Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market FOMC Volatile Session Closes Near Unchanged

Stock-Markets / Stock Markets 2010 Sep 22, 2010 - 03:11 AM GMT

By: Harry_Boxer

Stock-Markets

Best Financial Markets Analysis ArticleThe stock market indices had a very volatile day, especially after the FOMC announced that they kept rates unchanged. The morning was spent with the indices moving back and forth on the Nasdaq 100, holding support. The S&P 500 kept moving steadily lower in a down channel until the FOMC report.


At that point they dipped, exploded to new highs across 2000 on the NDX, to just under 2003, and the S&P 500 ran to 1148.60. Then they rolled over hard to new session lows on the NDX, holding just above the early lows on the SPX, and then bounced in the last 20 minutes into the close, which left them near flat on the day.

Net on the day, the Dow was up just 7.41 at 10,761.03, with a high of 10,833. The S&P 500 was down 2.93 at 1139.78, and got as high as 1148.59. The Nasdaq 100 was down 0.32 at 1989.11, after getting to just under 2003, reversing all of its profits from earlier.

Advance-declines were nearly 2 to 1 negative on the New York Stock Exchange, and about 3 to 2 negative on Nasdaq. Up/down volume was more than 2 to 1 negative on New York on total volume of just under 1.2 billion shares traded today. Nasdaq had about a 4 to 3 negative ratio on total volume of just over 2 billion today.

Charts of the Day:

HealthSpring Inc. (HS) has been moving along nicely as of late. It recently surged out above resistance, formed a little flag, and today popped 93 cents on solid volume with strong technicals. It looks like this stock has more to go. You can see it's moving across a long 3-year head-and-shoulders type bottom, which could support a major move here. Short-term target around 25 should be met very shortly. A takeout of that level may warrant a move to the high 20s.

IDT Corporation (IDT), which has been in a beautiful rising channel for the last two years, spent the last couple months in a wedge-type pattern. Today may have been significant in that the red trading range of the last two weeks has been broken with a thrust in volume. The stock jumped 1.04, or 6.4%, and it appears to me that it may be headed to a retest of the 19 1/2-3/4 zone, which was the double-top in July and Aug. A move through that area and we can see this stock in the mid 20s.

Nxstage Medical, Inc. (NXTM), which has been in a nice rising channel for the last year, broke out of a double-top, almost triple-top, range yesterday and followed through nicely today. Looks like this stock may be headed to the 20 1/2 - 21 zone, my short-term trading target at the top of the channel.

QuickLogic Corp. (QUIK), which has been thrusting for the last four or five sessions, met resistance and backed off two days ago, broke through late yesterday, and today followed through nicely. It closed at or just slightly above the trading target at 4.40-.45, finishing at 4.48, just 2 cents off the high, up 13.4% today on more than 1 million shares. At this point it looks like it may be headed for a run at the 8.00 range on an intermediate basis, but we'll call 6.00 our short-term target.

Reviewing our Watchboard:

TheTechTrader.com board was mostly lower, but there were some outstanding stocks on the upside. IDT Corporation (IDT), a swing trade pick of ours today, noted above in our Charts of the Day, gained 1.00 to 17.28. JinkoSolar Holding Co., Ltd. (JKS) jumped 1.39 to 30.81, and Green Mountain Coffee Roasters Inc. (GMCR) 1.03 to 37.00.

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

Other stocks of note on the upside were swing trade pick VirnetX Holding Corp (VHC), up 30 cents to 12.60, with the high today of 13.04. Amtech Systems Inc. (ASYS) was up 36 cents to 15.81, and the Direxion Daily Small Cap Bear 3X Shares (TZA) up 44 cents to 27.54.

It was mixed picture on our board today.

On the downside the only point-plus losers were Acme Packet, Inc. (APKT), down 1.20 to 37.60, and Radware Ltd. (RDWR), off 1.10 to 35.71. There were quite a few fractional losers today.

Stepping back and reviewing the hourly chart patterns, the indices had a mixed picture with a flat close, which is interesting after yesterday's spike up and then the post-FOMC rally today.

We'll see if the indices can maintain these lofty levels. Key support at 1980 NDX and 1135 on the S&P 500 will be watched carefully to see if they can hold the line tomorrow.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) 2010 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