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Closing Technical Market Analysis for Fri April 30th 2010
The stock market indices took it on the chin Friday as profit taking set in and the indices finally had their worst losing week since January. Whether we get a downside follow-through next week and break the topping patterns that are appearing on the hourly charts is still in question. Key support around the 1995 - 2000 zone on the Nasdaq 100 and 1180-83 zone on the S&P 500 certainly should be tested.
The day started out with a move down and a sharp one. They bounced around mid-morning, consolidated, could not get back to resistance, and then rolled over hard into mid-day. By early afternoon they bounced around again, tried to rally back but also couldn’t get through resistance, and had a 5th-wave decline that closed near the session lows going away.
Net on the day, the Dow barely held 11,000 today closing at 11,008.61, down 158.71. The S&P 500 was down 20.08 to 1186.69, and the Nasdaq 100 got hit hard for 2.2%, closing down 42.26 at 2000.63.
Advance-declines were 3 to 1 negative on New York Stock Exchange and worse that 3 1/2 negative on Nasdaq. Up/down volume was 6 1/2 to 1 negative on New York on total volume of under 1.6 billion. Nasdaq traded 2 3/4 billion and had a 4 1 /2 to 1 negative ratio. So it was a definitive down day on Wall Street with some of the big market leaders getting hit the hardest.
TheTechTrader.com board was mostly down. Leading the day was Baidu, Inc. (BIDU), which dropped 20.91 to 688.96, and Goldman Sachs Group (GS), down 15.04 at 145.20. Apple (AAPL) lost 7.55 to 261.09, and Amazon.com (AMZN) 4.63. to 137.10. Google (GOOG) also lost 6.31 to 525.70. So the market leaders definitely got hit today.
Other multiple point-plus losers included Cree Inc. (CREE) at 73.21 down 2.79, American International Group (AIG) at 38.09 down 1.33, and Las Vegas Sands Corp. (LVS) 24.86 down 1.19 to complete the point-plus losers on our board.
Other losers of note, however, were TiVo Inc. (TIVO), down 86 cents to 17.52, and RINO International (RINO), off 62 cents to 17.22. Eastman Kodak Co. (EK) got hit for another 81 cents to 6.13 today.
Delcath Systems (DCTH) gave back 87 cents to 15.31, and China Agritech (CAGC) was down 72 cents to 16.51, now nearly cut in half from its peak.
On the plus side, Dendreon (DNDN) after yesterday’s approval gained another 6 points at one point but backed off and closed as 54.06, up 3.88. Acme Packet, Inc. (APKT) after positive news closed at 26.14 up 5.07, reaching a high of 27.73.
The ultra-short ETFs certainly had a good day today. Leading the way, the UltraShort Real Estate ProShares (SRS) and the Direxion Daily Emerging Markets Bear 3x (EDZ) were both up 1.54. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) gained 1.63 to 21.21, Direxion Daily Financial Bear 3x (FAZ) 82 cents to 12.24, and the Direxion Daily Large Cap Bear 3x (BGZ) 62 cents to 13.08.
Other ETFs included Direxion Daily Small Cap Bear 3x (TZA) at 5.92 up 48 cents, and Direxion Daily Real Estate Bear 3X Shares (DRV) at 6.84 up 57 cents.
Stepping back and reviewing the hourly chart patterns, the indices were down in a distinct 5-wave decline today closing near the session lows, certainly a negative way to close the day, the week, and the month.
As mentioned earlier, the indices had their first biggest losing week since January. We’ll see if they get a downside follow-through Monday, but the top may be in. We’ll see if we get confirmation early next week.
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