Best of the Week
Most Popular
1.Crude Oil Price Trend Forecast 2016 Update - Nadeem_Walayat
2.Will Deutsche Bank Crash The Global Stock Market? - Clif_Droke
3.Gold Price In Excess Of $8000 While US Dollar Collapses - Hubert_Moolman
4.BrExit UK Economic Collapse Evaporates, GDP Forecasts for 2016 and 2017 - Nadeem_Walayat
5.Gold Stocks Massive Price Correction - Zeal_LLC
6.Stock Market Predicts Donald Trump Victory - Austin_Galt
7.Next Financial Crisis Will be Far Worse than 2008/09 - Chris_Vermeulen
8.The Gold To Housing Ratio As A Valuation Indicator - Dan_Amerman
9.GDXJ Gold Stocks - A Diamond in the Rough - Rambus_Chartology
10.Gold Boom! End Game Nears As Central Banks Buying Up Gold Mining Companies! - Jeff_Berwick
Last 7 days
SPX sell signal confirmed - 26th Sept 16
SPX is testing the next level of support - 26th Sept 16
Outrageously Entertaining US Presidential Campaign Final Stages - What Happens Next? - 26th Sept 16
BoJ, FOMC and Where To Now? - 26th Sept 16
Stock Market New All Time Highs Next - 26th Sept 16
Why Trump Will Win US General Election 2016 Prediction Forecast - 26th Sept 16
Martial Law Rolls Out Across the US As Jubilee Nears - 26th Sept 16
Stock Market More Correction Likely - 25th Sept 16
US Presidential Election Forecast 2016 - Trump Riding BrExit Wave into the White House - 25th Sept 16
US Economy GDP Growth Estimates in Free-Fall: FRBNY Nowcast 2.26% Q3, 1.22% Q4 - 24th Sept 16
Gold and Gold Stocks Corrective Action Continues Despite Dovish Federal Reserve - 24th Sept 16
Global Bonds: Why Our Analyst Says Things Just Got "Monumental" - 24th Sept 16
Where Did All the Money Go? - 23rd Sept 16
Pension Shortfalls Could Be 4X To 7X Greater Than Reported - 23rd Sept 16
Gold Unleashed by the Fed - 23rd Sept 16
Gold around U.S Presidential Elections - 23rd Sept 16
Here’s Why Eastern Europe Is Doomed - 23rd Sept 16
Nasdaq NDX 100 Big Cap Tech Breakout ? - 23rd Sept 16
The Implications of the Italian Banking Crisis Could Be Disastrous - 22nd Sept 16
TwinLakes Theme Park Summer Super 6 FREE Return Entry for Real? - 21st Sept 16
Has the Silver Bullet Run Out of Fire Power? - 21st Sept 16
Frack Sand: The Unsung Hero Of The OPEC Oil War - 21st Sept 16
What’s Happening With Gold? - 21st Sept 16
Gold vs. Stocks and Commodities, Pre-FOMC - 20th Sept 16
BrExit UK Inflation CPI, RPI Forecast 2016, 2017 - 20th Sept 16
European banks may be more important than the Fed this week - 20th Sept 16
Gold, Silver, Stocks and Bonds Grand Ascension or Great Collapse? - 20th Sept 16
Mass Psychology in Action; Instead of Selling Gilead it is Time to Take a Closer Look - 20th Sept 16
Hillary - Finally Well Deserved Recognition for Deplorables - 20th Sept 16
Fascist Business Model: Reich Economics - 19th Sept 16
Multiweek Correction in Gold and Silver Markets Continues - 19th Sept 16
Stock Market May Turn Ugly This Week - 19th Sept 16
China Is Digging Itself into a Deeper Hole - 19th Sept 16
Yellen’s Footnote 8 Would Put Interest Rates on Autopilot - 19th Sept 16
Central Bank Digital Currencies: A Revolution in Banking? - 19th Sept 16
UK Government Surrenders to China / France to Build Nuclear Fukushima Plant At Hinkley Point C - 19th Sept 16

