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Stock Market Indices Rally Back to Resistance Before Giving Back a Chunk of Gains

Stock-Markets / Stock Index Trading May 14, 2009 - 08:13 PM GMT

By: Harry_Boxer


The indices had a snapback session from a technically oversold condition, and rallied back to resistance but rolled over in the last hour and took back a chunk of the gains. However, they still ended positive on the session.

The day started out with a gap up and then a pullback. However, they did stair-step their way higher for most of the session until about an hour to go when they reached their session highs near 1370 NDX and 898 SPX, both clear resistance levels. A sharp late pullback brought them substantially off the highs.
Net on the day the Dow was up 46.43 to 8331.32, the S&P 500 up 9.15 at 893.07, and the Nasdaq 100 up 19.84 at 1359.67. The Philadelphia Semiconductor Index (SOXX), however, was up 7.58, or 3 percent, at 244.13.

The technicals were positive by 2 1/2 to 1 on New York and a little better than 2 to 1 on Nasdaq. Up/down volume was nearly 4 to 1 positive on New York on total volume of 1 1/2 billion. Nasdaq traded nearly 2.2 billion and had a better than 3 to 1 positive volume ratio. board was mostly higher, as would be expected. There were strong gains today in the agricultural/chemical sector. Potash (POT) gained 5.30 to 107.93, and Mosaic (MOS) 3.99 to 50.33. Agrium ( AGU) gained 2.25 to 46.92

Financials were strong, snapping back as well, with Goldman Sachs (GS) up 4.34 to 133.60, Hartford Financial Services (HIG) up 2.19 to 14.75, JP Morgan (JPM) up 1.49 to 35.54, and Morgan Stanley (MS) 1.47 to 26.57. Wells Fargo (WFC) advanced 1.49, closing at its high for the day at 25.69, and Bank of America (BAC) was up 30 cents to 11.31.

Apple (AAPL) gained 3.46 to 122.95, and Research in Motion (RIMM) added 2.03 to 71.12.

Former portfolio position SYNNEX (SNX) also snapped back, up 1.03 to 23.30, and the iShares MSCI Brazil Index ETF (EWZ) was up 1.12, with the Direxion Financial Bull 3x Shares (FAS) up 73 cents to 9.23.

The ultrashorts obviously got hurt, with the UltraShort Financial ProShares (SKF) down 2.93 to 45.89, the UltraShort Real Estate ProShares (SRS) down 1.63 to 22.93, and the Direxion Small Cap 3x Bear (TZA) down 1.29 to 29.55. However, all of those were substantially off their session lows with a late rally back as the market rolled over late.

The Direxion Financial Bear 3x Shares (FAZ) closed at 5.60, down 57 cents.

Stepping back and reviewing the hourly chart patterns, after a sharp slide over the last few days, the indices bounced back today form an oversold condition, but as indicated rolled over at the end of the day. We'll see if that is meaningful or not, but certainly the failure of the indices to break through the declining tops lines and moving averages was an indicator that perhaps the downtrend is still in force.

We'll see how it goes tomorrow, but with it being a Friday options expiration day, it could be a critical session for the indices.

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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