The indices dropped sharply at the opening and went to new pullback lows. They were short-term oversold at that point, at key trendline support on the Nasdaq 100 and just below key initial support on the S&P 500. They rallied back in a 5-wave advance, with the 5th wave being the sharpest that took the indices to key overhead resistance, only backing off in the last half hour.

Net on the day the Dow was up 131.95 at 10081.31, the S&P 500 up 11.51 to 1092.91, and the Nasdaq 100 up 9.59 to 1763.15.

Advance-declines were about 2 to 1 positive on New York and about 5 to 3 positive Nasdaq. Up/down volume was 3 to 1 positive on New York on total volume of 1.3 billion. Nasdaq traded 2 1/4 billion and had a better than 2 to 1 positive volume ratio.

TheTechTrader.com board was mostly higher, with many point-plus gainers. Leading the way was the Direxion Financial Bull 3x Shares (FAS), up 6.28 to 87.12.

American International Group (AIG) jumped 2.46 to 41.49, Goldman Sachs (GS) 4.43 to 183.69, Wells Fargo (WFC) 1.27 to 30.17, and JP Morgan (JPM) 1.06 to 45.71.

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) 2009 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.