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
Amazon AMZN Stock PRIMEDAY SALE! Trend Analysis - 20th Apr 21
Stock Market Sentiment Speaks: You May Not Believe My 2021 Targets - 20th Apr 21
Stock Market Phase Two Projection - 20th Apr 21
Are Precious Metals & Miners Starting A New Longer-Term Bullish Trend? - 20th Apr 21
Inflation: First the Gain, Then the Pain… - 20th Apr 21
8 Stock Market Indicators in 1: Here's the Message of the Panic/Euphoria Model - 19th Apr 21
Gold - You Can Win a Battle, but Still Lose the War - 19th Apr 21
Will Interest Rates Rally Further Push Gold Price Down? - 19th Apr 21
Gold Fireworks Doubt the Official Inflation Story - 19th Apr 21
YuanPay Team Discuss The Process Of Crypto Diversification - 19th Apr 21
Central Banks May Ramp Up Gold Buying - 18th Apr 21
How to Get Rid of Driveway Weeds With Just WATER! 6 Months later NO Weeds, Ultimate Killer! - 18th Apr 21
State of the European Markets - DAX, FTSE, CAC, AEX, SMI, IBEX 35, S&P/MIB, Euro Stoxx 50, RTS - 18th Apr 21
Einvestment Fund: What You Need To Know About Investments - 18th Apr 21
Google Alphabet (GOOG) AI Deep Mind Stock Trend Analysis - 17th Apr 21
Stocks and Bonds Inflationary Slingshot - 17th Apr 21
Best Smartphone Selfie Stick Tripod Review by ATUMTEK Works with Samsung Galaxy and Iphone - 17th Apr 21
How to Give Budgie's First Bath | Easy Budgie Bathing and Water Training with Lettuce - 17th Apr 21
Record-breaking Decrease in New Passenger Vehicle Sale in Europe - 17th Apr 21
US Stocks Climb A “Wall Of Worry” To New Highs - 16th Apr 21
Gold’s Singular Role - 16th Apr 21
See what Anatomy of a Bursting Market Bubble looks like - 16th Apr 21
Many Stock Market Sectors Are Primed For Another Breakout Rally – Are You? - 16th Apr 21
What Skyrocketing US Home Prices Say About Inflation - 16th Apr 21
Still a Bullish Fever in Stocks? - 16th Apr 21
Trying to Buy Coinbase Stock on IPO Day - Institutional Investors Freeze out Retail Investors - 15th Apr 21
Stocks or Gold – Which Is in the Catbird Seat? - 15th Apr 21
Time For A Stock Market Melt-Up - 15th Apr 21
Stocks Bull Market Progression Now Shows Base Metal Strength - 15th Apr 21
AI Tech Stocks Buy Ratings, Levels and Valuations - 14th Apr 21
Easy 10% to 15% Overclock for 5600x, 5900x, 5950x Using AMD Ryzen Master Precision Boost Overdrive - 14th Apr 21
The Current Cannabis Sector Rally Is Pointing To Another Breakout - 14th Apr 21
U.S. Dollar Junk Bond Market The Easiest Money in History - 14th Apr 21
The SPY Is Nearing Resistance @ $410… What Is Next? - 14th Apr 21
The Curious Stock Market Staircase Rally - 14th Apr 21
Stocks are Heating Up - 14th Apr 21
Two Methods in Calculating For R&D Tax Credits - 14th Apr 21
Stock Market Minor Correction Due - 13th Apr 21
How to Feed Budgies Cucumbers - Best Vegetables Feeding for the First Time, Parakeet Care UK - 13th Apr 21
Biggest Inflation Threat in 40 Years Looms over Markets - 13th Apr 21
How to Get Rich with the Pareto Distribution - Tesco Example - 13th Apr 21
Litecoin and Bitcoin-Which Is Better? - 13th Apr 21
The Major Advantages Of Getting Your PhD Online - 12th Apr 21
Covid-19 Pandemic Current State for UK, US, Europe, Brazil Vaccinations vs Lockdown's Third Wave - 12th Apr 21
Why These Stock Market Indicators Should Grab Your Full Attention - 12th Apr 21
Rising Debt Means a Weaker US Dollar - 12th Apr 21
Another Gold Stocks Upleg - 12th Apr 21
AMD The ZEN Tech Stock - 12th Apr 21
Overclockers UK Build Quality - Why Glue Fan to CPU Heat sink Instead of Using Supplied Clips? - 12th Apr 21 -
What are the Key Capabilities You Should Look for in Fleet Management Software? - 12th Apr 21
What Is Bitcoin Gold? - 12th Apr 21
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

