Best of the Week
Most Popular
1. TESLA! Cathy Wood ARK Funds Bubble BURSTS! - 12th May 21
2.Stock Market Entering Early Summer Correction Trend Forecast - 10th May 21
3.GOLD GDX, HUI Stocks - Will Paradise Turn into a Dystopia? - 11th May 21
4.Crypto Bubble Bursts! Nicehash Suspends Coinbase Withdrawals, Bitcoin, Ethereum Bear Market Begins - 16th May 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.Cathy Wood Ark Invest Funds Bubble BURSTS! ARKK, ARKG, Tesla Entering Severe Bear Market - 13th May 21
7.Stock Market - Should You Be In Cash Right Now? - 17th May 21
8.Gold to Benefit from Mounting US Debt Pile - 14th May 21
9.Coronavius Covid-19 in Italy in August 2019! - 13th May 21
10.How to Invest in HIGH RISK Tech Stocks for 2021 and Beyond - Part 2 of 2 - 18th May 21
Last 7 days
Coinbase vs Binance for Bitcoin, Ethereum Crypto Trading & Investing During Bear Market 2021 - 11th Jun 21
Gold Price $4000 – Insurance, A Hedge, An Investment - 11th Jun 21
What Drives Gold Prices? (Don't Say "the Fed!") - 11th Jun 21
Why You Need to Buy and Hold Gold Now - 11th Jun 21
Big Pharma Is Back! Biotech Skyrockets On Biogen’s New Alzheimer Drug Approval - 11th Jun 21
Top 5 AI Tech Stocks Trend Analysis, Buying Levels, Ratings and Valuations - 10th Jun 21
Gold’s Inflation Utility - 10th Jun 21
The Fuel Of The Future That’s 9 Times More Efficient Than Lithium - 10th Jun 21
Challenges facing the law industry in 2021 - 10th Jun 21
SELL USDT Tether Before Ponzi Scheme Implodes Triggering 90% Bitcoin CRASH in Cryptos Lehman Bros - 9th Jun 21
Stock Market Sentiment Speaks: Prepare For Volatility - 9th Jun 21
Gold Mining Stocks: Which Door Will Investors Choose? - 9th Jun 21
Fed ‘Taper’ Talk Is Back: Will a Tantrum Follow? - 9th Jun 21
Scientists Discover New Renewable Fuel 3 Times More Powerful Than Gasoline - 9th Jun 21
How do I Choose an Online Trading Broker? - 9th Jun 21
Fed’s Tools are Broken - 8th Jun 21
Stock Market Approaching an Intermediate peak! - 8th Jun 21
Could This Household Chemical Become The Superfuel Of The Future? - 8th Jun 21
The Return of Inflation. Can Gold Withstand the Dark Side? - 7th Jun 21
Why "Trouble is Brewing" for the U.S. Housing Market - 7th Jun 21
Stock Market Volatility Crash Course (VIX vs VVIX) – Learn How to Profit From Volatility - 7th Jun 21
Computer Vision Is Like Investing in the Internet in the ‘90s - 7th Jun 21
MAPLINS - Sheffield Down Memory Lane, Before the Shop Closed its Doors for the Last Time - 7th Jun 21
Wire Brush vs Block Paving Driveway Weeds - How Much Work, Nest Way to Kill Weeds? - 7th Jun 21
When Markets Get Scared and Reverse - 7th Jun 21
Is A New Superfuel About To Take Over Energy Markets? - 7th Jun 21
Why Tether USDT, Stable Scam Coins Could COLLAPSE the Crypto Markets - Black Swan 2021 - 6th Jun 21
Stock Market: 4 Tips for Investing in Gold - 6th Jun 21
Apple (AAPL) Summer Correction Stock Trend Analysis - 5th Jun 21
Stock Market Sentiment Speaks: I 'Believe' We Rally Into A June Swoon - 5th Jun 21
Stock Market Russell 2000 After Reaching A Trend Channel High Flags Out - 5th Jun 21
Money Is Cheap, Own Gold - 5th Jun 21
Bitcoin and Ravencoin Cryptos CRASH Bear Market Buying Levels Price Targets - 4th Jun 21
Scan Computers - How to Test New Systems CPU, GPU and Hard Drive Stability With Free Software - 4th Jun 21
Hedge Funds Getting Bullish on Gold - 4th Jun 21
THERE ARE NO SOLUTIONS When the Media is the VIRUS - 4th Jun 21
Investors Who Blindly Trust the ‘Experts’ Will Get Left Behind - 4th Jun 21
US Stock Market Indexes Consolidate Into Flagging Pattern – Watch For Aggressive Trending Soon - 4th Jun 21
Microsoft (MSFT) Stock Trend Analysis - 3rd Jun 21
No More Market Bloodbath – Beyond Cryptos - 3rd Jun 21
Bank run, or run from the banks? - 3rd Jun 21
This Chart Shows When Gold Stocks Will Explode - 3rd Jun 21
The Meaning Behind Gold’s Triple Top - 2nd Jun 21
Stock Market Breakout Or Breakdown – What Does The Next Big Trend Look Like? - 2nd Jun 21
Biden’s Alternate Inflation Universe - 2nd Jun 21
What You Should Know Before Buying Car Insurance - 2nd Jun 21
Amazon (AMZN) Stock Summer Prime Day Discount Sale - 1st Jun 21
Gold Investor's Survival Guide - 1st Jun 21
Silver and Copper to Benefit from Global Electrification Push - 1st Jun 21
Will Gold Shine Under Bidenomics? - 1st Jun 21
Stock Market Buy the Dip, Again?! - 1st Jun 21
Stock Market Consolidation Ahead - 1st Jun 21
Stock Market Summer Correction Review, Crypto CRASH, Bitcoin Bear Market Initial Targets - 31st May 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Worst Losing Week Since Jan

