The stock market indices had an unusual day today. The Dow and S&P 500 traded in a very narrow range, with the SPX in a less than 5-point range today. However, the S&P 500 managed to eek out a gain in the last 15 minutes, as did the Nasdaq 100, while the Dow closed slightly lower.
Net on the day, the Dow was down 14.01 at 11,132.56. The S&P 500 was up 2.82 at 1183.08. The Nasdaq 100 was up 14.11 at 2104.21.
So, it was a mixed session, although technicals were positive and confirmed the Nasdaq advance. Advancing volume versus declining volume was 3 to 1 positive on Nasdaq and 3 to 2 positive on New York, although volume was very light today at 1.6 billion on Nasdaq and just 752 million on New York. Advance-declines were about 3 to 2 positive on both exchanges.
TheTechTrader.com board, however, was mostly higher. There were multiple point-plus gainers. Acacia Research Corporation (ACTG) jumped 4.19 to 25.79. RiT Technologies Ltd. (RITT) was the big gainer today percentage-wise, closing at 4.60, up 2.86, trading at 5.70 at one point. VirnetX Holding Corp (VHC) advanced 1.41 to 17.61, Sourcefire, Inc. (FIRE) 1.11 to 30.10, Cree Inc. (CREE) 1.46 to 50.20, Blue Coat Systems Inc. (BCSI) 1.18 to 25.54, Acme Packet, Inc. (APKT) 2.13 to 38.97, and Amazon.com Inc. (AMZN) 4.16 to 169.13.
On the downside, Goldman Sachs (GS) lost 1.54 to 157.76 and Apple Inc. (AAPL) 2.05 to 307.47 as market leaders had a tougher time today. It may be a sign of weakening momentum, and certainly the 2105 level on the Nasdaq 100 kept the market at bay all week.
Stepping back and reviewing the hourly chart patterns, the indices started out with a move up from the get-go, and then they backed off to test support. The NDX rallied back, but the SPX was not able to confirm, and basically went sideways in a coiling-type pattern all day. The NDX three or four times tested the 2105 level, but couldn’t get through, and backed off in the last half hour.
Net on the day it was a positive day technically as underlying technicals were positively diverging, so to speak, from the Dow.
We’ll have to see what happens next week.
Good Trading!
Harry
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