The stock market had a very interesting, mixed day today, with the indices blue chips up slightly. The Dow was up, the S&P 500 was flat, and the Nasdaq 100 was down as Apple dropped a whopping 63.51, after the earnings report, on 52 million shares. This stock is fractionally under 450.00 in afterhours trading and is pretty much a disaster. It has gone from 705 to 450 in just a couple months.

The day started out with the indices down, but they reversed sharply, actually with the S&P 500 going to new highs above 1500 at 1502.27. Nasdaq 100 did manage to bounce back up to 2723 up to 2748, but that 15-point rally was short lived as they rolled over midday into early afternoon, the NDX dropping from 2748 to 2728. The S&P 500 bounced back from 1502 and change to 1491, but held support at 1489.90. Then they rallied the last hour, hour and a half, the S&P 500 jumping back from 1491 to 1498. However, without the NDX, or Apple, participating, they rolled back into the close to finish with a mixed picture.

Net on the day, the Dow was up 46.00 at 13,825.33. The S&P 500 was up .01 at 1494.82, 8 points off its high. The Nasdaq 100 was down 38.64 at 2723.53, 25 points off the high and 4 points off the low.

Advance-declines were 16 to 13 positive on the New York Stock Exchange, and 13 1/2 to 11 positive on Nasdaq. Up/down volume was 3 to 2 positive on New York, with total volume of 658 million shares. Nasdaq traded over 2 billion and had an 11 to 9 positive volume ratio.

Charts of the Day: Click below to view video.

TheTechTrader.com board, was mixed, mainly because Apple Inc. (AAPL) was down 63.51 to 450.50 at the close. However, Netflix Inc. (NFLX), on solid earnings, was up 43.60 to 146.86, Google Inc. (GOOG) up 12.33 to 758.83, Priceline.com Incorporated (PCLN) 7.29 to 679.55, and Amazon.com Inc. (AMZN) 5.51 to 273.62, certainly helped balance the Apple loss. Still, there were 1100 decliners today, many of those Nasdaq stocks.

First Solar, Inc. (FSLR) dropped 85 cents to 30.30, and the VelocityShares 3x Long Silver ETN (USLV) down 1.70 to 29.26

Percent gainers on our board included Swift Transportation Company (SWFT), which we traded today, up 2.91 to 13.14, or 28 1/2%, on 15 million shares. iRobot Corporation (IRBT) advanced 1.95 to 23.06, or 9%, on nearly a million shares. Embraer SA (ERJ) 2.60 to 31.16, or 9%, on 3.1 million shares. InvenSense, Inc. (INVN) 1.52 to 14.76, or 11 1/2%, on 7.5 million shares.

Travel stocks did well today. Travelzoo Inc. (TZOO), which we also traded, popped 4.67 to 23.88, or 24% on 1.2 million shares. TravelCenters of America LLC (TA) gained 66 cents to 6.66, or 11%, on 1 million shares.

Overstock.com Inc. (OSTK) was up 1.05 to 16.43, InterOil Corporation (IOC), which we traded today, up 5.33 to 61.07, Methanex Corp. (MEOH) 2.48 to 34.77, Briggs & Stratton Corporation (BGG) 2.13 to 23.00, and Avnet, Inc. (AVT) 2.23 to 34.40.

Other gainers of note included Cash America International, Inc. (CSH), up 3.40 to 46.56, Deluxe Corp. (DLX) up 2.65 to 36.30, Green Mountain Coffee Roasters Inc. (GMCR) 2.70 to 43.78, Brunswick Corporation (BC) 2.41 to 35.22, CVR Energy, Inc. (CVI) 2.72 to 54.11, rounded out our gainers board today.

Stepping back and reviewing the hourly chart patterns, the indices were down sharply at the opening, snapping back just as sharply to new highs on the S&P 500, but failing to do so on the Nasdaq 100, leaving an island reversal, a very potent, negative pattern on the NDX, and one to pay attention to.

Over the next few days we'll be watching key support on the Nasdaq 100 in the 2700 - 2708 zone. If that is broken, then there's much more downside to come. The S&P 500 current support is around 1490, followed underneath that by 1484-5 area. If those levels are broken, we may see much steeper pullbacks.

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) 2013 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.