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Closing Technical Market Analysis for Wed June 16th 2010
The stock market indices ended near the flat line, but were up most of the day before a late pullback brought them back to near even. They actually went negative for a bit with a half hour to go, but snapped back into the close.
The day started out with a move down. They indices held support, then bounced, retested, and when that was successful they moved sharply higher. By late morning near lunch hour they were at the morning highs, backed off and went to new highs for the session and the entire rally, reaching near key resistance above 1910 on the Nasdaq 100 and 1119-20 on the S&P 500. At that point they pulled back with some energy in the sharpest pullback of the session, but stemmed the tide not far from initial support, and then bounced in the last half hour as I mentioned.
Net on the day, the Dow was up just 4.69 at 10,409.46, the S&P 500 was off 0.62 at 1114.61, and the Nasdaq 100 up 7.83 at 1905.31.
Advance/declines were negative today by 3 to 2 on both the New York Stock Exchange and on Nasdaq. Up/down volume was 7 to 4 negative on New York and about 9 to 8 negative on Nasdaq. Total volume on New York was a bit over 1.1 billion, and Nasdaq traded over 1.8 billion.
TheTechTrader.com board, as a result of some of the gyrations and narrow trading, was narrowly mixed for the most part, but there were some outstanding issues today. Apple Inc. (AAPL) was stellar and closed near the session highs, up 7.56 at 267.25. Google Inc. (GOOG) jumped another 3.28, back over 500, to 501.27.
Other stocks of note, portfolio position OmniVision Technologies Inc. (OVTI) was up 99 cents at 21.63 to a new 2 1/2 year high, and portfolio position Uroplasty Inc. (UPI) up 60 cents to 6.00 on the heaviest volume of the year at 800,000 shares. Netlist Inc. (NLST), which we added back into our model portfolio today, was up 15 cents at 2.89.
Other than that, most stocks were just fractionally changed up or down.
The only point-plus losers on our board were Transocean Ltd. (RIG), down 1.49 to 47.02, and Dendreon Corp. (DNDN), down 1.02 to 39.57.
Large fractional losers of note were Delcath Systems Inc. (DCTH), down 69 cents to 9.05, and InfoLogix, Inc. (IFLG), which got hammered for 91 cents down to 5.19 after being above 8.60 yesterday.
Other than that, most stocks were off just small fractions and pretty much held their own today. So, we'll see if the indices, after backing off of key, formidable overhead resistance, can come on again and take that out and extend the rally, or whether we need to pull back more and do some testing of lower levels before they're able to do anything additional on the upside.
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