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Closing Technical Market Analysis for Mon November 15th 2010
The stock market indices ended mixed on the session after an afternoon sell-off. The day started with a gap up. They pulled back, tested support, and then stair-stepped their way higher. By midday they were at the session highs on the S&P 500, but far from it on the Nasdaq 100. That negative divergence resulted in a rollover, but they also backed off of the key 5-day declining tops lines, which also added additional resistance right there. So, not a surprise they backed off, but a little disappointing.
Right at the end of the day the indices slipped into negative territory on the SPX and NDX, but the Dow did manage to end the day in the plus column. Net on the day, the Dow was up 9.39 at 11,201.97, the S&P 500 down 1.46 at 1197.75, and Nasdaq 100 down 6.47 at 2131.48.
Advance-declines were about 8 to 7 negative on the New York Stock Exchange, and about 7 to 6 positive on Nasdaq. Up/down volume was slightly negative on New York on total volume of a light 968 million shares. Nasdaq traded 1.75 billion shares and had about a 10 to 7 negative ratio today.
TheTechTrader.com board was mostly mixed. Leading the way was Isilon Systems, Inc. (ISLN), jumping 7.48 to 33.77 on a takeover by EMC today. Goldman Sachs (GS) was up 1.39 to 167.22.
Other point-plus gainers on our board today included Telestone Technologies Corp. (TSTC), which jumped 2.74 to 14.76, an outstanding session. Amtech Systems Inc. (ASYS) advanced 1.25 to 18.53, BroadSoft, Inc. (BSFT) 1.65 to 18.46, Human Genome Sciences Inc. (HGSI) 2.30 to 25.90, and City Telecom HK Ltd. (CTEL) 1.25 to 14.44.
In addition, Approach Resources, Inc. (AREX) was up 1.49 to 20.04, Vaalco Energy Inc. (EGY) 51 cents to 7.69, MELA Sciences, Inc. (MELA) 77 cents to 6.37, and NN Inc. (NNBR) 48 cents to 9.89. Kandi Technologies Corp (KNDI) gained 46 cents to 6.30, but at one point traded as high as 7.25 after releasing strong earnings.
On the downside, (AAPL) lost 1.00 to 307.03, Amazon.com Inc. (AMZN) 6.78 to 158.90, Acme Packet, Inc. (APKT) 1.58 to 40.02, Coinstar Inc. (CSTR) 2.13 to 59.28, and JinkoSolar Holding Co., Ltd. (JKS) 1.20 to 31.44.
Stepping back and reviewing the hourly chart patterns, the indices came down near the opening, rallied back in a 5-wave advance, and then rolled over in a 5-wave decline, finishing near the lows for the day going away. They reversed to the negative column on the S&P 500 and NDX, but managed to eek out a gain on the Dow.
Net on the day today the indices basically remained in their declining channels and look to be headed lower here at this point. Key support at around 2122-24 on the NDX and near the 1194 area on the S&P 500 will be monitored closely.
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