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Closing Technical Market Analysis for Fri September 3rd 2010
The stock market indices ended the week with a bang, with a very strong multiple-session rally off of the earlier week’s lows. That rally saw the Nasdaq 100 jump from under 1760 to over 1870, 110 points, and the S&P 500 move from 1040 to about 1104, a 64-point run.
At the end of the day, despite an early morning pullback, the indices came on for the rest of the session and closed near the session highs, with the Nasdaq 100 closing at the exact high of the day.
Net of the day, the Dow was up 127.83 at 10,447.93, just 4 points off its high. The S&P 500 was up 14.41 at 1104.51, about a 1/2 point from its high. The Nasdaq 100 was up 29.73 at 1870.31. So, a very strong showing for the indices today.
Advance-declines were about 3 1/2 to 1 positive on the New York Stock Exchange and about 3 to 1 positive on Nasdaq. Up/down volume was about 10 to 1 positive on New York on total volume of 930 million shares. Nasdaq traded about 1.6 billion, and had about a 9 to 1 positive volume ratio.
TheTechTrader.com board, as a result, was very strong. Leading the way, Goldman Sachs (GS) was up 7.51 at 147.29, Apple Inc. (AAPL) up 6.60 at 258.77, and Amazon.com Inc. (AMZN) 3.58 at 138.79.
Other multiple point gainers included Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA), which we traded today and which gapped and ran up 4.07 at 26.30. Finisar Corp. (FNSR) jumped 1.99 at 15.60, and Oclaro, Inc. (OCLR) 1.89 at 13.11.
Other point-plus gainers of note, Cree Inc. (CREE) jumped 1.88 to 56.50, Acme Packet, Inc. (APKT) 1.08 to 36.41, and the Direxion Daily Financial Bull 3X Shares (FAS) 1.23 to 21.62.
Among large fractional gainers of note, Take-Two Interactive Software Inc. (TTWO) was up 65 cents to 9.50, OmniVision Technologies Inc. (OVTI) 67 cents to 22.06, L & L Energy, Inc. (LLEN) 34 cents to 8.55, Cirrus Logic Inc. (CRUS) 49 cents at 17.38, and China Agritech Inc. (CAGC) 78 cents to 16.42.
On the downside, the only point-plus loser was the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ), down another 1.13 to 32.95 today.
Stepping back and reviewing the hourly chart patterns, the indices gapped up large today, pulled back on less-than-desirable economic news from the labor report today, but stabilized, and came on the rest of the session to close at the session highs. A very good showing for the bulls today, indeed, and an excellent way to close the week.
We are near key overhead resistance and gaps, so this may be a formidable zone of resistance from which they could very well back off next week. We’ll see how it goes.
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