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Closing Technical Market Analysis for Mon September 24th 2012
The stock market indices started out with sharp declines today. They bounced around, and then made a mid-afternoon pullback that held support. When that occurred, they rallied to new snapback highs intraday, making new session highs. They were unable to get above that level, which was the declining topsline in the last two sessions, and pulled back into the close to finish with losses on the day.
Net on the day, the Dow was down just 20.55 at 13,558.92, the S&P 500 down 3.26 at 1456.89, and the Nasdaq 100 down 17.66 at 2843.98.
It was basically a down morning, consolidation, retest bounce, and pullback close.
Advance-declines were 3 to 2 negative on New York Stock Exchange, and about 13 to 11 negative on Nasdaq. Up/down volume was 3 to 2 negative on New York, with total volume of 600 million shares. Nasdaq traded over 1 2/3 billion, and had a 3 to 1 negative volume ratio.
TheTechTrader.com board, as a result, was mostly all down a bit today. Google Inc. (GOOG) was the outstanding stock today, up 15.39 to 749.38, and reaching an all-time new high today of 750.43.
Apple Inc. (AAPL), however, was down 9.31 to 690.78 on production difficulty with their major supplier. Amazon Inc. (AMZN) lost 2.67 to 254.80.
Cobalt International Energy, Inc. (CIE) got hammered for 2.02 to 22.69, Facebook, Inc. (FB) lost 2.07 to 20.79, Netflix, Inc. (NFLX) lost another 1.40 to 56.39, and VIVUS Inc. (VVUS) was down 2.04 to 18.96.
However, there were some decent percentage gainers today. Rambus Inc. (RMBS) jumped 87 cents to 5.80, or 18%, on 5.3 million shares. Low-priced Savient Pharmaceuticals, Inc. (SVNT) gained 42 cents to 2.92, or 17%, on 7.1 million shares, among other low-priced stocks on our board today.
Other gainers of note included Rosetta Genomics, Ltd. (ROSG), which snapped back 56 cents to 6.77, or 9%, on 2.5 million shares. Body Central Corp. (BODY) gained 79 cents to 11.04, or 8%, on 1 million shares.
QLT Inc. (QLTI) was up 50 cents to 8.14, Cellcom Israel Ltd. (CEL) up 58 cents to 9.33, swing trade inContact, Inc. (SAAS) 36 cents to 6.68, and Cooper Tire & Rubber Co. (CTB) 89 cents to 20.83.
Rock-Tenn Co. (RKT) was up 5.03 to 73.75, KapStone Paper and Packaging Corporation (KS) up 1.19 to 21.80, Packaging Corp. of America (PKG) 1.20 to 34.95, International Paper Company (IP) 1.27 to 36.78, Five Below, Inc. (FIVE) 1.23 to 37.13, IHS Inc. (IHS) 2.79 to 94.15, and Medidata Solutions, Inc. (MDSO) 1.20 to 39.74.
ProShares UltraShort Silver (ZSL) jumped 1.31 to 41.54.
Stepping back and reviewing the hourly chart patterns, the indices gapped down big time at the opening, bounced around, and when the S&P 500 snapped back to test resistance at 14.58, which is a new snapback high, the NDX was unable to do so. That signaled an orderly pullback retracement and retest, which was successful. That resulted in an afternoon rally, but that failed at the declining topsline, and then they pulled back into the close.
Net-net the indices had a negative start to the week, but they still haven’t broken key-support. We’ll be watching 2833-35 NDX and 1450-52 S&P 500 zones.
Those are the levels to keep an eye on early this week.
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