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
Ravencoin RVN About to EXPLODE to NEW HIGHS! Last Chance to Buy Before it goes to the MOON! - 21st Oct 21
Stock Market Animal Spirits Returning - 21st Oct 21
Inflation Advances, and So Does Gold — Except That It Doesn’t - 21st Oct 21
Why A.I. Is About To Trigger The Next Great Medical Breakthrough - 21st Oct 21
Gold Price Slowly Going Nowhere - 20th Oct 21
Shocking Numbers Show Government Crowding Out Real Economy - 20th Oct 21
Crude Oil Is in the Fast Lane, But Where Is It Going? - 20th Oct 21
3 Tech Stocks That Could Change The World - 20th Oct 21
Best AI Tech Stocks ETF and Investment Trusts - 19th Oct 21
Gold Mining Stocks: Will Investors Dump the Laggards? - 19th Oct 21
The Most Exciting Medical Breakthrough Of The Decade? - 19th Oct 21
Prices Rising as New Dangers Point to Hard Assets - 19th Oct 21
It’s not just Copper; GYX indicated cyclical the whole time - 19th Oct 21
Chinese Tech Stocks CCP Paranoia, VIES - Variable Interest Entities - 19th Oct 21
Inflation Peaked Again, Right? - 19th Oct 21
Gold Stocks Bouncing Hard - 19th Oct 21
Stock Market New Intermediate Bottom Forming? - 19th Oct 21
Beware, Gold Bulls — That’s the Beginning of the End - 18th Oct 21
Gold Price Flag Suggests A Big Rally May Start Soon - 18th Oct 21
Inflation Or Deflation – End Result Is Still Depression - 18th Oct 21
A.I. Breakthrough Could Disrupt the $11 Trillion Medical Sector - 18th Oct 21
US Economy and Stock Market Addicted to Deficit Spending - 17th Oct 21
The Gold Price And Inflation - 17th Oct 21
Went Long the Crude Oil? Beware of the Headwinds Ahead… - 17th Oct 21
Watch These Next-gen Cloud Computing Stocks - 17th Oct 21
Overclockers UK Custom Built PC 1 YEAR Use Review Verdict - Does it Still Work? - 16th Oct 21
Altonville Mine Tours Maze at Alton Towers Scarefest 2021 - 16th Oct 21
How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
The Only way to Crush Inflation (not stocks) - 14th Oct 21
Why "Losses Are the Norm" in the Stock Market - 14th Oct 21
Sub Species Castle Maze at Alton Towers Scarefest 2021 - 14th Oct 21
Which Wallet is Best for Storing NFTs? - 14th Oct 21
Ailing UK Pound Has Global Effects - 14th Oct 21
How to Get 6 Years Life Out of Your Overclocked PC System, Optimum GPU, CPU and MB Performance - 13th Oct 21
The Demand Shock of 2022 - 12th Oct 21
4 Reasons Why NFTs Could Be The Future - 12th Oct 21
Crimex Silver: Murder Most Foul - 12th Oct 21
Bitcoin Rockets In Preparation For Liftoff To $100,000 - 12th Oct 21
INTEL Tech Stock to the MOON! INTC 2000 vs 2021 Market Bubble WARNING - 11th Oct 21
AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
Stock Market Wall of Worry Meets NFPs - 11th Oct 21
Stock Market Intermediate Correction Continues - 11th Oct 21
China / US Stock Markets Divergence - 10th Oct 21
Can US Save Taiwan From China? Taiwan Strait Naval Battle - PLA vs 7th Fleet War Game Simulation - 10th Oct 21
Gold Price Outlook: The Inflation Chasm Between Europe and the US - 10th Oct 21
US Real Estate ETFs React To Rising Housing Market Mortgage Interest Rates - 10th Oct 21
US China War over Taiwan Simulation 2021, Invasion Forecast - Who Will Win? - 9th Oct 21
When Will the Fed Taper? - 9th Oct 21
Dancing with Ghouls and Ghosts at Alton Towers Scarefest 2021 - 9th Oct 21
Stock Market FOMO Going into Crash Season - 8th Oct 21
Scan Computers - Custom Build PC 6 Months Later, Reliability, Issues, Quality of Tech Support Review - 8th Oct 21
Gold and Silver: Your Financial Main Battle Tanks - 8th Oct 21
How to handle the “Twin Crises” Evergrande and Debt Ceiling Threatening Stocks - 8th Oct 21
Why a Peak in US Home Prices May Be Approaching - 8th Oct 21
Alton Towers Scarefest is BACK! Post Pandemic Frights Begin, What it's Like to Enter Scarefest 2021 - 8th Oct 21
AJ Bell vs II Interactive Investor - Which Platform is Best for Buying US FAANG Stocks UK Investing - 7th Oct 21
Gold: Evergrande Investors' Savior - 7th Oct 21
Here's What Really Sets Interest Rates (Not Central Banks) - 7th Oct 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Sloppy Session Ends Higher

