Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Tuesday's Spectacular Bullish FOMC Session for Stocks

Stock-Markets / US Stock Markets Dec 17, 2008 - 09:21 AM GMT

By: Harry_Boxer

Stock-Markets The markets had a spectacular session, starting with a gap up. They ran early, consolidated, and then ran again mid-morning. At that point they went into a narrow trading range ahead of the FOMC announcement. The FOMC elected to drop rates by 3/4 of a percent to a 1/4, and Wall Street liked it. The indices popped sharply, with the NDX in 15 minutes running from about 1210 to 1230. The S&P 500 jumped from about 884 to 899. They then backed and filled for another 25-30 minutes, and then exploded again, taking out the highs and running up sharply. They did get a late pullback, but in the last 10 minutes bounced sharply and closed at the highs for the day on the Dow and S&P 500, with the NDX trailing just a bit.


Net on the day the Dow was up 360 at 8924, the S&P 500 up nearly 45 at 913 and change, and the Nasdaq 100 up 61.62 at 1243.49. The Philadelphia Semiconductor Index (SOXX) was up a big 12.29 today to 221.51.

Advance-declines were spectacular to the plus side today, with 2682 issues up and only 479 down, about 5 1/2 to 1, on New York. Nasdsaq was 2272 to 676, about 3 1/2 to 1 positive. Up/down volume was even better, with nearly 1.45 billion shares traded to the upside and only 86 million to the downside on New York. Nasdaq had more than 2 billion shares on the upside and only 139 million to the downside.

So a huge day today for the indices, with a very strong positive ratio on the technicals!

I will imagine that the oscillators will jump sharply after today's performance.

Every stock was up today on TheTechTrader.com board except for the short instruments and the USO, which pulled back 40 cents on the drop in the price of crude oil.

Leading the way by far was the agriculture group, with POT jumping 7.66 to 76.91, MOS up 4.50 to 35.96, CF up 5.94 to 53.77, and AGU up 3.75 to 34.52. Big gains today in that sector on a big volume as several of them broke out through key resistance.

Among the ETFs, portfolio position BGU jumped 5.01 to 37.87, the EWZ jumped 2.46 to 39.18, and the DIG jumped 1.87 to 31.44 despite the drop in oil. The QLD was up 2.45 to 28.50.

Other stocks of note, ENER had a late rally and jumped to 22.93, up 2.07. MS had a big session, gaining 2.49 on 52 million shares to close at 16.13. RIMM jumped 3.08 to 39.94, and portfolio position SPWR at 32.25 was up 1.71 today. UEPS, also a portfolio position, advanced81 cents at 11.88. SQNM, which we added today at 18.82, closed at 20.16, up 53 cents on a big reversal.

GEO, a former Chart of the Week, at 19.25 was up 1.21. Yesterday's Chart of the Day DRYS advanced 94 cents on 26.7 million, closing at 11.13. EXM also jumped 63 cents to 7.98 in the strong shipping sector. ACH at 15.02 was up 1.43, and is now up more than 100% off its October low.

On the downside, the QID dropped 6.68, and the BGZ fell more than 10 points today at 58.03, as would be expected on a big up-day as they are short instruments.

Stepping back and reviewing the hourly chart patterns, the key to today's action was that early on they broke up and through declining tops lines and moving averages on the hourly charts, extended the gains and consolidated bullishly all session, closing near the highs for the day going away in a very spectacular session. On the downside, there is key overhead resistance on the S&P 500 near the 919-20 zone, and on the NDX near the 1249-50 zone. The indices are just ahead, and we expect a test of that early tomorrow morning. A breakout above those key levels should lead to initial sharp gains for the indices, and no question that today was an important session for the bulls.

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) 2008 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

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

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