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
Quantum AI Stocks Investing Priority - 26th Jan 22
Is Everyone Going To Be Right About This Stocks Bear Market?- 26th Jan 22
Stock Market Glass Half Empty or Half Full? - 26th Jan 22
Stock Market Quoted As Saying 'The Reports Of My Demise Are Greatly Exaggerated' - 26th Jan 22
The Synthetic Dividend Option To Generate Profits - 26th Jan 22
The Beginner's Guide to Credit Repair - 26th Jan 22
AI Tech Stocks State Going into the CRASH and Capitalising on the Metaverse - 25th Jan 22
Stock Market Relief Rally, Maybe? - 25th Jan 22
Why Gold’s Latest Rally Is Nothing to Get Excited About - 25th Jan 22
Gold Slides and Rebounds in 2022 - 25th Jan 22
Gold; a stellar picture - 25th Jan 22
CATHY WOOD ARK GARBAGE ARK Funds Heading for 90% STOCK CRASH! - 22nd Jan 22
Gold Is the Belle of the Ball. Will Its Dance Turn Bearish? - 22nd Jan 22
Best Neighborhoods to Buy Real Estate in San Diego - 22nd Jan 22
Stock Market January PANIC AI Tech Stocks Buying Opp - Trend Forecast 2022 - 21st Jan 21
How to Get Rich in the MetaVerse - 20th Jan 21
Should you Buy Payment Disruptor Stocks in 2022? - 20th Jan 21
2022 the Year of Smart devices, Electric Vehicles, and AI Startups - 20th Jan 21
Oil Markets More Animated by Geopolitics, Supply, and Demand - 20th Jan 21
WARNING - AI STOCK MARKET CRASH / BEAR SWITCH TRIGGERED! - 19th Jan 22
Fake It Till You Make It: Will Silver’s Motto Work on Gold? - 19th Jan 22
Crude Oil Smashing Stocks - 19th Jan 22
US Stagflation: The Global Risk of 2022 - 19th Jan 22
Stock Market Trend Forecast Early 2022 - Tech Growth Value Stocks Rotation - 18th Jan 22
Stock Market Sentiment Speaks: Are We Setting Up For A 'Mini-Crash'? - 18th Jan 22
Mobile Sports Betting is on a rise: Here’s why - 18th Jan 22
Exponential AI Stocks Mega-trend - 17th Jan 22
THE NEXT BITCOIN - 17th Jan 22
Gold Price Predictions for 2022 - 17th Jan 22
How Do Debt Relief Services Work To Reduce The Amount You Owe? - 17th Jan 22
RIVIAN IPO Illustrates We are in the Mother of all Stock Market Bubbles - 16th Jan 22
All Market Eyes on Copper - 16th Jan 22
The US Dollar Had a Slip-Up, but Gold Turned a Blind Eye to It - 16th Jan 22
A Stock Market Top for the Ages - 16th Jan 22
FREETRADE - Stock Investing Platform, the Good, Bad and Ugly Review, Free Shares, Cancelled Orders - 15th Jan 22
WD 14tb My Book External Drive Unboxing, Testing and Benchmark Performance Amazon Buy Review - 15th Jan 22
Toyland Ferris Wheel Birthday Fun at Gulliver's Rother Valley UK Theme Park 2022 - 15th Jan 22
What You Should Know About a TailoredPay High Risk Merchant Account - 15th Jan 22

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Indices Rally to Cut Huge Sell-Off in Half

Stock-Markets / Stock Markets 2016 Jan 21, 2016 - 01:39 PM GMT

By: Harry_Boxer

Stock-Markets

The stock market indices had a really interesting day today, which included a very sharp decline in the morning, getting the indices to an extremely negative tick of minus 1373, and the McClellan Oscillator to minus 200-plus. After reaching a level midday where the indices seemed to be washed out, they staged a very strong rally, taking the Nasdaq 100 from 3993 all the way up to 4180, a 187-point rally straight up with a 5-wave advance. The S&P 500, during that time, went from 1812 to 1878, a 66-point rally.


That was a very, very strong move for both of them, and then they backed off again in the last half hour on profit taking.

Net on the day, the Dow was down 249.28 at 15,766.74, about 316 points off its low. The S&P 500 was down 22.00 to 1859.33, 47 points off its low. The Nasdaq 100 was down 10.79 to 4136.28, 144 points off its low.

Advance-declines were less than 3 to 1 negative on New York Stock Exchange and 15 to 13 negative on Nasdaq, declines over advances. Up/down volume was less than 3 to 1 negative on New York, and a heavy 6.2 billion shares traded, one of the heaviest days I've ever seen. The Nasdaq traded 2 billion shares and had a 3 to 1 positive volume ratio.

TheTechTrader.com board was mixed, and there were plenty of gainers, although that did not include the Nasdaq Generals.

To the downside, Priceline Inc. (PCLN), 42 points off its low, was down 13.17 to 1081.33, Google Inc. (GOOG), 25 points off its low, down 3.34 to 698.45, Amazon.com Inc. (AMZN), closing 24 points off its low, down 2.71 to 571.77, and Netflix, Inc. (NFLX) down just 15 cents to 107.74.

Tesla Motors, Inc. (TSLA) lost 6.02 to 198.78, and Baidu, Inc. (BIDU) dropped another 1.04 to 2165.99. Facebook, Inc. (FB) fell 91 cents to 94.35.

To the upside, the negative oil ETF's did great. The ProShares UltraShort Bloomberg Crude Oil (SCO) reached 243.67 to new, all-time highs at one point, closing up 12.46 to 227.50. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped from 7.31 to 10.00, and closed not far off its high at6 9.55, up 1.09.

The biotech sector was strong today. NewLink Genetics Corporation (NLNK) was up popped 2.49 to 28.20 along with other fractional gainers in the biotech area.

If there's any kind of follow-through tomorrow, the key levels to watch are 4200 Nasdaq 100, which is declining topsline, lateral resistance, and 50-day moving average on the hourly charts. On the S&P 500 the same number comes in at 1900.

We have work to do, but a vicious rally off the bottom is indicative of something more than just a short-term low. We'll see if that's the case, and if there is a follow-through.

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) 2016 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