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
Investing in the Tulip Crypto Mania 2021 - 19th Jun 21
Here’s Why Historic US Housing Market Boom Can Continue - 19th Jun 21
Cryptos: What the "Bizarre" World of Non-Fungible Tokens May Be Signaling - 19th Jun 21
Hyperinflationary Expectations: Reflections on Cryptocurrency and the Markets - 19th Jun 21
Gold Prices Investors beat Central Banks and Jewelry, as having the most Impact - 18th Jun 21
Has the Dust Settled After Fed Day? Not Just Yet - 18th Jun 21
Gold Asks: Will the Economic Boom Continue? - 18th Jun 21
STABLE COINS PONZI Crypto SCAM WARNING! Iron Titan CRASH to ZERO! Exit USDT While You Can! - 18th Jun 21
FOMC Surprise Takeaways - 18th Jun 21
Youtube Upload Stuck at 0% QUICK FIXES Solutions Tutorial - 18th Jun 21
AI Stock Buying Levels, Ratings, Valuations Video - 18th Jun 21
AI Stock Buying Levels, Ratings, Valuations and Trend Analysis into Market Correction - 17th Jun 21
Stocks, Gold, Silver Markets Inflation Tipping Point - 17th Jun 21
Letting Yourself Relax with Activities That You Might Not Have Considered - 17th Jun 21
RAMPANT MONEY PRINTING INFLATION BIG PICTURE! - 16th Jun 21
The Federal Reserve and Inflation - 16th Jun 21
Inflation Soars 5%! Will Gold Skyrocket? - 16th Jun 21
Stock Market Sentiment Speaks: Inflation Is For Fools - 16th Jun 21
Four News Events That Could Drive Gold Bullion Demand - 16th Jun 21
5 ways that crypto is changing the face of online casinos - 16th Jun 21
Transitory Inflation Debate - 15th Jun 21
USDX: The Cleanest Shirt Among the Dirty Laundry - 15th Jun 21
Inflation and Stock Market SPX Record Highs. PPI, FOMC Meeting in Focus - 15th Jun 21
Stock Market SPX 4310 Right Around the Corner! - 15th Jun 21
AI Stocks Strength vs Weakness - Why Selling Google or Facebook is a Big Mistake! - 14th Jun 21
The Bitcoin Crime Wave Hits - 14th Jun 21
Gold Time for Consolidation and Lower Volatility - 14th Jun 21
More Banks & Investors Are NOT Believing Fed Propaganda - 14th Jun 21
Market Inflation Bets – Squaring or Not - 14th Jun 21
Is Gold Really an Inflation Hedge? - 14th Jun 21
The FED Holds the Market. How Long Will It Last? - 14th Jun 21
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

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Losing Session Closes Near Key Support

Stock-Markets / Stock Markets 2010 Aug 24, 2010 - 04:57 AM GMT

By: Harry_Boxer

Stock-Markets

Best Financial Markets Analysis ArticleThe stock market indices ended mixed on the day today after a mid-day and afternoon rally brought them back from early losses. The S&P 500 and Nasdaq 100 opened lower, tried to bounce in the morning, but then gave it up. They hit new lows for the entire decline on the SPX down around 1063.90. At that point the NDX held near yesterday's lows around 1811, and without getting any further downside follow-through, the indices began a snapback. When the morning rally highs were taken out they extended that rally, but backed and filled in the last hour. They backed off, particularly in the last few minutes, to remain negative in the blue chips, but the NDX managed to stay positive today.


Net on the day, the Dow was down 57.59 at 10,213.62, about 66 points off its low. The S&P 500 was down 3.94 at 1071.69, closing about 8 points off its low. The Nasdaq 100 was up 2.75 at 1825.75.

Advance/declines were negative by about 3 to 2 negative on the New York Stock Exchange and by only 31 issues (13 to 12) on Nasdaq,. Up/down volume, however, was negative on New York by about 2 1/2 to 1 negative with a total volume of 1.1 billion. Nasdaq traded about 1.85 billion and had a 5 to 4 positive ratio on up/down volume today.

Charts of the Day:

China Agritech Inc. (CAGC) is in a good posture, with a nice base, breakout, pullback, and another pullback that's in a tightly rising channel. Today it was up 21 cents in a really bad market. A good sign. Volume and technicals are rising. Expect a test around the 20 1/2 range, my next trading target.

Craft Brewers Alliance, Inc. (HOOK) had a price-volume surge in May that triggered a move from around 2.75 to 6.70, which it reached today. More importantly, it's moved up nicely, consolidated nicely, and expanded with volume and technicals. It was up 57 cents, or 9.5% today. My next trading target is in the 8.00-8.10 range. I expect that to be reached shortly, market permitting.

Isilon Systems, Inc. (ISLN) had a big day today, gapping up at the opening, jumping 2.13, or 12%, on 3 1/2 million shares. That's the biggest volume we've seen all year. The key breakout of its trading range should lead to a quick move towards the 20 1/2 area. That may be as early as tomorrow, but should we get out above the top of the channel, I think this could accelerate and look for a move up to the 24 -25 zone, my next trading target.

Warner Chilcott plc (WCRX), a drug manufacturer, made a new all-time high today, or right at it. There's lateral price resistance in this zone, but they stuck above it today, reaching 29.81 before closing up 1.31 at 29.43. Still, strong volume on the breakout should lead to higher levels. I'm looking for a move up to the low 30s, then the mid-30s.

Reviewing our Watchboard:

The stock market indices started the week out on a negative note, but the session began very differently. They gapped up at the opening, ran sharply, reached resistance, and then came down very hard off those resistance levels to test support.

They bounced mid-morning, and then went into a consolidation pattern that appeared to be a bear-flag type consolidation. When resistance at 1820-22 on the Nasdaq 100 and 1075-76 on the S&P 500 failed to be penetrated, they rolled over in the afternoon and closed right at the session lows going away.

Net on the day, the Dow was down 39.21 at 10,174.41, about 130 points off its high. The S&P 500 fell 4.33 to 1067.36, closing 14 points off its high. The Nasdaq 100 was up 17.44 at 1808.31, some 34 points off its high.

Advance/declines were better than 3 to 2 negative on the New York Stock Exchange and 3 to 1 negative on Nasdaq. Up/down volume was more than 2 to 1 negative on New York on total volume of a light 789 million shares traded. Lowest day of the year. Nasdaq had a 3 to 1 negative ratio on total volume of just under 1 3/4 billion.

TheTechTrader.com board, as a result, was mostly lower today, but there were some outstanding gainers. Leading the way today was Isilon Systems, Inc. (ISLN) up 2.13 at 19.96, and CommVault Systems, Inc. (CVLT) up 2.86 at 23.65. Google Inc. (GOOG) jumped 2.05 to 464.07, and Tesla Motors, Inc. (TSLA) 1.03 to 20.13.

The Direxion Daily Small Cap Bear 3X Shares (TZA) was up 1.48 to 38.70, and Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) up 97 cents to 36.94.

On the downside, point-plus losers included Jazz Pharmaceuticals, Inc. (JAZZ), which got hammered on a negative FDA ruling, down 2.27 to 7.96. Amazon.com Inc. (AMZN) lost 1.16 to 126.60, and Apple Inc. (AAPL) was down 3.84 to 245.80 today, putting pressure on all the indices.

Stepping back and reviewing the hourly chart patterns, the indices were up early, down sharply after that in the morning, stabilized during midday, and then rolled over in the last hour or two to close at the session lows going away.

It was quite the negative start, closing near key support on the indices. The indices will likely undergo a key test of support tomorrow and could crack to lower levels.

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