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Closing Technical Market Analysis for Wed September 15th 2010
The stock market indices had another up day despite the fact that futures were lower and they gapped down and spiked down early. They hit their session lows within 20 minutes of the opening, with the Nasdaq 100 reaching 1918 and the S&P 500 1115. They immediately reversed and had a strong 5-wave advance throughout the rest of the session, reaching new rally highs across 1940 NDX.
Net of the day, the Dow was up 46.24 at 10,572.73. The S&P 500 gained 3.97 to 1125.07, and the Nasdaq 100 11.01 to 1939.81.
Advance-declines were somewhat flat today, only ahead by about 177 issues on the New York Stock Exchange and by 370 issues on Nasdaq. But still margins were narrow on technicals today, particularly on New York. Up/down volume was about 5 to 4 positive on New York, with total volume of less than 900 million shares traded today. Nasdaq had a 2 to 1 positive ratio on up/down volume, and traded just over 2 billion.
TheTechTrader.com board was mostly fractionally mixed, but there were some outstanding gainers today. Leading the way by far today was Savient Pharmaceuticals, Inc. (SVNT) on positive drug news and the potential sale of the company, up 5.22 at 19.98. We traded that today.
Pall Corp. (PLL) was also a standout, up 2.38 at 40.41, as was OPNET Technologies Inc. (OPNT) up 2.03 at 18.75, DG FastChannel, Inc. (DGIT) up 1.31 at 17.92, and IntraLinks Holdings, Inc. (IL) up 1.35 at 14.60.
Other gainers of note, Dendreon Corp. (DNDN) jumped 1.19 at 42.19, and Apple Inc. (AAPL) 2.16 at 270.22, to close over 270 for the first time, Transocean Ltd. (RIG) advanced 1.43 to 59.78, and Green Mountain Coffee Roasters Inc. (GMCR) 98 cents to 35.57.
JinkoSolar Holding Co., Ltd. (JKS) gained 95 cents to 27.62 in the firm solar sector. Spreadtrum Communications Inc. (SPRD), a swing trade pick of ours, closed up 40 cents to 12.58.
On the downside, Boxer Short Cree Inc. (CREE) lost 1.28 to 50.85, and Power-One Inc. (PWER) got hammered 1.49 to 9.67.
Stepping back and reviewing the hourly chart patterns, the indices had a 5-wave advance today after a steep opening loss reversed the indices. The advance took the indices to new highs on the NDX, but not so on the SPX, as the SPX has not yet confirmed. At this point it’s sitting right at key short-term resistance as well as key longer-term resistance, up in that 1126-30 zone.
We’ll see what we get going forward, but we are stalled in this area for the last three sessions on the S&P 500. Let’s see if we can get a breakout.
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