By Harry Boxer, The Technical Trader
The stock market indices started the day and the week with a gap down, followed by a bounce to key 2-day resistance. When they couldn’t get through, the indices rolled over hard, sliding sharply from 2019 to 2088 on the Nasdaq 100 and from 1197 down to 1184 on the S&P 500. By midday they bounced, retested the lows successfully, and then started a very sharp snapback rally, which saw the NDX jump from 1989 to 2014 and the SPX from the 1185 area up to new session highs at 1198.
Net on the day, the indices closed back in the plus column, with the Dow up 73.39 at 11,092.05, the S&P 500 up 5.39 at 1197.52, and the Nasdaq 100 up just 0.69 at 2013.53.
Advance-declines, however, were negative by 360 issues on the New York Stock Exchange and by 640 issues on Nasdaq. So, despite the comeback, technicals did not confirm, which could be setting us up for more downside.
TheTechTrader.com board, in any case, was extremely narrowly mixed today. Most of the issues were down, although no stock was up or down by as much as a point today. That’s how narrow they were.
Leading the way on the upside was Molecular Insight Pharmaceuticals, Inc. (MIPI), up 35 cents to 2.61. ZIOPHARM Oncology, Inc. (ZIOP) gained 25 cents to 5.54, Delcath Systems (DCTH) 39 cents to 9.89, and Cardiome Pharma Corp. (CRME) 24 cents to 8.33.
That was pretty much it on our board today other than the two junior biotech stocks, which exploded earlier in the session: Acura Pharmaceuticals Inc. (ACUR) at 7.90 up 2.04, and Prana Biotechnology Ltd. (PRAN) at 2.41 up 1.06 today on some positive news.
On the downside, large fractional losers included Origin Agritech (SEED) at 9.31 down 55 cents, JAZZ Pharmaceuticals (JAZZ) at 9.81 down 74 cents, Clean Energy Fuels (CLNE) at 18.94 down 65 cents, and China Automotive (CAAS) at 20.82 down 57 cents, along with China Agritech (CAGC) at 17.35 down 62 cents in a very weak Chinese sector today.
Acme Packet, Inc. (APKT) lost 82 cents to 19.38, and Amylin Pharmaceuticals (AMLN) 61 cents to 21.14.
Stepping back and reviewing the hourly chart patterns, the indices were down in the morning, bounced and retested successfully by early afternoon, and then rallied for the rest of the afternoon to bring them back into the plus column and start the week out with a plus session.
Good trading!
Harry
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