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Closing Technical Market Analysis for Thu September 23rd 2010
The stock market indices had a topsy-turvy session, opening sharply lower, rallying immediately, and retesting the earlier week’s highs on Nasdaq 100 over 2000 at the 2002.50 level. The S&P 500 at that point had rallied back up to 1137, but it was nearly 12 points below Tuesday’s high, and the negative divergence caused the indices to back off and consolidate.
After an hour and a half or so, after forming what appeared to be bull flags, the indices failed and rolled over hard and got slam-dunked down to retest the lows. The last 25-30 minute snapback rally pared back the losses.
Net of the day, however, was a loss for the indices, with the Dow down just 76.89 at 10,662.42. The S&P 500 dropped 9.45 at 1124.83, and the Nasdaq 100 lost just 0.61 at 1982.15, 20 points off its high.
Advance-declines were 21 to 9 negative on the New York Stock Exchange, and about 2 to 1 negative on Nasdaq. Up/down volume was 3 1/2 to 1 negative on New York on total volume of under a billion at 938 million shares. Nasdaq had an 11 to 7 negative plurality on total volume of nearly 1.9 billion shares traded today.
TheTechTrader.com board was mixed and mostly lower, with quite a few gainers on our board today, several of which we traded. Leading the way, Amtech Systems Inc. (ASYS), a current swing trade pick of ours, was up 1.19 to 17.20. Endo Pharmaceuticals Holdings Inc. (ENDP) jumped 92 cents to 29.74. Savient Pharmaceuticals, Inc. (SVNT) gained 99 cents to 22.84, and Rediff.com (REDF) added another 81 cents to 5.65.
In addition, Limelight Networks, Inc. (LLNW) advanced 48 cents to 4.90, IDT Corporation (IDT) 45 cents to 17.96, VirnetX Holding (VHC) 62 cents to 12.84, Green Plains Renewable Energy (GPRE) 38 cents to 10.95, Aspen Technology Inc. (AZPN) 55 cents to 9.88, and VirnetX Holding Corp (VHC), a current swing trade pick, 62 cents to 12.84. Exact Sciences Corporation (EXAS), another swing trade pick, gained 26 cents to 6.50, with Biovail Corporation (BVF) up 89 cents to 26.75.
In the large-cap sector, slight gainers included Amazon.com Inc. (AMZN) up 1.02 to 152.85, and Apple Inc. (AAPL) up 1.17 to 288.92, about 4 points off its high. The Direxion Daily Small Cap Bear 3X Shares (TZA) rose 1.03 to 29.61.
On the downside losses included Goldman Sachs (GS) down 3.16 to 144.91, JinkoSolar Holding Co., Ltd. (JKS) down 1.20 to 29.25, Valassis Communications Inc. (VCI) 1.05 to 32.01, and the Direxion Daily Financial Bull 3X Shares (FAS) 1.12 to 20.67.
Stepping back and reviewing the hourly chart patterns, the indices were down at the opening, rallied very sharply in the morning, consolidated mid-day, and then rolled over hard and sold off to retest the lows, but bounced in the last half hour to pare back the losses. Still, a negative session for the indices, and the S&P 500 remained in the confines of its newly forming 3-day down channel.
We’ll see what kind of further downside follow-through we get, or whether they can hold support and bounce them back.
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