Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

More Sharp Losses for Stock Indices

Stock-Markets / Stock Index Trading Apr 08, 2009 - 12:16 AM GMT

By: Harry_Boxer

Stock-Markets The indices suffered more sharp losses today, as expected. The day started out with a large gap down. The indices moved sharply lower, tested support, bounced, and then took them out mid-day, reaching secondary support around 1270 NDX and 815 SPX. When that held for about an hour, they tried to rally and did so, but with about 10 minutes to go sold off very sharply and gave back the entire rally on the SPX, closing near the lows for the day on that index and not from it on the NDX.


Net on the day the Dow was down 186.29 at 7789.56, the S&P 500 down 19.94 to 815.54, and the Nasdaq 100 down 37.68 to 1275.42. The Philadelphia Semiconductor Index (SOXX) fell 9.48 to 235.90.

Advance-declines were negative by nearly 4 to 1 on New York and by about 3 to 1 on Nasdaq. Up/down volume was more than 5 to 1 negative on New York on total volume of 1.2 billion. Nasdaq traded around 1 ¾ billion and had about a 7 to 1 negative volume ratio.

TheTechTrader.com board was mostly negative, as a result. Only the ultrashorts had a big day. The UltraShort Real Estate ProShares (SRS) was up 5.95 to 45.12, the SKF ultrashort financial ETF up 5.55 to 89.85, the Direxion Financial Bear 3x Shares (FAZ) up 1.55 to 18.05, and the Direxion Large Cap Bear 3X Shares (BGZ) up 3.78 to 57.42.

On the downside, Apple (AAPL) lost 3.45, and Research in Motion (RIMM) fell 4.02 in a very weak handheld sector. Amazon (AMZN) lost 2.48.

Agriculture stocks also had a difficult session, with Potash (POT) falling 3.70, Agrium (AGU) 1.32, and Mosaic (MOS) 1.95.

SunPower (SPWR) lost 1.65, and Cree Inc.(CREE) fell 1.03.

Stepping back and reviewing the hourly chart patterns. The indices came down hard in the morning, bounced early but rolled over and then broke down and spiked to lower lows by mid-day, only to rally back in the last 1 1/2 hours and then cave in the last 10 minutes.

So, quite a negative session, as the indices extended the losses. But looking at the overall chart patterns, we still have not broken the intermediate uptrends, and the pullback on the hourly charts looks much more orderly than on the short-term charts.

So we'll see it they can hold those trendlines, or break them and do some deeper retesting. That remains to be seen, but the SPX did close right on its 4-week intermediate trendline. Perhaps a key point in the trend here!

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) 2009 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

© 2005-2022 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