Gold Price Just Can’t Seem to Breakout - 3rd Apr 21
Stocks, Gold and the Troubling Yields - 3rd Apr 21
What can you buy with cryptocurrencies?- 3rd Apr 21
What a Long and Not so Strange Trip it’s Been for the Gold Mining Stocks - 2nd Apr 21
WD My Book DUO 28tb Unboxing - What Drives Inside the Enclosure, Reds or Blues Review - 2nd Apr 21
Markets, Mayhem and Elliott Waves - 2nd Apr 21
Gold And US Dollar Hegemony - 2nd Apr 21
What Biden’s Big Infrastructure Push Means for Silver Price - 2nd Apr 21
Stock Market Support Near $14,358 On Transportation Index Suggests Rally Will Continue - 2nd Apr 21
Crypto Mine Bitcoin With Your Gaming PC - How Much Profit after 3 Weeks with NiceHash, RTX 3080 GPU - 2nd Apr 21
UK Lockdowns Ending As Europe Continues to Die, Sweet Child O' Mine 2021 Post Pandemic Hope - 2nd Apr 21
A Climbing USDX Means Gold Investors Should Care - 1st Apr 21
How To Spot Market Boom and Bust Cycles - 1st Apr 21
What Could Slay the Stock & Gold Bulls - 1st Apr 21
Precious Metals Mining Stocks Setting Up For A Breakout Rally – Wait For Confirmation - 1st Apr 21
Fed: “We’re Not Going to Take This Punchbowl Away” - 1st Apr 21
Mining Bitcoin On My Desktop PC For 3 Weeks - How Much Crypto Profit Using RTX 3080 on NiceHash - 31st Mar 21
INFLATION - Wage Slaves vs Gold Owners - 31st Mar 21
Why It‘s Reasonable to Be Bullish Stocks and Gold - 31st Mar 21
How To Be Eligible For An E-Transfer Payday Loan? - 31st Mar 21
eXcentral Review – Trade CFDs with a Customer-Centric Broker - 31st Mar 21

Market Oracle FREE Newsletter

FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Stock Market Indices Spike Higher in Last Hour For Strong Close

Stock-Markets / US Stock Markets Nov 08, 2008 - 09:43 AM GMT

By: Harry_Boxer

Stock-Markets Best Financial Markets Analysis ArticleWe had a volatile session, but it ended well with the indices not far off the highs for the day. In fact, the S&P 500 closed very near the highs for the day and it ended positively in what appeared to be late pre-weekend short-covering that affected the market in a positive note, and closed strongly particularly in the last 20-30 minutes.


The day started out with a gap up, then pulled back quickly and retested successfully, and then had a very strong surge that took the Nasdaq 100 up near yesterday's early morning reaction high and tested resistance on the S&P 500 near 930. They then backed off and took back about 50% of the rally, retested and move back up again but couldn't breakout, and then backed and filled for a couple hours in a narrow range, and on about 5-6 occasions tried to break out. With a little more than an hour to go they actually did break out of that trading range, but were not able to break through the morning highs, then had a very sharp sell off going into the last half hour. That sharp sell-off nearly retested the entire trading range and the early morning lows, but quickly turned around with about 20-30 minutes to go and exploded to the upside, spiking to the upside particularly in the last 5 minutes.

Net on the day the Dow was up 248, the S&P 500 up nearly 26, and the Nasdaq 100 more than 29 1/2. The Philadelphia Semiconductor Index (SOXX) was up just 3.75 today.

The advance-declines were positive by 21 to 9 on New York and by about 17 to 10 on Nasdaq. Up/down volume was about 4 1/2 to 1 positive on New York on total volume of just short of 1 1/4 billion. Nasdaq traded 1.85 billion and had about a 7 to 2 positive volume ratio.

So a good day for the technicals and the indices.

TheTechTrader.com board was mostly positive, but some of the stocks were very narrowly mixed. Leading the way today were the agriculture stocks, with CF Industries (CF) up 5.62 at 60.84, POT up 1.58 at 80.57, Mosaic (MOS) up 2.61 to 36.49, and AGU up 1.43 to 37.81.

Other stocks of note, portfolio position Emergent BioSolutions (EBS) exploded to a new all-time high, closing at 20.35, up 3.41 on a strong earnings report and upgrades. Energy Conversion Devices (ENER)jumped to 38.09, up 3.49, and NVDA, a new portfolio position, closed at 8.72, up 1.10 on 28 million.

Sequenom (SQNM) advanced 45 cents to 17.82, and portfolio position Converted Organics (COIN) jumped to 7.20, setting a new multi-week high, before backing off to 6.89, still up 62 cents. On the downside, the short instruments had a very negative day, of course, with the SDS down 5.05 and the QID down 3.59. DryShips (DRYS) had a very difficult day in the shipping group, down 1.51 to 13.79. Excel Maritime (EXM) at 10.57 was off 57 cents, so the shippers definitely trailed the market.

Stepping back and reviewing the hourly chart patterns, as indicated earlier the indices ran up in the morning, backed and filled mid-day, tried to break out and couldn't, rolled over hard but held the lows, and then came on strong to close positively on the day, We'll see if today's action, along with yesterday's late action, is more of a consolidation range before additional downside or a basing period for a move up. They have an opportunity if they can move from here and break out to create a head and shoulders bottom on several of the indices, but that remains to be seen.

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) 2008 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

© 2005-2019 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

6 Critical Money Making Rules