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Closing Technical Market Analysis for Mon February 8th 2010
The stock market indices started the week on a down note after a morning rally extension took them to higher levels as a follow-through to Friday's rally. But, the indices rolled over in the afternoon in a 3-wave decline that closed them near the session lows, with a particularly strong downside thrust in the last 15 minutes which completed an intraday 50% Fib retracement.
Net on the day the Dow was down 103.84 at 9908.39, the S&P 500 down 9.45 at 1056.74, 15 points off its high, and the Nasdaq 100 down 11.34 at 1734.88, 21 points off its high.
So the indices reversed from positive mid-day to negative at the close.
Advance-declines reflected that, with a nearly 2 to 1 negative ratio of decliners over advances on New York and a like amount on Nasdaq. Up/down volume was 3 1/2 to 1 negative on New York on total volume of just over 1 billion. Nasdaq traded just under 2 billion and had an almost 3 to 1 negative volume ratio.
TheTechTrader.com board as a result was mixed, with more stocks to the downside. There was some strength in the Chinese sector today, as they snapped back. China Agritech (CAGC) was up 1.20 to 16.80 on a 2 for 1 split.
Direxion Financial Bear 3x Shares (FAZ) gained 1.14 to 21.81, UltraPro Short S&P 500 ProShares (SPXU) 94 cents to 41.50, the Direxion Small Cap 3x Bear (TZA) 32 cents at 11.44, UltraShort Real Estate ProShares (SRS) 38 cents to 8.56, and Direxion Large Cap Bear 3X Shares (BGZ) 45 cents to 19.54. The Direxion Daily Emerging Mkts Bear 3X Shares (EDZ) jumped 20 cents to 6.78.
On the downside, the Direxion Financial Bull 3x Shares (FAS) gave back 3.69 to 61.89, and the Direxion Large Cap Bull 3X Shares (BGU) 1.03 to 44.49. Canadian Solar (CSIQ) lost 1.36 to 20.66.
Acorda Pharmaceuticals (ACOR) dropped 70 cents to 29.92, China Green Agriculture (CGA) 53 cents to 13.49, and Human Genome Sciences (HGSI) 99 cents to 25.76.
Revlon (REV) lost 51 cents to 14.85, RINO International (RINO) 67 cents to 19.75, and Origin Agritech (SEED) 54 cents at 8.65.
Stepping back and reviewing the hourly chart patterns, they were up in the morning in a nice follow-through, took out resistance and then tagged secondary resistance at 1755 NDX and 1070-71 SPX.
That’s where they failed. The rest of the day was spent pulling back and then accelerating into the close. A negative way to start the week for sure, but they had a 50% retracement on the indices, and they closed near that level, setting them up for a potential rebound. It’s going to be very interesting to see what direction they take on Tuesday.
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