Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Stock Market Up 8 Out of First 9 months - 13th Dec 24
What Does a Strong Sept Mean for the Stock Market? - 13th Dec 24
Is Trump the Most Pro-Stock Market President Ever? - 13th Dec 24
Interest Rates, Unemployment and the SPX - 13th Dec 24
Fed Balance Sheet Continues To Decline - 13th Dec 24
Trump Stocks and Crypto Mania 2025 Incoming as Bitcoin Breaks Above $100k - 8th Dec 24
Gold Price Multiple Confirmations - Are You Ready? - 8th Dec 24
Gold Price Monster Upleg Lives - 8th Dec 24
Stock & Crypto Markets Going into December 2024 - 2nd Dec 24
US Presidential Election Year Stock Market Seasonal Trend - 29th Nov 24
Who controls the past controls the future: who controls the present controls the past - 29th Nov 24
Gold After Trump Wins - 29th Nov 24
The AI Stocks, Housing, Inflation and Bitcoin Crypto Mega-trends - 27th Nov 24
Gold Price Ahead of the Thanksgiving Weekend - 27th Nov 24
Bitcoin Gravy Train Trend Forecast to June 2025 - 24th Nov 24
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Key Moving Averages Hold in Stock Market Down Session

Stock-Markets / Stock Index Trading Oct 20, 2009 - 09:40 PM GMT

By: Harry_Boxer

Stock-Markets

The indices moved lower today, but they did recover in the last half of the session to pare the losses.

The day started out with a gap up on Nasdaq, though the S&P 500 was flat , they then vacillated back and forth in the morning. After about an hour the indices rolled over hard, with the NDX dropping from 1764 to 1746, and the SPX from 1096 to 1086 at that point, a very sharp drop.


They tested support, bounced and for the rest of the session worked their way higher, but couldn't get past key resistance at SPX 1092 and NDX 1758.

Net on the day the Dow was down 50.71 to 10041.48. It dipped under 10,000 to 9993 earlier, but recovered. The S&P 500 fell 6.85 to 1091.06, and the Nasdaq 100 lost 0.49 to 1756.19 after being up much of the session.

Advance-declines were 2 to 1 negative on New York and 2 1/2 to 1 negative on Nasdaq. Up/down volume was nearly 4 to 1 negative on New York on total volume of under 1 1/4 billion. Nasdaq traded over 2 billion and had a 2 1/2 to 1 negative volume ratio.

TheTechTrader.com board was mostly narrowly mixed with the vast majority mostly lower.

Telestone Technologies (TSTC) led the way by far, opening at 9.31 and running to 12.28 on 3 million shares, closing at 11.15, up 2.67.

That was the only point-plus gainer.

On the downside, Direxion Financial Bull 3x Shares (FAS) dropped 1.91 to 85.21, and RINO International (RINO) 1.53 to 21.56.

Those were the only point-plus losers.

On the plus side, Ultrashorts ETF's were firm: the Direxion Financial Bear 3x Shares (FAZ) was up 40 cents to 19.19, the Direxion Small Cap 3x Bear (TZA) 46 cents to 11.35, the UltraShort Real Estate ProShares (SRS) 31 cents to 9.73 along with the Direxion Large Cap Bear 3X Shares (BGZ) up 31 cents to 19.70.

Stepping back and reviewing the hourly chart patterns the indices vacillated in the morning from slightly lower levels, and then dropped sharply by mid-day only to recover in a steady move back up in the last several hours to pare the losses.

Still, a down day today as key moving averages were tested on the hourly charts and held for now.

Levels to watch are 1746 NDX and 1086 and then 1080 SPX.Good trading!

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) 2009 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

© 2005-2022 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