The stock market indices had a difficult session today, down most of the morning, back up in the afternoon, but closed negative on the day. However, many of the stocks we traded or follow did very well. So it was quite an interesting session.

The day started out with a turn to the downside, then a snapback to resistance and failed, and then they went down until midday. By midday they reached the bottom of the channel in the fifth-wave decline over the last three sessions. I indicated that a potential rally may ensue, and they had a three-wave corrective pullback to take back a big chunk of losses, but negatively closed the day.

Net on the day, the Dow was down 53.42 at 18,400.88, 67 points off the low. The S&P 500 was down 5.17 at 2170.95, 9 points off its low. The Nasdaq 100 was down 4.94 at 4771.05, 20 points off its low.

Advance-declines were a little worse than 3 to 2 negative on the New York Stock Exchange, and 9 to 5 negative on the Nasdaq. Up/down volume was 3 to 2 negative on New York, total volume of 3.6 billion shares traded. The Nasdaq traded 1.7 billion shares and had a 10 to 7 negative volume ratio.

TheTechTrader.com board was mixed with a lot of red. Priceline.com (PCLN) was up just 18 cents to 1416.73, Apple Inc. (AAPL) up 10 cents to 106.10, Amazon.com Inc. (AMZN) up 1.58 to 769.16, but Google Inc. (GOOG) closed down 2.04 to 767.05, and Netflix, Inc. (NFLX) closed flat at 97.45, although it ran as high as 97.88 earlier in the day.

Baidu, Inc. (BIDU) dropped 4.38 to 171.07, Facebook, Inc. (FB) gained 28 cents 126.12, and First Solar, Inc. (FSLR) lost another 43 cents to 37.82.

On the downside, Gigamon Inc. (GIMO) was down 2.48 to 44.20, Acacia Communications, Inc. (ACIA) down 2.92 to 111.65, and Universal Display Corp. (OLED) down 1.88 to 57.59 were the point-plus losers on our board today.

Tesla Motors, Inc. (TSLA) popped 67 cents to 212.01.

To the upside, there were no stocks up more than a point.

Checking TheTechTrader.com percent-gain leaderboard, Himax Technologies, Inc. (HIMX) advanced 84 cents, or 9%, to 10.62, on 2.9 million shares traded.

NL Industries Inc. (NL), on takeover rumors, popped 1.85, or 46%, to 5.90.

SkyPeople Fruit Juice, Inc. (SPU) exploded 4.28, or 51%, to 12.60, on 10.5 million shares traded, 1400% more volume than average. Gemphire Therapeutics Inc. (GEMP), which got upgraded yesterday, bounced 1.77, or 15.6%, to 13.07. Chico's FAS Inc. (CHS) ran 1.38, or 12%, to 12.68, on 13.9 million shares traded. Veeva Systems Inc. (VEEV) climbed 3.28, or 8.7%, to 40.92, on 12.2 million shares traded.

The VelocityShares 3x Inverse Crude Oil ETN (DWTI) as oil was lower today, ran to 89.22, before closing at 87.05, up 8.08, or 10%, on 5.2 million shares traded. The ProShares UltraShort Bloomberg Crude Oil (SCO) was up 6.11, or 7%, to 94.76.

The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) jumped 2.29, or 7%, to 34.79, on 4.8 million shares traded. The Direxion Daily Gold Miners Bear 3X ETF (DUST) bounced 2.14, or 5%, to 42.21, on 14 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices were down in 5 waves intraday, and then rallied back in a 5-wave corrective move as well, but backed off in the last few minutes. Still, it was a loss for the day, but it wasn’t as bad as it seemed. We’ll see if there’s any follow-through to the upside, but there was some key support that held around 2160-61 on the S&P 500.

Good Trading!

Harry

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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.

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