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Closing Technical Market Analysis for Fri October 7th 2011
The stock market indices rolled over in the last 30 minutes of the session to take the indices from positive to negative to close the week on a down note, but not too far from the weekly highs.
Although the day started out with a move to the upside, the Nasdaq 100 plunged on three different occasions to test support at 2190 and S&P 500 made lower lows and got down to 1150 several times. But the market was not able to break those levels on the NDX and SPX. As a result, the indices had a strong 3-wave move into the last half hour that took them to new highs for the week on the NDX. However, failing to confirm it on the S&P 500 caused a late, sharp rollover in the last half hour that took them into negative territory.
Net on the day, the Dow was down 20.21 at 11,103.12, 129 points off the high. The S&P 500 was down 9.51 at 1155.46, 16 points off the high. The Nasdaq 100 was down 15.23 at 2202.76, 25 points off the high.
That was certainly a late-rollover reversal.
Advance-declines were negative by 3 to 1 on the New York Stock Exchange, and the same on Nasdaq. Up/down volume was more than 4 to1 negative on New York, with total volume of a little less than 1.2 billion shares traded today. Nasdaq traded just over 2 billion shares and had a 3 to1 negative volume ratio.
TheTechTrader.com board, as a result of the late negative sell-off, was mostly lower today. Leading the way on the downside today was First Solar, Inc. (FSLR), down 4.99 to 59.74. Apple Inc. (AAPL) lost 7.57 to 369.80, Goldman Sachs (GS) 5.24 to 92.69, Netflix, Inc. (NFLX) 6.03 to 117.21, Universal Display Corp. (PANL) 2.42 to 44.31, Life Technologies Corporation 2.56 to 36.82, BMC Software Inc. (BMC) 3.86 to 36.98, Youku.com Inc (YOKU) 1.13 to 18.05, and Chipotle Mexican Grill, Inc. (CMG) 4.40 to 294.59.
In addition, SodaStream International Ltd. (SODA) was down 73 cents to 35.05, Clearwire Corporation (CLWR) down 66 cents to 1.39, and Westport Innovations Inc. (WPRT) 57 cents to 27.68.
Ultra-long Direxion Daily Small Cap Bull 3X Shares (TNA) lost 2.71 to 34.03.
On the plus side there were a few gainers of note. ServiceSource International, In (SREV) had a good day after earnings came out, up 1.22 to 14.57, although that traded as high as 15.32 earlier. Silicon Motion Technology Corp. (SIMO) was up 77 cents to 13.26, Coffee Holding Co.Inc. (JVA) 78 cents to 9.04, Liquidity Services, Inc. (LQDT) 73 cents to 31.55, Dollar Tree, Inc. (DLTR) 1.23 to 77.68, Westport Innovations Inc. (WPRT) 57 cents to 27.68, GeoEye, Inc. (GEOY) 2.10 to 31.84, Amazon.com Inc. (AMZN) 3.23 to 224.74, and IPG Photonics Corporation (IPGP) 7.26 to 55.02.
The ultra-shorts had a good session today. VelocityShares Daily 2x VIX ST ETN (TVIX) was up 2.30 to 77.90, Direxion Daily Small Cap Bear 3X Shares (TZA) up 3.42 to 47.67, and Direxion Daily Financial Bear 3X Shares (FAZ) 5.46 to 63.82. The ProShares UltraShort Silver (ZSL) was up 84 cents to 14.83.
Stepping back and reviewing the hourly chart patterns, the indices were up early, had a 3-wave decline, but held support midday on three different occasions, and then rallied in the afternoon. They spiked up in the last half hour, but then rolled over sharply in the last half hour, and plunged to pullback the indices into the negative column.
It was a loss for the session, but it wasn’t too bad considering the gains the indices made this week.
We‘ll see how it goes on Monday.
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