Market Oracle FREE Newsletter

FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Stock Market Shakes Off Mid-Day Decline to Close Higher

Stock-Markets / US Stock Markets Dec 03, 2008 - 09:45 PM GMT

By: Harry_Boxer

Stock-Markets Best Financial Markets Analysis ArticleIt was another volatile session, very similar to yesterday, except for the late afternoon rally. The indices opened lower, bounced around, and then took off in a very sharp rally that took the NDX from 1105 to 1158, a 53-point rally inside of an hour and a half. The S&P 500 went from about 828 to about 864 in that time frame.


By late morning they were consolidating, and it appeared they may go higher, but when they were unable to punch through, they rolled over sharply, went through a couple minor layers of support, held at the rising bottoms line in mid-afternoon, and took off again with the NDX jumping from around 1117 to 1166, right where it closed, at the high for the day going away. The S&P 500 jumped from 835 to 873, and closed just under 871 .

Net on the day the Dow closed just under 8600, up about 173, the S&P 500 was up nearly 22 to 870.74, and the Nasdaq 100 up over 36 to 1166.20. The Philadelphia Semiconductor Index (SOXX) ha a really solid day today, up 12.38 to close at 198.07, about a 6 ½ % gain.

Advance-declines were positive by 2 to 1 on New York and by better than 3 to 2 on Nasdaq. Up/down volume was about 3 1/2 to 1 positive on New York on total volume of more than 1 1/2 billion. Nasdaq traded about 2 1/4 billion, with 1.8 billion of it to the upside and only 423 million to the downside, a ratio of 4 1/2 to 1 .

TheTechTrader.com board was generally higher. Leading the way was recently added portfolio position SunPower (SPWR), which jumped 4.23 to 34.40 on 2 2/3 million shares. Apple (AAPL) gained 3.43 to 95.90, and was our Chart of the Day. Energy Conversion Devices (ENER) had a fantastic day, dropping down to 23.91 in the morning and getting up to 28 1/2, before closing at 28.38, up 2.69 on 2.4 million shares, a very solid reversal session there.

----------------------
See Harry's Chart of the Day Video Presentation
----------------------

MS in a strong financial sector jumped 1.81 and at one point was 3 points off its morning low. BAC jumped 1 to 15.05, closing near the high for the day going away on 127 million shares. C jumped 60 cents to 7.82 on 312 million shares.

The Q's had a strong day, trading 223 million shares, closing at 28.62, up 79 cents, the BGU, up 2.30 to 32.93, and the QLD, up 1.20 to 25.15.

Other stocks of note, RIMM reversed more than 4 points off its low, closing up 1.64 on the day to 38.96, on heavy volume of almost 57 million shares.

Solar stocks, in addition to SPWR, were firm. SOLF jumped 1 off its low and closed up 60 cents on the day at 4.92, CSIQ gained 22 cents.

Portfolio position QCOR hit a new 13-year high today, tested its all-time high and backed off, but still closed up 33 cents at 9.05.

ACH at 12.08 was up 67 cents to a new 6 week high.

On the downside, the agriculture stocks did not have a good day, with POT down 2.39 to 52.81. AGU lost 67 cents to 25.64. MOS gave back 26 cents to 26.90, but CF gained 37 cents after being down 2 1/2 earlier in the day, closing at 46.32.

Stepping back and reviewing the hourly chart patterns, the indices were very volatile today, moved down early, had a very strong morning rally, a mid-day sharp pullback, but then another equally sharp rally back to reach the highs by the end of the day. The overall chart patterns on the hourly charts are very promising, with head and shoulders type bottoms forming , as a right shoulder was formed in the last couple days, and if we can get a thrust back over 1200 on the Nasdaq 100 and over the 900-10 on the S&P 500, we may be able to really accelerate higher.

We'll see how it goes, but the patterns are there for the asking, and we'll see if they can follow through.

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