Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Bitcoin Price TRIGGER for Accumulating Into Alt Coins for 2022 Price Explosion - Part 2 - 3rd Dec 21
Stock Market Major Turning Point Taking Place - 3rd Dec 21
The Masters of the Universe and Gold - 3rd Dec 21
This simple Stock Market mindset shift could help you make millions - 3rd Dec 21
Will the Glasgow Summit (COP26) Affect Energy Prices? - 3rd Dec 21
Peloton 35% CRASH a Lesson of What Happens When One Over Pays for a Loss Making Growth Stock - 1st Dec 21
Stock Market Sentiment Speaks: I Fear For Retirees For The Next 20 Years - 1st Dec 21 t
Will the Anointed Finanical Experts Get It Wrong Again? - 1st Dec 21
Main Differences Between the UK and Canadian Gaming Markets - 1st Dec 21
Bitcoin Price TRIGGER for Accumulating Into Alt Coins for 2022 Price Explosion - 30th Nov 21
Omicron Covid Wave 4 Impact on Financial Markets - 30th Nov 21
Can You Hear It? That’s the Crowd Booing Gold’s Downturn - 30th Nov 21
Economic and Market Impacts of Omicron Strain Covid 4th Wave - 30th Nov 21
Stock Market Historical Trends Suggest A Strengthening Bullish Trend In December - 30th Nov 21
Crypto Market Analysis: What Trading Will Look Like in 2022 for Novice and Veteran Traders? - 30th Nov 21
Best Stocks for Investing to Profit form the Metaverse and Get Rich - 29th Nov 21
Should You Invest In Real Estate In 2021? - 29th Nov 21
Silver Long-term Trend Analysis - 28th Nov 21
Silver Mining Stocks Fundamentals - 28th Nov 21
Crude Oil Didn’t Like Thanksgiving Turkey This Year - 28th Nov 21
Sheffield First Snow Winter 2021 - Snowballs and Snowmen Fun - 28th Nov 21
Stock Market Investing LESSON - Buying Value - 27th Nov 21
Corsair MP600 NVME M.2 SSD 66% Performance Loss After 6 Months of Use - Benchmark Tests - 27th Nov 21
Stock Maket Trading Lesson - How to REALLY Trade Markets - 26th Nov 21
SILVER Price Trend Analysis - 26th Nov 21
Federal Reserve Asks Americans to Eat Soy “Meat” for Thanksgiving - 26th Nov 21
Is the S&P 500 Topping or Just Consolidating? - 26th Nov 21
Is a Bigger Drop in Gold Price Just Around the Corner? - 26th Nov 21
Financial Stocks ETF Sector XLF Pullback Sets Up A New $43.60 Upside Target - 26th Nov 21
A Couple of Things to Think About Before Buying Shares - 25th Nov 21
UK Best Fixed Rate Tariff Deal is to NOT FIX Gas and Electric Energy Tariffs During Winter 2021-22 - 25th Nov 21
Stock Market Begins it's Year End Seasonal Santa Rally - 24th Nov 21
How Silver Can Conquer $50+ in 2022 - 24th Nov 21
Stock Market Betting on Hawkish Fed - 24th Nov 21
Stock Market Elliott Wave Trend Forecast - 24th Nov 21
Your once-a-year All-Access Financial Markets Analysis Pass - 24th Nov 21
Did Zillow’s $300 million flop prove me wrong? - 24th Nov 21
Now Malaysian Drivers Renew Their Kurnia Car Insurance Online With Fincrew.my - 24th Nov 21
Gold / Silver Ratio - 23rd Nov 21
Stock Market Sentiment Speaks: Can We Get To 5500SPX In 2022? But 4440SPX Comes First - 23rd Nov 21
A Month-to-month breakdown of how Much Money Individuals are Spending on Stocks - 23rd Nov 21
S&P 500: Rallying Tech Stocks vs. Plummeting Oil Stocks - 23rd Nov 21
Like the Latest Bond Flick, the US Dollar Has No Time to Die - 23rd Nov 21
Why BITCOIN NEW ALL TIME HIGH Changes EVERYTHING! - 22nd Nov 21
Cannabis ETF MJ Basing & Volatility Patterns - 22nd Nov 21
The Most Important Lesson Learned from this COVID Pandemic - 22nd Nov 21
Dow Stock Market Trend Analysis - 22nd Nov 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Worst Losing Week Since Jan

