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Closing Technical Market Analysis for Wed December 12th 2012
The stock market indices looked sloppy today, and ended flat and mixed. The day started out with a gap up, and then a pullback consolidation. The NDX acted much worse, severely testing support, but by mid-day did hold. So did the S&P 500, which came out of its consolidation range from the morning and the popped sharply to new highs for the entire rally, reaching 1438.59.
The market dropped in the afternoon after Bernanke spoke. The NDX on three different occasions by mid-day did not get through resistance in the 2694-95 area, and then rolled over hard, with both indices coming down, the NDX dropping from 2693 to 2668. The SPX dropped from 1438 and change down to 1427, a pretty steep drop, and then in the afternoon just a little bit of a snapback but closed way off their highs.
The Dow was down 2.99, nearly unchanged, at 13,245.45, 18 points off the low, but about 80 points off the high. The S&P 500 was up 0.64 at 1428.48, just 2 points of its low and 10 points off its high, and the Nasdaq 100 down 7.50 at 2674.57, 6 points off its low and 20 off its high.
Advance declines were negative by about 120 issues on the NYSE and 3 to 2 negative on Nasdaq. Up/down volume was about 3 to 2 positive on New York but 9 to 8 negative on Nasdaq.
So, a very mixed picture at the close, and so was the action on our board, and among high-tech stocks, with AAPL -2.39 to 539.00 (3 off its low but 9 off its high), GOOG +68 cents to 697.56, and AMZN +1.07 to 251.76.
Among other winners were NFLX +4.65 to 90.73 (reaching over 93 at one point) and ONXX +1.86 to 82.10, continuing yesterday's run.
FSLR reached our swing trade target at 33 today, another new rally high, closing +92 cents to 32.
Junior solars had a strong day, with SOL +45 cents to 1.87 (31.7%), DSTI +50 cents to 1.72 (41%), JKS +1.03 to 6.32 (19 1/2%), JASO +67 cents to 4.08 (19.6%), and TSL +35 cents to 3.76 (10.2%).
UNXL had a late rally +1.24 to 14.83 (+9%). NUGT, the gold miners ETF, advanced with gold, +90 cents to 11.64. INSA was +1.83 to 27.52, and GDI +3.49 to 72.98 (on merger/takeover rumor).
On the downside, CIE was -2.00 to 25.45 on financing news (a big bond issue), and IBM -1.25 to 192.95. So the larger-cap stocks, including AAPL and AMZN, did have a slow day.
However, there weren't many changes of a negative nature on our board today.
Stepping back and reviewing the patterns, major resistance was tested and failed today on the Nasdaq 100, so we'll have to see what the consequences of that are tomorrow. Certainly a negative divergence at the very least.
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