By Harry Boxer, The Technical Trader
The stock market indices ended higher on the session after a choppy day, but the morning was a strong follow-through to yesterday’s late snapback. The indices opened firm, ran strongly with the S&P 500 reaching its session highs around 90 minutes into the session. At that point they backed of very sharply, and the SPX gave back nearly all of its gains and Nasdaq 100 about two-thirds of its gains.
But key support did hold and they rallied back to reach new session highs on the NDX but falling short on the SPX. When that occurred they rolled over in a 3-wave decline until the last half hour, when they bounced to put the indices back in the plus column.
Net on the day the Dow up just 2.95 at 10,567.33, the S&P 500 up 5.16 at 1145.61 and Nasdaq 100 up 15.97 at 1917.35 The Philadelphia Semiconductor Index (SOXX) advanced 2% today to 358.04, up 7.57.
Advance-declines were a little better than 2 to 1 positive on the New York Stock Exchange and near that on Nasdaq. Up/down volume, however, was strong today, nearly 4 to 1 positive on New York and about 3 to 1 positive on Nasdaq. Total volume on New York was just over 1.1 billion, and Nasdaq traded just under 2.5 billion.
TheTechTrader.com board was mostly higher. The star of the day was InterMune (ITMN), which gapped up nearly 15 points and closed up 15.09 at 38.39 on 15.5 million shares on positive drug news.
NuVasive, Inc. (NUVA) continued its recent advance, breaking out of a bull consolidation and jumping to 44.45 up 2.08 today. American International Group (AIG) had a very strong session, closing at 36.24, up 3.47 on 70.5 million shares today. The Direxion Financial Bull 3x Shares (FAS) gained 2.83 today to 87.67.
Those were the point-plus gainers on our board. Notable fractional gainers were Bon-Ton Stores (BONT) at 12.71 up 1.07, Oculus Innovative Sciences (OCLS) at 2.69 up 88 cents, and TJSP Enterprises at 10.34 up 49 cents.
In addition, JAZZ Pharmaceuticals (JAZZ) jumped 54 cents to 11.71, MAP Pharmaceuticals (MAPP) 67 cents at 16.17, Skechers USA (SKX) 77 cents at 33.24, Telestone Technologies (TSTC) 71 cents at 19.78, Xyratex Ltd. (XRTX) 98 cents at 17.85, and the Direxion Large Cap Bull 3X Shares (BGU) 79 cents to 57.18.
On the downside, there was only one point-plus loser: the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ), which dropped 1.06 at 45.88.
Fractional losers included SmartHeat (HEAT) at 12.17 down 56 cents, and Dendreon (DNDN) at 35.99 down 42 cents. Acme Packet, Inc. (APKT) gave back 30 cents to 17.52 and China Automotive (CAAS) lost 38 cents at 22.35. The Direxion Daily Financial Bear 3x (FAZ) dropped 56 cents to 14.98, and the Direxion Daily Large Cap Bear 3x (BGZ) 24 cents at 14.95.
Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, and then vacillated back and forth for the rest of the session, but managed to firm up at the close, putting the indices in the plus column and extending their recent rally.
We’ll see if they can extend this tomorrow or whether support around 1910 NDX and 1140 SPX is taken out.
Good trading!
Harry
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