Closing Analysis

Negative Day for Wall Street Thu Apr 19th 2018

The stock market had a negative day, early on the indices dropped down sharply, ran right back up to resistance, formed bear-wedges & flags, and then stair-stepped their way down in a 5-wave decline. Midday, they stabilized, hitting bottom at 6760 Nasdaq 100, which happens to be the multi-session trend line support , 50-day moving average, and lateral price support, on the hourly charts. When that held, they had a late rally, particularly when they announced that Trump is not part of the Mueller investigation.

Choppy Mixed Session Wed Apr 18th 2018

The stock market had a choppy day, but managed to close mixed. However, the day started out with sharp drop, they held secondary support, then rallied sharply, consolidated midday, tested, reaching new highs for the day on the Nasdaq 100, but couldn’t confirm on the S&P 500. The S&P 500 did get to 2716 resistance, which it tested four times between late morning and early afternoon, and then rolled over to finish at the pullback lows for the session. Net on the day, the Dow was down 38.56 at 24,748.07.

Strong Follow Through Day Tue Apr 17th 2018

The markets had another good day, and a great follow-through to yesterday, rather than a turn-around Tuesday. The day started out with a big gap up, ran sharply all morning. By midday they were consolidating, the Nasdaq 100 making nominal new highs, but the S&P 500 was not able to do so. They then did an afternoon retest, and when that was successful they took out the highs, the Nasdaq running all the way up to 6834.31 and the S&P 500 to 2713.34.

Strong Start to the Week Mon Apr 16th 2018

 The stock market had a strong session to start the week on Monday. The day started off with a little pop from the get-go, the indices tested support a couple times, particularly on Nasdaq 100, but the S&P 500 held up at a higher level, formed a nice wedge, and then exploded into midday. In the afternoon, they pulled back to retest, held support  and snapped back in the last hour to strongly higher on the session.   Net on the day, the Dow was up 212.90 at 24,573.

Big Gains Despite Late Sell-Off Thu Apr 12th 2018

The stock market had an interesting day with a solid gain on Thursday, but most of the gains came early on as the market gapped up sharply and ran hard in the first thirty-forty minutes, they then backed and filled into midday, slowed down after lunch when there were talks about Military action in Syria. Then had a 5-wave advance, reaching nominal new highs, but couldn’t sustain it. In the last twenty minutes they sold them off pretty well, but still closed up with big gains for the day.

Mixed Volatile Day Wed Apr 11th 2018

The stock market had another volatile day, moving up off the lows, after opening weak in the morning, reaching rally highs on the Nasdaq 100 at 6650.29. The S&P 500 got up to just over 2661.00, but was not able to take out the 2665.00 prior high. A negative divergence set up and the following pullback took the Nasdaq 100 from 6650 to under 6580, closing near there for the day. The S&P 500 dropped from 2661.43 to 2640.00. All three indices closed at or near the lows for the day.

VERY Positive Day! Tue Apr 10th 2018

The stock market had a really strong day today, gapping up from the get-go, pulling back, but successfully retesting midday support. When support held, they rallied sharply in the afternoon, and ran to key overhead resistance near the declining tops line for the current down channels. The necklines have slightly been pierced at the necklines of the inverse head-and-shoulder patterns, which appear to be developing. It was a very explosive day, so we’ll have to see if we get a follow-through tomorrow.

Slightly Positive Finish, But a VERY WEAK close Mon Apr 9th 2018

It was a topsy-turvy day for the markets today, to say the least. They exploded this morning on breakaway gaps, and ran all morning until midday when they consolidated. The S&P 500 made higher-highs, but the Nasdaq 100 did not confirm. I warned the Tech Traders that could result in a rollover.and  in the afternoon they started to really accelerate lower, but no one knew why until we learned that the Trump’s attorney’s offices had been raided by the FBI.

Solid follow through session Thu Apr 5th 2018

 The markets had a nice follow-through session, particularly early on when they gapped up, pulled back, the S&P 500 made higher highs, but when the Nasdaq 100 failed to do so, they pulled back midday. The retest was successful, however, and they rallied back to retest the highs once again, but couldn’t get through, and backed and filled near the close. The held onto most of the gains and closed in the plus column. Net on the day, the Dow was up 240.92 at 24,505.22. The S&P 500 was up 18.

Huge Market Reversal!! Wed Apr 4th 2018

The stock market had a huge rally on Wednesday that started with a plunge at the opening! However, midday, the market reversed and was free sailing after that. Net on the day, the Dow was up 230.94 at 26,264.30, 775 points off the low, and closed a few points from the high for the day. The S&P 500 went from a low of 2574 to a high of 2650, before closing up 30.23 at 2644.69. The Nasdaq 100 went from a low of 6326.34 to a high of 6578.56, and closed up 101.30 at 6560.

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