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Closing Technical Market Analysis for Tue April 27th 2010
The stock market indices had a decisively negative session today, gapping down from the get-go, snapping back in an early rally try but failing at resistance and then rolling over hard. By mid-day they bounced to test resistance once again, but failed again, and then rolled over just as hard in the afternoon.
Only a last 5-minute bounce brought them off the lows for the day, but the indices still closed down more than 213 points on the Dow at 10,991.99, just under 11,000. The S&P 500 fell 28.64 or 2 1/2% at 1183.71, and the Nasdaq 100 lost 42.84 at 2006.25.
Advance-declines were more than 5 to 1 negative on New York Stock Exchange and more than 4 1/2 to 1 negative on Nasdaq. Up/down volume was a whopping 16 to 1 negative on New York on total volume of 1 2/3 billion. Nasdaq traded a hefty 2 3/4 billion and had a nearly 10 to 1 negative ratio.
TheTechTrader.com board, as a result, was decisively negative and sharply so with many large market leaders showing the way to the downside today. Baidu, Inc. (BIDU) dropped 20.74 to 620.11, Amazon.com (AMZN) lost 5.09 to 142.02, Apple (AAPL) lost 7.46 to 262.04, and Google (GOOG) gave back 2.58 to 529.06.
Other losses of note: American International Group (AIG) got slammed for 7.14 to 37.37, Cree Inc. (CREE) lost 4.96 to 75.26, Las Vegas Sands Corp. (LVS) gave back 1.51 to 24.69, and RINO International (RINO) lost 1.15 to 18.06.
China Automotive (CAAS) at 21.99 was down 2.06 and China Agritech (CAGC) at 18.43 fell 1.57 in a very weak Chinese sector. Dendreon (DNDN) gave back 1.15 to 40.04. That was it for the point-plus losers today.
Among the large fractional losers, TiVo Inc. (TIVO) fell 79 cents to 17.74, PLX Technology Inc. (PLXT) 69 cents at 5.66 after reporting earnings, Houston American Energy Corp. (HUSA) 97 cents to 13.36, Brigham Exploration (BEXP) 81 cents to 18.07, and Acme Packet, Inc. (APKT) 65 cents to 20.56.
On the plus side, leading the way was ultra-short ETF Direxion Daily Emerging Markets Bear 3x (EDZ), up 4.31 to 44.28. UltraShort Real Estate ProShares (SRS) jumped 1.55 to 26.75, and iPath S&P 500 VIX Short-Term Futures ETN (VXX) 1.84 to 20.50.
Mindspeed Technologies (MSPD) advanced 1.61 to 10.62, and Goldman Sachs Group (GS) managed to gain 1.01 to 153.04 after trading down 3 points earlier. Delcath Systems (DCTH) gained 46 cents to 14.80, the other long gainer on our board today.
Other gainers of note, particularly in the ETF sector, were Direxion Daily Large Cap Bear 3x (BGZ) at 13.23 up 88 cents, the Direxion Daily Real Estate Bear 3X Shares (DRV) at 7.27 up 59 cents, and the Direxion Daily Small Cap Bear 3x (TZA) at 5.85 up 37 cents.
Stepping back and reviewing the hourly chart patterns, the indices had a decisive down day today with a 5-wave decline that saw two sharp downside thrusts pierce moving averages and trendlines on the hourly charts. A potentially key negative technical day today! We’ll see if there’s any follow-through tomorrow.
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