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

The Power of the Wave Principle

Stock Market Last Hour Rally Puts Indices Ahead

Stock-Markets / Stock Markets 2016 Jan 12, 2016 - 12:05 PM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices started the week off on a very negative note with a pop at the opening, an immediate 5-wave decline, and by mid-afternoon they reached their lows at 4220 Nasdaq 100 and 1901 S&P 500. A bounced ensued, followed by a pullback retest that was successful, and then an explosive market rally late in the session, taking the Nasdaq 100 from 4230 to 4300, 70 points straight up in less than 25 minutes, and the S&P 500 went from 1905 to 1930. They pulled back a little into the close, but finished positive on the session.


Net on the day, the Dow was up 52.12 at 16,398.57, 65 points off the low. The S&P 500 was up 1.64 to 1923.67. The Nasdaq 100 was up 12.77 to 4283.55, 22 points off the low.

Advance-declines were negative by 2 to 1 on New York Stock Exchange and 5 to 3 negative on Nasdaq. Up/down volume was 3 to 2 negative on New York on 4 1/2 billion shares traded, and the most volume all year at 2 billion shares. The Nasdaq traded 3.3 billion shares and had a 3 to 2 negative volume ratio, a big comeback off the lows.

TheTechTrader.com board was mixed. Leading the way to the upside, Google Inc. (GOOG) was up 1.56 to 716.03, Apple Inc. (AAPL) up 1.57 to 98.53, Amazon.com Inc. (AMZN) up 10.69 to 617.74, and Netflix, Inc. (NFLX) 3.58 to 114.97.

The ProShares UltraShort Bloomberg Crude Oil (SCO) ran 18.26 to 183.30s, reaching as high as 184.41.

On the downside, Priceline Inc. (PCLN) was down just 68 cents to 1136.28, Tesla Motors, Inc. (TSLA) down 3.15 to 207.85, and Baidu, Inc. (BIDU) down 97 cents to 170.37.

In addition, Globant (GLOB) lost 2.16 to 33.35, Canadian Solar Inc. (CSIQ) had a tough session in the solar sector, 1.14 to 22.36.

Bbiotech's had a bad day. Pacific Biosciences of California, Inc. (PACB) was down 1.19 to 11.42, NewLink Genetics Corporation (NLNK) dropped 3.01 to 27.56, Intra-Cellular Therapies, Inc. (ITCI) 2.51 to 42.84.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 2.24 to 11.08.

Checking the TheTechTrader.com percent-gain leaderboard, leading the way Acorn International, Inc. (ATV) gained 3.32 to 7.33, or 83%, on 8.4 million shares, and reaching as high as 10.35 at one point. Day trade Sientra, Inc. (SIEN) advanced 1.36 to 7.94, or 21%, on 2.3 million shares.
FXCM Inc. (FXCM) ran 2.96 to 16.55, or 22%, on 1.2 million shares.

The Direxion Daily S&P Biotech Bear 3X ETF (LABD) jumped as high as 58.78 to close up 7.90 to 55.01, or 17%, on 1 million shares.

The VelocityShares 3x Inv Natural Gas ETN (DGAZ) bounced 1.24 to 11.36, or 12%, on 4.4 million shares. The Direxion Daily Gold Miners Bear 3X ETF (DUST) climbed 1.62 to 15.17, or 12%, on 10.5 million shares, and the Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) popped 2.78 to 28.43, or 11%.

Stepping back and reviewing the hourly chart patterns, after a pop at the opening that failed at resistance, the indices came down in a nice 5-wave decline, and by mid-afternoon reached their session lows, started a 3-wave rally, the last leg being the strongest.

Let's see if that means a turnaround, and if there is any follow-through tomorrow.

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) 2015 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

© 2005-2016 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

Catching a Falling Financial Knife