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Closing Technical Market Analysis for Thu July 14th 2011
The stock market indices suffered more declines today. That was after an initial rally took them to test the intraday initial resistance level at 2370 on the Nasdaq 100 and 1327 on the S&P 500. But then they sold off sharply, coming from 2370 down to 2319 on the Nasdaq 100 and all the way from 1327 to 1306 on the S&P 500. An early afternoon rally snapped them back, but they failed at resistance once again and rolled back to retest the lows. Although they did bounce in the last half hour, they were still down on the day.
Net on the day, the Dow was down 54.49 at 12,437.12, the S&P 500 down 8.85 at 1308.87, and the Nasdaq 100 down 27.37 at 2325.06.
Advance-declines were about 4 to 1 negative on the New York Stock Exchange and about the same on Nasdaq. Up/down volume was about 5 to 1 negative on New York with total volume just over 900 million shares traded, and Nasdaq traded about 2 billion shares and had about a 4 to 1 negative volume ratio.
TheTechTrader.com, as a result, was mostly lower today. Leading the point-plus losers was Coffee Holding Co.Inc. (JVA) down 4.16 to 18.89. That has now dropped from nearly 31 in just the last four sessions. Amazon.com Inc. (AMZN) lost 3.12 to 210.38, Global Crossing Ltd. (GLBC) 2.09 to 36.49, Molycorp, Inc. (MCP) 2.48 to 51.85, Sequans Communications S.A. Ame (SQNS) 1.04 to 14.57, Tesla Motors, Inc. (TSLA) 1.03 to 27.61, VirnetX Holding Corp (VHC) 3.21 to 35.15, and Youku.com Inc (YOKU) 1.93 to 33.88.
However, there were quite a few gainers today. Leading the way, ICAgen Inc. (ICGN) was up 1.85 to 7.90, Rosetta Genomics Ltd. (ROSGD) up 33 cents to 1.80, Pervasive Software Inc. (PVSW) 74 cents to 7.33, Frequency Electronics Inc. (FEIM) 79 cents to 10.40, NutriSystem Inc. (NTRI) 78 cents to 15.11, and Glu Mobile, Inc. (GLUU) 36 cents to 5.91. SodaStream International Ltd. (SODA) jumped 1.90 to 73.87 after reaching nearly 70 early in the morning.
In addition, Universal Forest Products Inc. (UFPI) advanced 5.06 to 29.13, up 21%. Shengkai Innovations, Inc. (VALV) gained 30 cents to 2.35, up 15%, Gulf Resources, Inc. (GURE) 42 cents to 3.65, up 13%, and Rediff.com India Ltd. (REDF) 85 cents to 12.60.
The ultra-short ETFs had a good day today. The ProShares UltraShort DJ-UBS Crude Oil (SCO) was up 1.94 to 47.64, the Direxion Daily Small Cap Bear 3X Shares (TZA) 1.60 to 34.73, and the Direxion Daily Financial Bear 3X Shares (FAZ) 1.14 to 47.71.
Stepping back and reviewing the hourly chart patterns, the indices opened firm, ran up a bit, but gave it all back and then some in an early morning to early afternoon slide. They then backed and filled in the afternoon, could not rally them back, and closed down on the day.
We’ll see if we get further extension to the downside, although it appears it may have completed the fifth-wave down today.
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