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Closing Technical Market Analysis for Wed November 28th 2012
The stock market indices came back with a roar today after a very negative start.
The day started out with gap downs, and then they made lower lows, breaking first support and severely testing key-secondary support. That did hold, and a very strong, 5-wave rally ensued for the rest of the session as the indices jumped from 2614 to 2665 on the Nasdaq 100, and from under 1386 to over 1410 on the S&P 500.
Net on the day, the Dow was up 106.98 at 12,985.11, the S&P 500 up 10.99 at 1409.93, and the Nasdaq 100 up 23.85 at 2665.27.
Advance-declines were better than 2 to 1 positive on the New York Stock Exchange, and a little better than 3 to 2 positive on Nasdaq. Up/down volume was 3 1/2 to 1 positive on New York, with total volume of 683 million shares. Nasdaq traded about 1.5 billion and had a 3 to 1 positive volume ratio.
TheTechTrader.com board had a lot of winners today. Leading the way, Google Inc. (GOOG) was up 12.96 to 683.67. Amazon Inc. (AMZN) jumped 3.71 to 247.11. Goldman Sachs Group, Inc. (GS) worked its way up 1.42 to 119.33.
Other gainers of note included Green Mountain Coffee Roasters Inc. (GMCR), with a spectacular session after earning release, up 7.91 to 36.86, or 27%, on 29 million shares.
SodaStream International Ltd. (SODA) was up 1.90 to 38.28, reaching as high as 39 earlier, and Sarepta Therapeutics, Inc. (SRPT) snapped back 1.46 to 30.21.
Gulfport Energy Corp. (GPOR) advanced 5.12 to 36.85, or 16%, on 5 million shares. Express Inc. (EXPR) jumped 1.15 to 14.15, or 9%, on 9.6 million shares.
Low-price Vermillion, Inc. (VRML) ran sharply, and closed up 46 cents to 1.65, or 39%, on 2.8 million shares. Low-priced Trina Solar Limited (TSL) was up 48 cents to 2.81, or 20%, on 5.4 million shares. Idenix Pharmaceuticals Inc. (IDIX) bounced 78 cents to 5.30, or 17%, on 2.7 million shares. Groupon, Inc. (GRPN) gained 46 cents to 4.42, or 11.6%, on 35 million shares.
Movado Group, Inc. (MOV) was up 3.27 to 35.50, Five Below, Inc. (FIVE) up 2.44 to 30.55, Deckers Outdoor Corp. (DECK) 3.04 to 39.31, ANN INC (ANN) 2.67 to 35.10, 3D Systems Corp. (DDD) 3.13 to 48.36, and Aegerion Pharmaceuticals, Inc. (AEGR) 1.82 to 22.19.
In addition, AVG Technologies N.V. (AVG) jumped 1.19 to 13.57, American Eagle Outfitters, Inc. (AEO) was up 1.38 to 20.77, and Costco Wholesale Corporation (COST), which we traded today, popped 6.07 to 102.58. Guidewire Software, Inc. (GWRE), which had a huge reversal today, gained 1.82 to 31.28.
Stepping back and reviewing the hourly chart patterns, the indices, after a very sharp, early decline, came back with a vengeance. They not only took back all the losses, but blew through resistance making new multi-rally session highs on the Nasdaq 100, now having gone from a low beneath 2500 to a high of over 2665 in just the last week or so. That was a tremendous rally of the important low here. Not only lateral price resistance, but the declining topsline was taken out in the last couple sessions. The S&P 500 was not quite as strong, but at the end of the day came back to close at 1409.70, and made a nominal new high to slightly confirm the NDX move, but we need to get a thrust through this level. Nevertheless, the S&P 500 did snap back from 1385 to 1410, a 25-point run-up during the course of the morning lows.
At the end of the day, it was a very strong showing for the bulls. We’ll see how it goes on tomorrow.
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