The indices had an excellent day for the bulls, as they gapped up big, blew through initial resistance and kept running, reaching 1870 on the Nasdaq 100 and 1097 area on the S&P 500. Over the next few hours, they pulled back, bounced again, couldn't get through, and then backed off late in the session, but in the last 15-20 minutes came on again to finish with strong gains.

Net on the day, the Dow was up 201.77 at 10,322.30, the S&P 500 up 24.08 at 1093.67, and the Nasdaq 100 up 45.80 at 1863.10.

Advance declines were 6 1/2 to 1 positive on New York on volume of under 1.2 billion, but the plurality of up volume to down volume was 10 to 1 positive. Nasdaq advance-declines were about 5 to 1 positive, but up/down volume was more than 6 to 1 positive on 2.2 billion shares traded.

Charts of the Day:

Tonight's Charts of the Day cover a range of longs from Adtran (ADTN), which had a good day today, to Westport Innovations (WPRT), also one of our point-plus gainers today.

Reviewing our Watchboard:

TheTechTrader.com board was nearly all higher, with just a couple stocks down. Transocean (RIG) dropped 1.08 to 46.67 and Goldman Sachs (GS) lost 44 cents to 146.55. But that was it.

Leading the way to the upside, Google (GOOG) was up 7.31 to 484.81, Apple (AAPL) 4.78 to 259.02, Isilon Systems (ISLN) up 2.82 to 16.38, Cree Inc. (CREE) 3.82 to 70.88, Amazon (AMZN) 2.64 to 120.07, Adtran (ADTN) up 1.24 to 32.08, Acme Packet (APKT) 1.66 to 31.58, China Agritech (CAGC) 1.02 to 11.84, IBM 2.20 to 127.47, IDT Corp. (IDT) up 1.55 to 16.90, OmniVision (OVTI) 1.39 to 23.55, Valassis Communications (VCI) 2.17 to 30.55, and Westport Innovations (WPRT) up 1 to 18.90.

In addition, the Direxion Daily Financial Bull 3X Shares (FAS) was up 1.69 to 21.49.

On the downside, the ultrashort ETFs got hammered, as would be expected. The Direxion Daily Small Cap Bear 3X Shares (TZA) dropped 4.15 to 34.62, Direxion Daily Emerging Markets (EDZ) 3.53 to 37.11, the Direxion Daily Large Cap Bear 3X Shares (BGZ) 1.09 at 14.96, and te Direxion Daily Financial Bear 3X Shares (FAZ) 1.36 to 14.62, with the iPath S&P 500 VIX Short-Term Futures ETN (VXX) down 1.33 to 24.07.

Stepping back and reviewing the hourly chart patterns, the indices made key moves today, but did not get confirmation from the S&P 500. The Nasdaq 100 took out the highs from the last couple weeks, reaching up to 1870 twice today, but couldn't get through there. The SPX reached as high as 1097.50, but was unable to get through the1099-1100 range.

We'll be watching to see if we can get a follow-through tomorrow.

Good Trading!

Harry

For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary. Or sign up for a Free 30-Day Trial to his Top Charts of the Week service.

(c) 2010 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at info@advicetrade.com . In using any portion of Harry Boxer's content, you agree to the terms and conditions governing the use of the service as described in our disclaimer at http://www.thetechtrader.com

Mr. Boxer's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

Harry Boxer Archive

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.