The stock market indices had a definitive down day today with an opening drop early on cracking support. They then snapped back sharply, failed at resistance, and then rolled over very hard, taking the Nasdaq 100 from 2406 down to 2379. The S&P 500 dropped at that point from 1349 to 1333. They did bounce back in a 3-wave rally, but sold off again into the close with the NDX closing near the lows for the day.
Net on the day, the Dow was down 100.17 at 12,595.75. The S&P 500 lost 10.88 at 1337.77. The Nasdaq 100 was down 28.65 at 2379.24.
Advance-declines were better than 2 1/2 to 1 negative on the New York Stock Exchange and more than 3 to 1 negative on Nasdaq. Up/down volume was about 5 to 1 negative on New York with total volume just over 1 billion. Nasdaq traded about 1.9 billion shares and had about a 7 1/2 to 1 negative ratio. It was a very distinctively negative day on Nasdaq.
TheTechTrader.com was significantly lower today. Starting off with the downside today, Apple Inc. (AAPL) led the way, down 6.07 to 340.50. That was a 4-week low for Apple. Amazon.com Inc. (AMZN) lost 3.51 to 202.56, International Business Machines Corp. (IBM) dropped 2.32 to 169.92, Molycorp, Inc. (MCP) gave back 3.01 to 62.15, and Goldman Sachs (GS) lost 1.29 to 141.46, which was more than 2 points off its low.
Ultra-short ETF ProShares UltraShort Silver (ZSL) dropped 2.10 to 19.70 today.
On the plus side, gainers today included Vermillion, Inc. (VRML), which jumped all the way up to 7.60, up 1.50 at one point, but closed back at 6.15, up 32 cents. There was a big sell-off, and profit-taking set in on that one late in the day today. Dillard's Inc. (DDS) was the big winner today, up 7.41 to 56.00 on strong earnings. Tree.Com, Inc. (TREE) jumped 93 cents to 6.33, Alkermes, Inc. (ALKS) 74 cents to 17.76, Astea International Inc. (ATEA) 47 cents to 5.40, and Cyclacel Pharmaceuticals, Inc. (CYCC) 17 cents to 1.70, up more than 10% today.
Among other gainers of note, portfolio position Ultratech, Inc. (UTEK) was up 1.07 to 33.54 as well as two of our day trade picks today that were very successful, ultra-short ETF Direxion Daily Small Cap Bear 3X Shares (TZA) up 1.32 to 35.11 and Direxion Daily Financial Bear 3X Shares (FAZ) 1.65 to 43.15.
Stepping back and reviewing the hourly chart patterns, the indices were down sharply for most of the morning, bounced early afternoon and midafternoon, and then rolled over in the last hour and a half to end up with a pretty dismal session on the day. The indices are now back near the bottom of the trading range in the last couple weeks. It’s going to be key to see whether support in the 2365-70 zone on the NDX can hold. On the S&P 500, key support is around 1328-30.
It will be interesting to see what happens next week.
Good Trading!
Harry
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