Closing Analysis

Steel Stocks Start to Lift... Fri Jun 23rd 2017

AK Steel Holding Corporation (AKS) is pushing up against key, near-term resistance at 6.60/61, which, if hurdled and sustained, will trigger upside potential towards a challenge of its up-sloping 200-DMA, now at 7.24. Let's notice that for the past two weeks, AKS has tested and held numerous times at its up-turning 20-DMA. Today's strength has the right look of a classic thrust up and away from the 20-DMA. If AKS strength is preserved, and, if the stock can close above 6.

Market Closes Narrowly Mixed After Late Pullback Thu Jun 22nd 2017

The stock market indices had a very good session until midafternoon when they turned around and pulled back. After a late rally attempt failed, they really sold off hard into the close, the S&P 500 dropping from 2441 to 2435, about 6 points down very quickly. The Nasdaq 100 going from 5796 to 5780, and closed right there at the afternoon pullback lows to finish negative on the session when they were up most of the day. Net on the day, the Dow was down 12.74 at 21,397.29, about 59 points off its high.

Interesting Divergent Day Wed Jun 21st 2017

The stock market indices had a very divergent session with the Nasdaq 100 ripping up to 5608.00 today, and closing just 2 points off its high, making a new rally high above the 5770 key, overhead resistance level. The S&P 500 was down all session, dropping steadily in a declining channel, and is now in a second day of a very orderly decline. It is diverging negatively from the Nasdaq 100. Net on the day, the Dow was down 57.11 at 21,410.03. The S&P 500 was down 1.42 at 2435.61.

Bad Day, Ominous Negative Finish Tue Jun 20th 2017

The stock market indices had a very difficult session, initially gapping down, then trying to bounce back, forming wedges, and then came down in 5-waves all day, forming bear wedges along the way. They finished the last hour with a plunge to the lows for the day, and closed off, but near the lows for the day. Net on the day, the Dow was down 61.85 at 21,467.14, about 70 points off its high. The S&P 500 was down 16.43 at 2437.03, reaching a nominal new high at 2454.72, 17 points off the new high.

Terrific Start to the Week! Mon Jun 19th 2017

The stock market indices had a terrific start to the week. The day started off with a bang as the futures were up sharply. The indices ran hard in the morning, formed falling wedges that were bullish, broke out and ran to the midday high, pulled back to test support, and held. They then ran up and retested the highs and closed not far off the highs. Net on the day, the Dow was up 144.71 at 21,529.00, a new all-time high. The S&P 500 was up 20.31 at 2453.46. The Nasdaq 100 was up 90.74 at 5772.

Snap Back Rally Thu Jun 15th 2017

The stock market indices had a very interesting session, with futures sharply lower. The day started out with a big gap down, they broke support, and plunged in the morning. They had a quick, 5-wave decline, which culminated around ten fifteen this morning with a very sharp, rebound rally that lasted all day. The market rallied back sharply in a 5-wave advance, pulled back at the end of the day, and bounced into the close to finish with a loss, but way off the lows. Net on the day, the Dow was down 15.

Market Plunges after FOMC Interest-Rate Statements Wed Jun 14th 2017

The stock market indices had a very volatile day.  Initially they had a little pop to the upside, and then a sideways coil. The S&P 500 headed a little lower, but then rallied just before the FOMC announcement. When the announcement came, there was just a little pop to the highs, but they couldn’t get through, and plunged. The Nasdaq 100 dropped from 5770 to 5682 and the S&P 500 from 2443 to 2428.

Nice Follow-Through to Monday’s Snapback Rally Tue Jun 13th 2017

The stock market indices had a positive session today. The day started out with a gap up, they got to resistance early, came down and nearly filled the gap on the Nasdaq 100, but only about half of it on the S&P 500, and then they rallied back from midmorning to early afternoon, before moving into a consolidation.

Downside Follow-Through Mon Jun 12th 2017

The stock market started off the week with a plunge and follow-through from Friday, the Nasdaq 100 dropping to under 5640 and rallied back to 5725, and made a lower low, but not so on the S&P 500. The S&P 500 went from 2420 to 2428. They pulled back to retest twice in the afternoon and held as a result of a late rally. Net on the day, the Dow was down 36.30 at 21,235.67. The S&P 500 was down 2.38 at 2429.39. The Nasdaq 100 was down 33.76 at 5708.18, 45 points off the low.

Comey Testimony Slows Morning Market, Recovers, and Closes Positive Thu Jun 8th 2017

The stock market indices had a very volatile, topsy-turvy day as the former FBI Director James Comey testimony affected prices. The day started out with a pop to the upside, they came down hard, and when nothing was revealed of any major consequence in the testimony, they then rallied the market by midday to the session highs on the Nasdaq 100.

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