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Closing Technical Market Analysis for Tue November 16th 2010
The stock market indices extended their slide into the sixth day and accelerated to the downside today, reaching new pullback lows, piercing some key support levels at 2100 on the Nasdaq 100 and 1180 on the S&P 500. They did manage to snap back in the last hour or so, but still had a very negative session.
Net on the day, the Dow managed to hold the 11,000 level, down 178.47 at 11,023.50. The S&P 500 was down 19.41 at 1178.34, and the Nasdaq 100 got hit for nearly 2%, down 37.85 at 2093.63.
Advance-declines at one point were nearly climatic, closing at 408 up and 2654 down on the New York Stock Exchange, about 6 to 1 negative. Up/down volume was about 15 to 1 negative on New York, with total volume a little more than 1 1/3 billion shares. Nasdaq had about a 10 to 1 negative ratio on declining volume over advancing volume, with total volume a little over 2.2 billion shares and advance-declines about 4 to 1 negative.
So a very, very negative day on the Street.
Looking at TheTechTrader.com board, the vast majority of the stocks were down, but there were quite a few stocks that we traded today that were winners. IDT Corporation (IDT) jumped 1.77 to 20.22, a new 3-year high. Aastrom Biosciences, Inc. (ASTM) snapped back to close at 4.10, the high for the day, on 3 million shares, up 55 cents or a 15% gain.
Other stocks of note, Urban Outfitters Inc. (URBN) closed at 36.59, up 3.85 or 12%, Dick's Sporting Goods Inc. (DKS) was up 3.60 or 12% to 33.52, as several retail stocks were strong today. Another one was J. Crew Group, Inc. (JCG), up 1.42 to 35.35.
CEVA Inc. (CEVA) advanced 52 cents to 22.12, New Energy Systems Group (NEWN) 41 cents to 7.63, BSQUARE Corp. (BSQR) 36 cents to 5.19, Amarin Corporation plc (AMRN) 19 cents to 3.79, and EDAP TMS SA (EDAP) 49 cents to 4.08, up 13.6%.
The ultra-short ETFs had an excellent day, with the iPath S&P 500 VIX Short-Term Futures ETN (VXX) up 2.10 to 49.34, and the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ), a swing trade recommendation, up 1.84 to 25.24. The Direxion Daily Small Cap Bear 3X Shares (TZA) gained 1.17 to 21.92.
On the downside, the point-plus losers included Goldman Sachs (GS) down 2.12 to 165.10, Apple Inc. (AAPL) down 5.45 to 301.59, Radware Ltd. (RDWR) 1.28 to 30.53, JinkoSolar Holding Co., Ltd. (JKS) 2.25 to 29.19, and Brigham Exploration Co. (BEXP) 1.02 to 23.37.
In addition, Amazon.com Inc. (AMZN) lost 1.12 to 157.78, gold stock Golden Minerals Company (AUMN), 1.00 to 24.10, and Acacia Research Corporation (ACTG) 1.24 to 24.76.
Stepping back and reviewing the hourly chart patterns, the indices gapped down today, broke support, formed bear flags, and then went sharply lower in the morning before bouncing just before noon in what looked like bear-flag formations that did result in a rollover that took out the lows slightly. When they were unable to follow through to the downside late in the session, they did manage to snapback and pare back the gains.
Nevertheless, the indices are now in the sixth day of sliding and are near very key support. We’ll be watching the 2055-65 zone on the Nasdaq 100 if they do not hold the current levels. Key support now on the S&P 500 appears to be at 1170 and then 1165.
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