Stock-Markets / Stock Markets 2010 Jul 20, 2010 - 02:06 AM GMT

By: Harry_Boxer

Stock-Markets

Best Financial Markets Analysis ArticleThe stock market indices had an up-day to start the week, but the path was sloppy. They started off with some gains and then sold off sharply to new lows for the entire pullback, reaching 1795 on the Nasdaq 100 and 1061 on the S&P 500. At that point they started a 5-wave advance that last several hours until late into the day, reaching new session highs with about 30-40 minutes to go. They pulled back sharply, and then bounced into the close again.


Net on the day at the end of the day, the Dow was up 56.53 at 10,154.43, the S&P 500 up 6.37 at 1071.25, and Nasdaq 100 managed to gain 15.80 at 1819.28.

Advance/declines were nearly 2 to 1 positive on New York Stock Exchange, but on Nasdaq they were just 3 to 2 positive. Up/down volume was 2 to 1 positive on New York with total volume under a billion at 940 million. Up/down volume on Nasdaq was 2 to 1 positive as well with total volume at just over 1.7 billion.

Charts of the Day:

After Motorola Inc. (MOT) announced the sell of part of their assets today, this stock jumped across a year-long resistance level, gaining 43 cents, or 5.7%, on 49 million shares, and thrusting. Looks like a move coming up to take it to 8 3/4, and beyond that something around 9 1/2.

Trina Solar Ltd. (TSL) has been acting great lately. It's been moving up for two weeks in the face of a declining market. Moving averages have crossed over positively and curling around, It looks like a positive upside, but we'll use pullbacks toward the 20 - 21 as buying opportunities should that occur. Resistance up around 27 - 27 1/2 is our short-term trading target.

On the short side, Almost Family Inc. (AFAM), which is just getting hammered, continues to stair-step lower and is header toward a test of that 20 - 21 target we mentioned earlier in the week.

Conceptus, Inc. (CPTS) broke hard and is now bear-flagging. The next down-step on this one calls for a move down around 10 - 10 1/2, and beneath that 9.

Mastercard Incorporated (MA) and Visa, Inc. (V) are both looking negative. Mastercard, which got hammered on Friday, followed through a little bit today. It's right at key support. A break here and you could see this stock drop a quick 20 points.

V has a similar pattern, right at support, and near the apex of a big wedge. It could see a drop down to the high 50s if the market gets hit hard here.

Reviewing our Watchboard:

TheTechTrader.com board, as a result, was mixed, but there were several substantial gainers. Leading the way, Google Inc. (GOOG) jumped 6.58 at 466.18, Cree Inc. (CREE) 1.78 at 66.90, and Amazon.com Inc. (AMZN) 1.45 at 119.94.

Other gainers of note: Cirrus Logic Inc. (CRUS) advanced 33 cents at 17.49, RealD INC. (RLD) 34 cents at 19.85, and Trina Solar Ltd. (TSL), noted above, up 82 cents at 23.08.

Most other stocks on the upside gained just very small fractions today.

On the downside, Apple Inc. (AAPL) lost 4.32 at 245.58, BP Exploration plc (BP) 1.35 at 35.75 on heavy volume, and Transocean Ltd. (RIG) 4.00 at 48.08 in that same sector.

Ultra-short ETF Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) lost 1.78 at 42.48.

Other stocks of note on the downside were Goldman Sachs (GS) down 49 cents at 145.68, IDT Corporation (IDT) 49 cents at 14.84, and Valassis Communications Inc. (VCI) 83 cents at 28.56.

In the ultra-short ETF sector the iPath S&P 500 VIX Short-Term Futures ETN (VXX) lost 84 cents at 26.53, and the Direxion Daily Small Cap Bear 3X Shares (TZA) 40 cents at 38.87, along with the Direxion Daily Large Cap Bear 3X Shares (BGZ) down 30 cents at 16.00 even.

Stepping back and reviewing the hourly chart patterns, the indices were up early, pulled back sharply in the morning, and then stair-stepped their way higher over the next several hours to new highs for the day before a late pullback brought them off their highs, only to bounce again into the close to finish positive on the session.

It was generally a positive start to the week but somewhat suspect as the overall patterns appear to be consolidation patterns ahead of more potential downside. We'll see if the hold of today's lows was significant or not.

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