Closing Analysis

Positive Close to Turbulent Week

Closing Technical Market Analysis for Fri September 23rd 2011

The stock market indices ended the week on a positive note, but opened lower in the morning. They bounced around, tested support, held, and then rallied sharply in the morning until just before noon when they pulled back to test again. On two occasions they held 2190 on the Nasdaq 100 and 1130 on the S&P 500, and then bounced to new highs for the day, just nominally so, but right up to a key overhead resistance zone that thwarted the advance. They backed off one more time to retest, and then they bounced into the close.

Net on the day, the Dow was up 37.65 at 10,771.48, the S&P 500 up 6.87 at 1136.43, and the Nasdaq 100 up 22.27 at 2206.86.

Advance-declines were nearly 2 to 1 positive on the New York Stock Exchange, and more than 2 to 1 positive Nasdaq. Up/down volume was 2 to 1 positive on New York, with total volume of 1.2 billion shares traded today. Nasdaq traded 2.2 billion shares and had a 5 to 1 positive volume ratio. board, was mostly higher with quite a few gainers. The ultra-shorts, both silver and gold, had a big day today. ProShares UltraShort Silver (ZSL) was up 4.32 to 19.34, reaching as high as 20.35. ProShares UltraShort Gold (GLL) jumped 1.96 to 18.97, reaching 19.27 at one point in the day. VelocityShares Daily 2x VIX ST ETN (TVIX), despite the fact that the market was up today, gained 1.44 to 80.14.

Other gainers of note included Aruba Networks, Inc. (ARUN) up 2.40 to 22.03, First Solar, Inc. (FSLR) 3.39 to 70.24, InterDigital, Inc. (IDCC) 2.34 to 57.81, SodaStream International Ltd. (SODA) 1.02 to 36.75, Inc (YOKU) 3.10 to 17.41, and VirnetX Holding Corp (VHC) 1.21 to 18.40. Westport Innovations Inc. (WPRT) was up 1.71 to 30.19, Nike Inc. (NKE) 4.46 to 88.64, and Yahoo! Inc. (YHOO) 72 cents to 14.71.

In addition, Apple Inc. (AAPL) advanced 2.48 to 404.30, Goldman Sachs (GS) 1.20 to 95.18, Google Inc. (GOOG) 4.85 to 525.51, and Lululemon Athletica Inc. (LULU) 1.54 to 55.77.

On the downside, ultra-short ETF Direxion Daily Small Cap Bear 3X Shares (TZA) lost 1.91 to 52.13, and the Direxion Daily Financial Bear 3X Shares (FAZ) fell 2.22 to 69.12.

MAKO Surgical Corp. (MAKO) was down 1.17 to 35.25, and Coffee Holding Co.Inc. (JVA) dropped 24 cents to 12.16.

Stepping back and reviewing the hourly chart patterns, the indices backed and filled in the morning, rallied mid-morning, backed off in the early afternoon, came onto new session highs, backed off, but once again they came on in the last half hour to close up on the day.

Let’s see how it goes next week.

Good Trading!


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- Harry Boxer

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