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Closing Technical Market Analysis for Wed September 29th 2010
The stock market indices vacillated back and forth today, continued their consolidation, but held support while being repelled by resistance. Net on the day they were down a bit.
The day started out with a little bit of a gap down. They then bounced to retest the highs on the Nasdaq 100, but fell far short on the S&P 500. At that point 2000 support held on the NDX, as did 1140 on the SPX. They bounced again, but were unable to get back up to the early session highs on the NDX, although surpassed them on the SPX. They backed off mid-day, but in the early afternoon came on again only to fail at resistance and sell off over the course of the last 90 minutes. But in the last 30-35 minutes or so, they bounced again to pare back the losses.
Net of the day, the Dow was down just 22.86 to 10,835.28, the S&P 500 down 2.98 at 1144.72, and the Nasdaq 100 down 3.35 at 2009.08.
Advance-declines were 16 to 13 positive on the New York Stock Exchange, and 14 to 12 positive on Nasdaq. Up/down volume was 5 to 4 negative on New York on total volume of just under 1 billion. Nasdaq traded just under 2 billion shares today and had about a 10 to 9 negative ratio as well.
TheTechTrader.com board was mostly higher, with quite a few stocks up a point or more. Leading the day today was Netflix, Inc. (NFLX), which exploded up 8.77 to 170.63, closing over 170 for the first time ever, a new all-time high.
Other high-tech stocks moving today were JinkoSolar Holding Co., Ltd. (JKS) up 2.18 to 31. 63, Cree Inc. (CREE) up 1.71 to 55.02, Blue Coat Systems Inc. (BCSI) up 1.38 to 24.68 on takeover rumors, and Radware Ltd. (RDWR) up 2.61 to 34.79 on takeover rumors as well.
In addition, Transocean Ltd. (RIG) was up 1.93 to 65.13, Trina Solar Ltd. (TSL) up 1.38 to 28.88 in a generally firm solar energy sector, and McMoRan Exploration Co. (MMR), a current swing trade pick, up 1.00 to 17.51. Nanometrics Incorporated (NANO), another swing trade pick, jumped 1.39 to 15.40, and Cirrus Logic Inc. (CRUS) 1.67 to 19.02.
Among fractional gainers, ADTRAN Inc. (ADTN) was up 93 cents to 34.77, Finisar Corp. (FNSR) up 90 cents to 19.25, and VirnetX Holding Corp (VHC), another current swing trade, 57 cents to 14.36.
On the downside, Green Mountain Coffee Roasters Inc. (GMCR), which had an SEC investigation, dropped 5.95 to 31.06. That was a major point-plus loser today. Everything else that was down on our board fell by just fractions.
Spreadtrum Communications Inc. (SPRD) was down 41 cents to 12.49, LogMeIn, Inc. (LOGM) 96 cents to 37.43, Goldman Sachs (GS) 59 cents to 144.42, Dendreon Corp. (DNDN) 57 cents to 41.30, and Amazon.com Inc. (AMZN) 71 cents to 158.99.
Stepping back and reviewing the hourly chart patterns, the indices were down in the morning, back and forth mid-day, dropped sharply in the afternoon, but held support, and then snapped back into the close to pare back the losses.
Nevertheless, it was a losing session for the indices, but a narrow one.
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