The stock market indices continued their 3-day slide slightly, although the afternoon came back big from midday losses where it looked like they would roll over. However, support did hold. At the end of the day the S&P 500 staged a late, 3-hour rally that took the market back to much more reasonable losses.

Net on the day, the Dow was down 19.86 at 17,985.19, about 70 points off the low. The S&P 500 was down 3.64 at 2115.48, 8 points off its low. The Nasdaq 100 was down 7.94 at 4512.69, 18 points off its low.

They had a substantial move back, but technicals were still negative at the end.

Advance-declines were 3 to 2 negative on the New York Stock Exchange, and 2 1/2 to 1 negative on the Nasdaq. Up/down volume was 2 to 1 negative on New York, total volume of 3.2 billion shares traded. The Nasdaq traded 1.57 billion shares and had a 3 to 2 negative volume ratio.

TheTechTrader.com board was more red than green, but nothing severe. On the downside, Priceline.com (PCLN) gave back a whopping 14.76 to 1340.07, and Netflix, Inc. (NFLX) dropped 77 cents to 97.09. However, Google Inc. (GOOG) was up 30 cents to 728.58, Apple Inc. (AAPL) up 71 cents to 99.65, and Amazon.com Inc. (AMZN) up 1.01 to 727.65.

Baidu, Inc. (BIDU) gained just 28 cents to 168.99, Facebook, Inc. (FB) popped 17 cents to 118.56, but First Solar, Inc. (FSLR) lost 48 cents to 50.45.

Tesla Motors, Inc. (TSLA) was down 6.16 to 229.36 on an investigation.

On the upside, Sarepta Therapeutics, Inc. (SRPT) was up 1.55 to 20.99, but the rest of the gainers were fractional gains.

Biotech’s were weak today. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 3.37 to 34.00.

Other biotech’s included Adeptus Health Inc. (ADPT), dropped 3.02 to 54.12, ACADIA Pharmaceuticals Inc. (ACAD) gave back 1.34 to 40.21, Juno Therapeutics Inc. (JUNO) lost 2.94 to 45.53, and Intrexon Corporation (XON) closed down 1.37 to 25.13.

Stepping back and reviewing the hourly chart patterns, the indices gapped down, bounced around in the morning, formed wedges, and rolled over midday. They rallied back, formed what looked like inverse head-and-shoulder patterns. They couldn’t get through them on the Nasdaq 100, but was able to make a new session rally high on the S&P 500, but they both pulled back at the end of the session slightly to come off the rally high.

Nevertheless, it was kind of a sloppy, choppy consolidation day today.

Let’s see what happens tomorrow.

Good Trading!

Harry

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