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Closing Technical Market Analysis for Mon June 7th 2010
The stock market indices started the week on a down note, although in the beginning of the session they did try an early rally that failed right at resistance. They rolled over to new pullback lows on the Nasdaq 100, and made slight new lows on the S&P 500. They tried to work their way back up, but failed at the declining topslines, rolled over in the afternoon, bounced with about an hour to go, and then got slam-dunked into the close.
Net on the day, the Dow was down 115.48 at 9816.49, the S&P 500 down 14.41 at 1050.47, and the Nasdaq 100 down 33.88 at 1798.16, all close to their session lows.
Advance-declines were a little less than 3 to1 negative on the New York Stock Exchange and 5 to 1 negative on Nasdaq. Up/down volume was nearly 3 to 2 positive on New York, but almost 17 to 1 negative on Nasdaq.
TheTechTrader.com board, as a result, was nearly all negative, except for ultra-shorts ETFs, which were the only stocks up on our board today. The Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) was up 2.51 at 55.76, the iPath S&P 500 VIX Short-Term Futures ETN (VXX) up 98 cents at 32.27, the Direxion Daily Financial Bear 3X Shares (FAZ) up 84 cents at 17.37, the Direxion Daily Large Cap Bear 3X Shares (BGZ) up 65 cents at 17.54, and the Direxion Daily Small Cap Bear 3X Shares (TZA) up 59 cents at 8.13.
On the downside, Dendreon Corp. (DNDN) lost 4.14 to 36.70. Delcath Systems Inc. (DCTH) got hammered for 3.82 down to 10.83. Coinstar Inc. (CSTR) gave back 3.40 to 51.01, Las Vegas Sands Corp. (LVS) 1.53 at 22.72, RINO International Corporation (RINO) 1.34 at 11.18, and Xyratex Ltd. (XRTX) 1.06 at 14.41.
Apple Inc. (AAPL) introduced a new iPhone, but nevertheless dropped 5.02 to 250.95. Google Inc. (GOOG) got hammered for 13.20 to 485.52, and Goldman Sachs (GS) fell 3.57 to 138.68. All in all it was quite a negative session for the indices.
Stepping back and reviewing the hourly chart patterns, the indices were up early but then had a strong 3-wave decline and ended near the session lows with the NDX closing under 1800 and the SPX closing right near 1050. A very negative start for the week. Certainly there’s potential for more rollover coming, as even though the indices are quite oversold here, the downside momentum has not been abated and may continue.
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