Stock-Markets / Stock Markets 2010 May 01, 2010 - 04:57 AM GMT

By: Harry_Boxer

Stock-Markets The stock market indices took it on the chin Friday as profit taking set in and the indices finally had their worst losing week since January. Whether we get a downside follow-through next week and break the topping patterns that are appearing on the hourly charts is still in question. Key support around the 1995 - 2000 zone on the Nasdaq 100 and 1180-83 zone on the S&P 500 certainly should be tested.


The day started out with a move down and a sharp one. They bounced around mid-morning, consolidated, could not get back to resistance, and then rolled over hard into mid-day. By early afternoon they bounced around again, tried to rally back but also couldn't get through resistance, and had a 5th-wave decline that closed near the session lows going away.

Net on the day, the Dow barely held 11,000 today closing at 11,008.61, down 158.71. The S&P 500 was down 20.08 to 1186.69, and the Nasdaq 100 got hit hard for 2.2%, closing down 42.26 at 2000.63.

Advance-declines were 3 to 1 negative on New York Stock Exchange and worse that 3 1/2 negative on Nasdaq. Up/down volume was 6 1/2 to 1 negative on New York on total volume of under 1.6 billion. Nasdaq traded 2 3/4 billion and had a 4 1 /2 to 1 negative ratio. So it was a definitive down day on Wall Street with some of the big market leaders getting hit the hardest.

TheTechTrader.com board was mostly down. Leading the day was Baidu, Inc. (BIDU), which dropped 20.91 to 688.96, and Goldman Sachs Group (GS), down 15.04 at 145.20. Apple (AAPL) lost 7.55 to 261.09, and Amazon.com (AMZN) 4.63. to 137.10. Google (GOOG) also lost 6.31 to 525.70. So the market leaders definitely got hit today.

Other multiple point-plus losers included Cree Inc. (CREE) at 73.21 down 2.79, American International Group (AIG) at 38.09 down 1.33, and Las Vegas Sands Corp. (LVS) 24.86 down 1.19 to complete the point-plus losers on our board.

Other losers of note, however, were TiVo Inc. (TIVO), down 86 cents to 17.52, and RINO International (RINO), off 62 cents to 17.22. Eastman Kodak Co. (EK) got hit for another 81 cents to 6.13 today.

Delcath Systems (DCTH) gave back 87 cents to 15.31, and China Agritech (CAGC) was down 72 cents to 16.51, now nearly cut in half from its peak.

On the plus side, Dendreon (DNDN) after yesterday's approval gained another 6 points at one point but backed off and closed as 54.06, up 3.88. Acme Packet, Inc. (APKT) after positive news closed at 26.14 up 5.07, reaching a high of 27.73.

The ultra-short ETFs certainly had a good day today. Leading the way, the UltraShort Real Estate ProShares (SRS) and the Direxion Daily Emerging Markets Bear 3x (EDZ) were both up 1.54. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) gained 1.63 to 21.21, Direxion Daily Financial Bear 3x (FAZ) 82 cents to 12.24, and the Direxion Daily Large Cap Bear 3x (BGZ) 62 cents to 13.08.

Other ETFs included Direxion Daily Small Cap Bear 3x (TZA) at 5.92 up 48 cents, and Direxion Daily Real Estate Bear 3X Shares (DRV) at 6.84 up 57 cents.

Stepping back and reviewing the hourly chart patterns, the indices were down in a distinct 5-wave decline today closing near the session lows, certainly a negative way to close the day, the week, and the month.

As mentioned earlier, the indices had their first biggest losing week since January. We'll see if they get a downside follow-through Monday, but the top may be in. We'll see if we get confirmation early next week.

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

© 2005-2019 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