Stock-Markets / Stock Markets 2010 May 01, 2010 - 04:57 AM GMT

By: Harry_Boxer

Stock-Markets The stock market indices took it on the chin Friday as profit taking set in and the indices finally had their worst losing week since January. Whether we get a downside follow-through next week and break the topping patterns that are appearing on the hourly charts is still in question. Key support around the 1995 - 2000 zone on the Nasdaq 100 and 1180-83 zone on the S&P 500 certainly should be tested.


The day started out with a move down and a sharp one. They bounced around mid-morning, consolidated, could not get back to resistance, and then rolled over hard into mid-day. By early afternoon they bounced around again, tried to rally back but also couldn't get through resistance, and had a 5th-wave decline that closed near the session lows going away.

Net on the day, the Dow barely held 11,000 today closing at 11,008.61, down 158.71. The S&P 500 was down 20.08 to 1186.69, and the Nasdaq 100 got hit hard for 2.2%, closing down 42.26 at 2000.63.

Advance-declines were 3 to 1 negative on New York Stock Exchange and worse that 3 1/2 negative on Nasdaq. Up/down volume was 6 1/2 to 1 negative on New York on total volume of under 1.6 billion. Nasdaq traded 2 3/4 billion and had a 4 1 /2 to 1 negative ratio. So it was a definitive down day on Wall Street with some of the big market leaders getting hit the hardest.

TheTechTrader.com board was mostly down. Leading the day was Baidu, Inc. (BIDU), which dropped 20.91 to 688.96, and Goldman Sachs Group (GS), down 15.04 at 145.20. Apple (AAPL) lost 7.55 to 261.09, and Amazon.com (AMZN) 4.63. to 137.10. Google (GOOG) also lost 6.31 to 525.70. So the market leaders definitely got hit today.

Other multiple point-plus losers included Cree Inc. (CREE) at 73.21 down 2.79, American International Group (AIG) at 38.09 down 1.33, and Las Vegas Sands Corp. (LVS) 24.86 down 1.19 to complete the point-plus losers on our board.

Other losers of note, however, were TiVo Inc. (TIVO), down 86 cents to 17.52, and RINO International (RINO), off 62 cents to 17.22. Eastman Kodak Co. (EK) got hit for another 81 cents to 6.13 today.

Delcath Systems (DCTH) gave back 87 cents to 15.31, and China Agritech (CAGC) was down 72 cents to 16.51, now nearly cut in half from its peak.

On the plus side, Dendreon (DNDN) after yesterday's approval gained another 6 points at one point but backed off and closed as 54.06, up 3.88. Acme Packet, Inc. (APKT) after positive news closed at 26.14 up 5.07, reaching a high of 27.73.

The ultra-short ETFs certainly had a good day today. Leading the way, the UltraShort Real Estate ProShares (SRS) and the Direxion Daily Emerging Markets Bear 3x (EDZ) were both up 1.54. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) gained 1.63 to 21.21, Direxion Daily Financial Bear 3x (FAZ) 82 cents to 12.24, and the Direxion Daily Large Cap Bear 3x (BGZ) 62 cents to 13.08.

Other ETFs included Direxion Daily Small Cap Bear 3x (TZA) at 5.92 up 48 cents, and Direxion Daily Real Estate Bear 3X Shares (DRV) at 6.84 up 57 cents.

Stepping back and reviewing the hourly chart patterns, the indices were down in a distinct 5-wave decline today closing near the session lows, certainly a negative way to close the day, the week, and the month.

As mentioned earlier, the indices had their first biggest losing week since January. We'll see if they get a downside follow-through Monday, but the top may be in. We'll see if we get confirmation early next week.

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) 2010 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

© 2005-2019 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