The stock market indices had a mixed result at the close today, but our board was vastly higher.
The day started out with a gap down, more so on the S&P 500 than on the Nasdaq 100. They snapped back, with the NDX reaching 2150 resistance, but the SPX fell a little short. That resulted in a 3-wave rollover decline that lasted until around noon when the session lows were hit and key support was tested on the NDX, which held.
The S&P 500 did make lower lows, taking out 1190 and reaching down to the 1185 range, but in the afternoon they started snapping back, accelerated, and closed near the session highs on the NDX and not far off on the S&P 500.
Net on the day, the Dow was down 24.97 at 11,178.58, but 120 points off the low, a good comeback for the Dow. The S&P 500 was down 1.89 at 1197.84, 13 points off its low, and the Nasdaq 100 was up 15.59 at 2150.86, 29 points off its low. So, nice reversals on the indices.
Technicals didn’t quite make it back, although the New York Stock Exchange had about 60 more stocks up than down, with gainers barely ahead of decliners. Up/down volume, however, didn’t make it back, as it was 5 to 3 negative on total volume of 900 million today.
Up/down volume on Nasdaq today was 2 to 1 positive, but advance-declines were only ahead by 40 issues, 1340 to 1300. So, a fairly narrow day technically.
However, many stocks on TheTechTrader.com board were up dramatically today. Leading the way, Regeneron Pharmaceuticals (REGN) was up 4.86 to 29.53. SodaStream International Ltd. (SODA) gained 4.64 up 35.20, Green Mountain Coffee (GMCR) 5.52 to 35.70 on heavy short covering today, and Coinstar Inc. (CSTR) 3.22 to 63.11. Cirrus Logic Inc. (CRUS) advanced 2.06 to 15.88, and Cyberonics Inc. (CYBX) 2.66 to 29.86,
In addition, Amazon.com Inc. (AMZN) jumped 5.57 to 170.39, Apple Inc. (AAPL) 6.53 to 313.36, Accretive Health (AH) 1.86 to 14.30, Gold Resource Corp (GORO) 1.90 to 25.00, IntraLinks Holdings, Inc. (IL) 1.83 to 22.42, IMAX Corporation (IMAX) 1.07 to 25.25, LogMeIn, Inc. (LOGM) 1.41 to 43.45, Rosetta Resources, Inc. (ROSE) 2.67 to 35.63, and VirnetX Holding Corp (VHC) 1.55 to 13.71, snapping back from recent losses.
On the downside, only the iPath S&P 500 VIX Short-Term Futures ETN (VXX) lost more than a point today, down 1.53 to 42.92, other than Goldman Sachs (GS), which got hammered for 5.62 to 161.05.
Stepping back and reviewing the hourly chart patterns, the indices were down at the opening, jumped sharply shortly thereafter, but then rolled over to retest, making new lows on the S&P 500, but not getting confirmed by the NDX. That resulted in a late, sharp rally over the last several hours, which brought the indices back toward the session highs.
It was a good day for the bulls as support held on the Nasdaq 100, but overhead resistance at 2150, where the NDX closed, and at 1200, just a couple of points from where the S&P 500 closed, will be key levels to watch tomorrow for a potential breakout and additional upside.
Good Trading!
Harry
The day started out with a gap down, more so on the S&P 500 than on the Nasdaq 100. They snapped back, with the NDX reaching 2150 resistance, but the SPX fell a little short. That resulted in a 3-wave rollover decline that lasted until around noon when the session lows were hit and key support was tested on the NDX, which held.
The S&P 500 did make lower lows, taking out 1190 and reaching down to the 1185 range, but in the afternoon they started snapping back, accelerated, and closed near the session highs on the NDX and not far off on the S&P 500.
Net on the day, the Dow was down 24.97 at 11,178.58, but 120 points off the low, a good comeback for the Dow. The S&P 500 was down 1.89 at 1197.84, 13 points off its low, and the Nasdaq 100 was up 15.59 at 2150.86, 29 points off its low. So, nice reversals on the indices.
Technicals didn’t quite make it back, although the New York Stock Exchange had about 60 more stocks up than down, with gainers barely ahead of decliners. Up/down volume, however, didn’t make it back, as it was 5 to 3 negative on total volume of 900 million today.
Up/down volume on Nasdaq today was 2 to 1 positive, but advance-declines were only ahead by 40 issues, 1340 to 1300. So, a fairly narrow day technically.
However, many stocks on TheTechTrader.com board were up dramatically today. Leading the way, Regeneron Pharmaceuticals (REGN) was up 4.86 to 29.53. SodaStream International Ltd. (SODA) gained 4.64 up 35.20, Green Mountain Coffee (GMCR) 5.52 to 35.70 on heavy short covering today, and Coinstar Inc. (CSTR) 3.22 to 63.11. Cirrus Logic Inc. (CRUS) advanced 2.06 to 15.88, and Cyberonics Inc. (CYBX) 2.66 to 29.86,
In addition, Amazon.com Inc. (AMZN) jumped 5.57 to 170.39, Apple Inc. (AAPL) 6.53 to 313.36, Accretive Health (AH) 1.86 to 14.30, Gold Resource Corp (GORO) 1.90 to 25.00, IntraLinks Holdings, Inc. (IL) 1.83 to 22.42, IMAX Corporation (IMAX) 1.07 to 25.25, LogMeIn, Inc. (LOGM) 1.41 to 43.45, Rosetta Resources, Inc. (ROSE) 2.67 to 35.63, and VirnetX Holding Corp (VHC) 1.55 to 13.71, snapping back from recent losses.
On the downside, only the iPath S&P 500 VIX Short-Term Futures ETN (VXX) lost more than a point today, down 1.53 to 42.92, other than Goldman Sachs (GS), which got hammered for 5.62 to 161.05.
Stepping back and reviewing the hourly chart patterns, the indices were down at the opening, jumped sharply shortly thereafter, but then rolled over to retest, making new lows on the S&P 500, but not getting confirmed by the NDX. That resulted in a late, sharp rally over the last several hours, which brought the indices back toward the session highs.
It was a good day for the bulls as support held on the Nasdaq 100, but overhead resistance at 2150, where the NDX closed, and at 1200, just a couple of points from where the S&P 500 closed, will be key levels to watch tomorrow for a potential breakout and additional upside.
Good Trading!
Harry
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