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
AI Stocks Portfolio and Tesla - 23rd May 24
All That Glitters Isn't Gold: Silver Has Outperformed Gold During This Gold Bull Run - 23rd May 24
Gold and Silver Expose Stock Market’s Phony Gains - 23rd May 24
S&P 500 Cyclical Relative Performance: Stocks Nearing Fully Valued - 23rd May 24
Nvidia NVDA Stock Earnings Rumble After Hours - 22nd May 24
Stock Market Trend Forecasts for 2024 and 2025 - 21st May 24
Silver Price Forecast: Trumpeting the Jubilee | Sovereign Debt Defaults - 21st May 24
Bitcoin Bull Market Bubble MANIA Rug Pulls 2024! - 19th May 24
Important Economic And Geopolitical Questions And Their Answers! - 19th May 24
Pakistan UN Ambassador Grows Some Balls Accuses Israel of Being Like Nazi Germany - 19th May 24
Could We See $27,000 Gold? - 19th May 24
Gold Mining Stocks Fundamentals - 19th May 24
The Gold and Silver Ship Will Set Sail! - 19th May 24
Micro Strategy Bubble Mania - 10th May 24
Biden's Bureau of Labor Statistics is Cooking Jobs Reports - 10th May 24
Bitcoin Price Swings Analysis - 9th May 24
Could Chinese Gold Be the Straw That Breaks the Dollar's Back? - 9th May 24
The Federal Reserve Is Broke! - 9th May 24
The Elliott Wave Crash Course - 9th May 24
Psychologically Prepared for Bitcoin Bull Market Bubble MANIA Rug Pull Corrections 2024 - 8th May 24
Why You Should Pay Attention to This Time-Tested Stock Market Indicator Now - 8th May 24
Copper: The India Factor - 8th May 24
Gold 2008 and 2022 All Over Again? Stocks, USDX - 8th May 24
Holocaust Survivor States Israel is Like Nazi Germany, The Fourth Reich - 8th May 24
Fourth Reich Invades Rafah Concentration Camp To Kill Palestinian Children - 8th May 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Sell Off Accelerates and Extends to Sixth Session

Stock-Markets / Stock Markets 2010 Nov 17, 2010 - 02:54 AM GMT

By: Harry_Boxer

Stock-Markets

Best Financial Markets Analysis ArticleThe stock market indices extended their slide into the sixth day and accelerated to the downside today, reaching new pullback lows, piercing some key support levels at 2100 on the Nasdaq 100 and 1180 on the S&P 500. They did manage to snap back in the last hour or so, but still had a very negative session.

Net on the day, the Dow managed to hold the 11,000 level, down 178.47 at 11,023.50. The S&P 500 was down 19.41 at 1178.34, and the Nasdaq 100 got hit for nearly 2%, down 37.85 at 2093.63.


Advance-declines at one point were nearly climatic, closing at 408 up and 2654 down on the New York Stock Exchange, about 6 to 1 negative. Up/down volume was about 15 to 1 negative on New York, with total volume a little more than 1 1/3 billion shares. Nasdaq had about a 10 to 1 negative ratio on declining volume over advancing volume, with total volume a little over 2.2 billion shares and advance-declines about 4 to 1 negative.

So a very, very negative day on the Street.

Charts of the Day:

Tonight's Charts of the Day cover some of our Boxer Shorts, including AMAG, AUXL, CPLA, ENOC, LL, NUVA, and VRX.

Reviewing our Watchboard:

Looking at TheTechTrader.com board, the vast majority of the stocks were down, but there were quite a few stocks that we traded today that were winners. IDT Corporation (IDT) jumped 1.77 to 20.22, a new 3-year high. Aastrom Biosciences, Inc. (ASTM) snapped back to close at 4.10, the high for the day, on 3 million shares, up 55 cents or a 15% gain.

Other stocks of note, Urban Outfitters Inc. (URBN) closed at 36.59, up 3.85 or 12%, Dick's Sporting Goods Inc. (DKS) was up 3.60 or 12% to 33.52, as several retail stocks were strong today. Another one was J. Crew Group, Inc. (JCG), up 1.42 to 35.35.

CEVA Inc. (CEVA) advanced 52 cents to 22.12, New Energy Systems Group (NEWN) 41 cents to 7.63, BSQUARE Corp. (BSQR) 36 cents to 5.19, Amarin Corporation plc (AMRN) 19 cents to 3.79, and EDAP TMS SA (EDAP) 49 cents to 4.08, up 13.6%.

The ultra-short ETFs had an excellent day, with the iPath S&P 500 VIX Short-Term Futures ETN (VXX) up 2.10 to 49.34, and the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ), a swing trade recommendation, up 1.84 to 25.24. The Direxion Daily Small Cap Bear 3X Shares (TZA) gained 1.17 to 21.92.

On the downside, the point-plus losers included Goldman Sachs (GS) down 2.12 to 165.10, Apple Inc. (AAPL) down 5.45 to 301.59, Radware Ltd. (RDWR) 1.28 to 30.53, JinkoSolar Holding Co., Ltd. (JKS) 2.25 to 29.19, and Brigham Exploration Co. (BEXP) 1.02 to 23.37.

In addition, Amazon.com Inc. (AMZN) lost 1.12 to 157.78, gold stock Golden Minerals Company (AUMN), 1.00 to 24.10, and Acacia Research Corporation (ACTG) 1.24 to 24.76.

Stepping back and reviewing the hourly chart patterns, the indices gapped down today, broke support, formed bear flags, and then went sharply lower in the morning before bouncing just before noon in what looked like bear-flag formations that did result in a rollover that took out the lows slightly. When they were unable to follow through to the downside late in the session, they did manage to snapback and pare back the gains.

Nevertheless, the indices are now in the sixth day of sliding and are near very key support. We'll be watching the 2055-65 zone on the Nasdaq 100 if they do not hold the current levels. Key support now on the S&P 500 appears to be at 1170 and then 1165.

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