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Support Broken as Stock Indices Sell Off

Stock-Markets / Stock Markets 2015 Jun 05, 2015 - 10:10 AM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices had a very tough session today, although they started out with a move down, and then within minutes they rallied sharply, particularly on news out of Greece. They then rolled over hard, taking the Nasdaq 100 from 4536 to 4475, down 50 points, and the S&P 500 in 5-wave declines went from 2113 to 2094, nearly 20 points down. In the afternoon they tried to rally, got up to resistance, and backed off, but in the last five minutes they spiked up at the close. Perhaps on short covering.


Net on the day, the Dow fell under 18,000 at 17,058.69, down 170.69. The S&P 500 was down 18.23 at 2095.84. The Nasdaq 100 down 32.83 at 4487.03.

Advance-declines were 4 to 1 negative on New York Stock Exchange and 2 1/2 to 1 negative on Nasdaq. Up/down volume was 5 to 1 negative on New York, and Nasdaq had a 2 1/2 to 1 negative volume ratio.

TheTechTrader.com board was mostly red, but there were some outstanding stocks today. Among the large-cap stocks that we follow, Netflix, Inc. (NFLX) was the only one in the positive column today, up 3.78 to 625.44.

Advaxis, Inc. (ADXS) gained 93 cents to 28.52.

On the downside, Priceline.com Incorporated (PCLN) was down 7.97 to 1185.74, Google Inc. (GOOG) down 3.61 to 636.70, Apple Inc. (AAPL) down 76 cents to 129.36, Amazon.com Inc. (AMZN) 5.81 to 430.78, and Tesla Motors, Inc. (TSLA) 3.07 to 245.92.

Esperion Therapeutics, Inc. (ESPR), down 3.63 to 102.21, was among many other stocks that were on the losing end today.

Checking the TheTechTrader.com percent-gain leaderboard, there were quite a few strong gainers today. Low-priced DS Healthcare Group, Inc. (DSKX) gained 50 cents to 2.62, or 24%, on 1.6 million shares. Lightbridge Corp. (LTBR), on positive news, took off late in the day, up 41 cents to 1.72, or 31%, on 2.7 million shares.

Wowo Limited (WOWO) spiked 1.60 to 12.00, or 15%. Chinese stock, eHi Car Services Limited (EHIC) thrust 2.35 to 18.14, or 15%, on 1.1 million shares. VisionChina Media Inc. (VISN) gained 2.01 to 17.75, or 13%. Juno Therapeutics Inc. (JUNO), which we traded today, exploded 6.78 to 64.00 even, or 12%, on 2.8 million shares. Lakeland Industries Inc. (LAKE) had a special day today, up 1.12 to 11.37, or 11%.

The Direxion Daily Russia Bear 3X ETF (RUSS) bounced 4.41 to 37.00, or 13 1/2%, on nearly a million shares, closing at the highs for the day going away.

Among other gainers, Five Below, Inc. (FIVE) was up 2.67 to 37.77, Intersect ENT, Inc. (XENT) up 1.53 to 27.45, SolarEdge Technologies, Inc. (SEDG) 2.30 to 40.81, and Ambarella, Inc. (AMBA), on merger talks, 4.71 to 100.37.

The ProShares Ultra VIX Short-Term Fut ETF (UVXY) had a good day, up 2.63 to 42.20 as the market got whacked.

Stepping back and reviewing the hourly chart patterns, after gapping down largely, the indices rallied sharply, but failed at resistance. They then rolled over even harder, and bounced at the end of the day. It looked pretty feeble. Only in the last five minutes did it have a decent bar up.

Let's see how it goes tomorrow. The S&P 500 broke support, so they may test lower levels.

Harry

Good Trading!

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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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