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Stock Market Indices Hold Support and Close Higher

Stock-Markets / Stock Index Trading Apr 08, 2009 - 10:56 PM GMT

By: Harry_Boxer

Stock-Markets The indices had 5 distinct sharp swings today, but a last-hour rally brought them back from a severe test of support, particularly on the S&P 500 at 815. When that was successful, for the 5th time in 2 days, they rallied back sharply.


Net on the day the Dow closed up 47.63 at 7837 and change, the S&P 500 up 9.60 at 825 and change, and the Nasdaq 100 up 25.33 to just over 1300 at 1300.75, up nearly 2 percent, a big day for that index. The Philadelphia Semiconductor Index (SOXX) gained 6.80 to 242.70.

Advance-declines were just under 3 to 1 positive on New York and 2 1/2 to 1 on Nasdaq. Up/down volume was 2 1/2 to 1 positive on New York on total volume of 1 1/3 billion. Nasdaq traded about 1 3/4 billion and had a 4 1/2 to 1 positive volume ratio.

TheTechTrader.com board was mostly higher. Point-plus gainers today included some of the agriculture stocks, with Potash (POT) up 2.82 to 82.50, Mosaic (MOS) up 2.67 to 45.61, and Agrium (AGU) up 71 cents 37.67.

In addition, Apple (AAPL) gained 1.32 to 116.32, Amazon (AMZN) 1.47 to 76.98, and Best Buy (BBY) 1.32 to 39.45.

Hartford Financial Services (HIG) advanced 1.14 to 9.59. However, that was nearly 2 points off its high on some positive news early this morning. Research in Motion (RIMM) advanced 1.96 to 61.91.

Other fractional gainers included Energy Conversion Devices (ENER) up 54 cents to 13.91. Akamai (AKAM) added 55 cents to close at 19.41, American Italian Pasta (AIPC) 45 cents to 32.63, and Aluminum Corp. of China (ACH) 51 cents to 17.53. Ultra Oil & Gas ProShares (DIG) advanced 49 cents to 23.24, and the U.S. Oil Fund ETF (USO) was up 55 cents today to 29.49.

On the downside, the UltraShort Real Estate ProShares (SRS) fell 1.87 to 43.26, the SKF ultrashort financial ETF 1.33 to 88.52, and the Direxion Large Cap Bear 3X Shares (BGZ) 2.16 to 55.26. Direxion Financial Bear 3x Shares (FAZ) lost 21 cents to 17.84, although was trading nearly a point higher with an hour to go.

Morgan Stanley (MS) fell 63 cents to 22.69 and Goldman Sachs (GS) 1.33 to 114.75, in a generally weaker financial sector.

Stepping back and reviewing the hourly chart patterns, the indices did very well by holding key support on the SPX, in particular, at around 815. That was the 5th or 6th time it's held in the last 2 days. That resulted in a late snapback rally which brought the indices back up. The overall pattern still suggests that a 3-day consolidation is underway, and if they mange to break to the upside from here they could extend this and take another leg higher.

Good trading!

Harry

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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.

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