Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
VR and Gaming Becomes the Metaverse - 7th Dec 21
How to Read Your Smart Meter - Economy 7, Day and Night Rate Readings SMETS2 EDF - 7th Dec 21
For Profit or for Loss: 4 Tips for Selling ASX Shares - 7th Dec 21
INTEL Bargain Teck Stocks Trading at 15.5% Discount Sale - 7th Dec 21
US Bonds Yield Curve is not currently an inflationist’s friend - 7th Dec 21
Omicron COVID Variant-Possible Strong Stock Market INDU & TRAN Rally - 7th Dec 21
The New Tech That Could Take Tesla To $2 Trillion - 7th Dec 21
S&P 500 – Is a 5% Correction Enough? - 6th Dec 21
Global Stock Markets It’s Do-Or-Die Time - 6th Dec 21
Hawks Triumph, Doves Lose, Gold Bulls Cry! - 6th Dec 21
How Stock Investors Can Cash in on President Biden’s new Climate Plan - 6th Dec 21
The Lithium Tech That Could Send The EV Boom Into Overdrive - 6th Dec 21
How Stagflation Effects Stocks - 5th Dec 21
Bitcoin FLASH CRASH! Cryptos Blood Bath as Exchanges Run Stops, An Early Christmas Present for Some? - 5th Dec 21
TESCO Pre Omicron Panic Christmas Decorations Festive Shop 2021 - 5th Dec 21
Dow Stock Market Trend Forecast Into Mid 2022 - 4th Dec 21
INVESTING LESSON - Give your Portfolio Some Breathing Space - 4th Dec 21
Don’t Get Yourself Into a Bull Trap With Gold - 4th Dec 21
4 Tips To Help You Take Better Care Of Your Personal Finances- 4th Dec 21
What Is A Golden Cross Pattern In Trading? - 4th Dec 21
Bitcoin Price TRIGGER for Accumulating Into Alt Coins for 2022 Price Explosion - Part 2 - 3rd Dec 21
Stock Market Major Turning Point Taking Place - 3rd Dec 21
The Masters of the Universe and Gold - 3rd Dec 21
This simple Stock Market mindset shift could help you make millions - 3rd Dec 21
Will the Glasgow Summit (COP26) Affect Energy Prices? - 3rd Dec 21
Peloton 35% CRASH a Lesson of What Happens When One Over Pays for a Loss Making Growth Stock - 1st Dec 21
Stock Market Sentiment Speaks: I Fear For Retirees For The Next 20 Years - 1st Dec 21 t
Will the Anointed Finanical Experts Get It Wrong Again? - 1st Dec 21
Main Differences Between the UK and Canadian Gaming Markets - 1st Dec 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Volatile Stock Market Session Ends Mixed

Stock-Markets / Stock Index Trading Sep 30, 2009 - 07:27 PM GMT

By: Harry_Boxer

Stock-Markets The markets ended mixed but it was a wild ride, as volatile swings both ways whipped traders around.

The day started out with a gap up and immediately sold off sharply after negative economic news, with the Nasdaq 100 dropping from 1726 to 1691, or 35 points in about a half hour. The S&P 500 dropped from about 1063 to 1047, or 16 points in that same period. It looked like they were starting to form bear flags and may go lower, but when they refused to roll over and started heading higher, the shorts got squeezed and a very sharp rally ensued, taking the NDX from around 1692 to 1732, to test Monday's highs. The SPX trailed a bit at that point, although it did rally back from 1047 to 1063, but it failed to punch through, as did the NDX.

They rolled over sharply, gave back about half the gains, and then bounced into the close to close mixed on the day.

Net on the day the Dow was down just under 30 points, or 29.92, to 9712.28. The S&P 500 fell 3.53 at 1057.03, and the Nasdaq 100 up 1.32 at 1718.99. The Philadelphia Semiconductor Index (SOXX) managed to gain 2.75, leading the NAsdaq higher.

Advance-declines stayed in the positive column by about 500 issues on New York, about 17 to 12 negative, and 17 to 10 negative on Nasdaq. Up/down volume was 10 to 7 negative on New York on total volume of 1 3/4 billion. Nasdaq traded a heavy 2.7 billion and had a 7 to 6 positive volume ratio. board closed mostly narrowly mixed as a result of all the swings. The U.S. Oil Fund ETF (USO) gained 1.88 to 36.19 with oil up sharply. Recent portfolio position RINO International (RINO) ran to 22.31, a new all-time high, before closing back at 21.14, up 1.14 on 1.6 million shares.

The were the only point-plus gainers on our board.

On the downside, American International Group (AIG) lost 1.11 to 44.11 and JP Morgan (JPM) 1.06 to 43.82. There the only point-plus losers.

Other changes of note, portfolio position China TransInfo (CTFO) hit a new all-time at 9.65, closing up 60 cents at 9.46.

Ultrashorts were positive today, with the the Direxion Small Cap 3x Bear (TZA) up 39 cents to 12.14, the UltraShort Real Estate ProShares (SRS) up 16 cents to 9.69, Direxion Financial Bear 3x Shares (FAZ) up 37 cents at 20.79, and the Direxion Large Cap Bear 3X Shares (BGZ) up 23 cents to 21.41. Those were all well off their intraday highs.

Stepping back and reviewing the hourly chart patterns,the indices were up at the opening, down sharply early on and then came back with a roar to test recent highs, but failed and rolled over before bouncing into the close.

It was a volatile mixed session. The key to today's action was that short-term support around 1690-91 NDX and around 1042-44 area SPX managed to hold. Those are the areas we'll be watching tomorrow, as well as resistance at 1732-34 NDX and 1066-69 SPX.

Good trading!


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) 2009 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at . 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

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

© 2005-2019 - 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