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Stock Market Indices Close Flat in Potential Bear-Flag Pattern

Stock-Markets / Stock Index Trading Feb 18, 2009 - 11:40 PM GMT

By: Harry_Boxer

Stock-Markets The market ended flat on the session despite the fact that they set new multi session pullback lows, but were unable to get anything more than early damage on the NDX and S&P 500.

They snapped back with a vengeance after an early sharp decline, getting back up to test yesterday's highs on the Nasdaq 100, but the S&P 500 fell short.

They then sold off steadily over the next few hours, tried to rally in the last hour but couldn't break through and then backed and filled into the close.

Net on the day the Dow was up just 3 points, the S&P 500 down 0.77, and the Nasdaq 100 up 1.73. The Philadelphia Semiconductor Index (SOXX) was up 0.94.

So, as you can see, a very narrowly mixed day today.

Advance-declines were decidedly negative by 22 to 9 on New York and 17 to 10 on Nasdaq. Up/down volume was a little less than 2 to 1 negative on New York on total volume of over 1.4 billion. Nasdaq traded just under 2 billion and had a 10 to 9 negative volume ratio. board, as a result, was very mixed. There were some point-plus gainers, particularly in the agriculture sector, where Potash (POT) and Mosaic (MOS) were higher on positive comments. POT gained 3.61 to 81.73 and MOS 1.34 to 48.80, while Agrium (AGU) rose 1.26 to 30.48 and CF Holdings (CF) 1.86 to 52.68.

The only other stock on my board up more than a point was American Italian Pasta (AIPC), which had an excellent snapback session, up 1.99 to 31.57.

Direxion Large Cap Bear 3X Shares (BGZ) gained 58 cents and Direxion Financial Bear 3x Shares (FAZ) 72 cents.

On the downside, Research in Motion (RIMM) gave back 2.54 to close at 42.10, and Genco Shipping (GNK) in the weak shipping sector was down 1.48 to 13.09. The UltraShort Real Estate ProShares (SRS) lost 1.56 today.

Stepping back and reviewing the hourly chart patterns, the indices backed and filled again today similar to yesterday in a choppy fashion, with the NDX moving laterally and the SPX in a downward slope. Both of those patterns look like potential 2-day bear flags, and unless they can take out resistance, which is 1205 NDX and 800 SPX, the indices may be in trouble. Until those reversals take place, the indices certainly have more downside potential.

Good trading!


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