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Closing Technical Market Analysis for Thu December 20th 2012
The stock market indices had an interesting volatile day, but the day ended in the plus column.
The day started out, however, with a sharp dip to test secondary levels. They did hold, and at that point, they snapped back, tested resistance, and then backed off to consolidate and form wedges. It looks like they may have gone lower, but they held support, and by midday they started a rally, which took the Nasdaq 100 and S&P 500 to new session highs. They backed off in the last hour, only to come on again in the last few minutes and closed firmly.
Net on the day, the Dow was up 59.75 at 13,311.72. The S&P 500 was up 7.88 at 1443.69, just a penny off the high. The Nasdaq 100 was up 2.56 at 2693.55, 5 points off the high and 14 points off the low.
Advance-declines were better than 2 to 1 positive on the New York Stock Exchange, and 3 to 2 positive on Nasdaq. Up/down volume was better than 3 to 1 positive on New York. Nasdaq had a 3 to 2 positive volume ratio.
TheTechTrader.com board showed the Direxion Daily Financial Bull 3X Shares (FAS) jumping 4.45 to 124.09, and the ProShares UltraShort Silver (ZSL) popped 3.49 to 51.42, as gold and silver sold off sharply.
Google Inc. (GOOG) was up 2.25 to 722.36, 4 points off the high, Goldman Sachs Group, Inc. (GS) up 2.47 to 129.72, at the session high, and Amazon.com Inc. (AMZN) gained 3.51 to 261.50.
Other gainers of note include on our board today included low-priced Ampal-American Israel Corp. (AMPL), up 1.47 to 3.60, or 69%, on only a half million shares, but 3000% higher volume than normal. Sequans Communications S.A. (SQNS) gained 43 cents to 2.71, or 19%. Dynatronics Corp. (DYNT) popped 51 cents to 3.58, or 17%. Alexza Pharmaceuticals Inc. (ALXA) ran up 73 cents to 6.22, or 13%, on 3 million shares.
Winnebago Industries, Inc. (WGO), which we traded today, advanced 2.25 to 16.33, or 16%, on nearly a million shares. Steelcase Inc. (SCS) gained 1.40, or 12.93, or 12%, on 4.2 million shares. CarMax Inc. (KMX) closed up 3.13 to 37.97, or 9%, on 7 million shares.
ProShares Ultra DJ-UBS Natural Gas (BOIL) snapped back 2.54 to 42.45
In addition, Jabil Circuit Inc. (JBL) was up 1.38 to 19.95, on 12 million shares, SouFun Holdings Ltd. (SFUN) up 1.74 to 25.00, The Medicines Company (MDCO) 1.42 to 23.71, HomeAway, Inc. (AWAY), which we traded today, 1.08 to 22.64, Northern Tier Energy LP (NTI) 1.42 to 27.11, ExactTarget, Inc. (ET) 1.14 to 20.30, and DineEquity, Inc. (DIN) 3.15 to 66.12 rounded out the leader board.
On the downside, Apple Inc. (AAPL) lost 4.58 to 521.73, on negative news from Sumsang, Pharmacyclics Inc. (PCYC) was down 1.07 to 60.95, and SodaStream International Ltd. (SODA) gave back 1.22 to 43.32.
The iShares Silver Trust (SLV) was down 1.11 to 29.00 even, and the VelocityShares 3x Long Silver ETN (USLV) lost 3.24 to 25.22.
Stepping back and reviewing the hourly chart patterns, the indices were down early, snapped back just as quickly, and then went into a multi-hour consolidation, before breaking out midday. They rallied to the session highs midafternoon, and then pulled back near the close, only to snapback at the close on the S&P 500 in particular, the S&P 500 closing right at the session high or right near it.
It was a good day for the indices as the support did hold and we are still in an uptrend in a rising, intermediate channel on the S&P 500. Today’s low at about 1432-3 zone, at this point, are probably going to be key support levels.
We’ll see what happens tomorrow.
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