Closing Analysis

Mixed Close with Surprisingly Strong Technicals RSS

Closing Technical Market Analysis for Tue April 24th 2012

The stock market indices had another mixed session today, with the Dow and S&P 500 up, and the Nasdaq 100 down.

The day started out with a move up on the S&P 500 and the NDX, but the NDX failed just under 2660 resistance, and the S&P 500 failed at 1325 1/2. They then rolled over into mid-afternoon, testing the lows on the NDX from yesterday, and then bounced. The last couple hours looked like a bear-wedge, although the S&P 500 did form some sort of mini-intraday, inverted head-and-shoulders, and was not able to get through the neckline.

Net of the day, the Dow was up 74.39 at 13,001.56, the S&P 500 up 5.03 at 1371.97, and the Nasdaq 100 was down 14.77 at 2638.73. Apple Inc. (AAPL) was down 11.42 to 560.28, and Netflix, Inc. (NFLX) dropped 14.16 to 87.68 on negative earnings, which put pressure on the NDX.

Advance-declines were more than 2 to 1 positive on the New York Stock Exchange, and about 2 to 1 negative on Nasdaq. Up/down volume was nearly 2 1/2 to 1 positive on New York, with total volume at around 740 million. Nasdaq traded 1 2/3 billion, and had a 9 to 7 1/2 negative volume ratio. board was mostly mixed, but there were several stocks moving to the upside that made the day interesting. On the upside, Goldman Sachs (GS) was up 2.36 to 114.11, and International Business Machines Corp. (IBM) jumped 1.38 to 200.00 even. Affymax, Inc. (AFFY) gained 1.36 to 12.95.

Ultra-long Direxion Daily Financial Bull 3X Shares (FAS) were up 2.98 to 99.29 as well as the The Direxion Daily Small Cap Bull 3X Shares (TNA), up 1.18 to 55.04. board had some interesting action today. There were some low-priced stocks that had very good gains today, including Good Times Restaurants Inc. (GTIM) which gained 1.74 to 4.55, or 62%, on 1.7 million shares. China Information Technology, Inc. (CNIT) was up 27 cents to 1.59, or 30%. Alimera Sciences, Inc. (ALIM) advanced 75 cents to 3.44, or 28%. Grifols, S.A. (GRFS) gained 1.05 to 9.35, or nearly 12.65%, on 5.8 million shares.

Align Technology Inc. (ALGN), which we traded today, ran 4.32 to 31.76, or 15 3/4%, on 5 million shares.

Multiple-point gainers on our board included Lennox International, Inc. (LII), up 4.28 to 42.59, Carlisle Companies Inc. (CSL) 5.40 to 55.17, and Measurement Specialties Inc. (MEAS) 3.34 to 34.97. InterOil Corporation (IOC) was up 2.62 to 53.99, Baker Hughes Incorporated (BHI) 1.97 to 43.04, Universal Forest Products Inc. (UFPI) 1.47 to 35.79, and Fusion-io, Inc. (FIO) 1.05 to 27.25. Stratasys Inc. (SSYS) up 1.93 to 49.80, and InterDigital, Inc. (IDCC) 1.16 to 31.95.

In addition, Banner Corporation (BANR) up 1.78 to 22.44, and Juniper Networks, Inc. (JNPR) 1.46 to 21.63 also stood out today.

The Hershey Company (HSY) was sweet today, up 3.71 to 66.00 even.

On the downside, in addition to Apple and Netflix, Chipotle Mexican Grill, Inc. (CMG) was down 14.38 to 402.86, Coach, Inc. (COH) 3.25 to 71.87, Lululemon Athletica Inc. (LULU) 3.64 to 70.18, Corrections Corporation of America (CXW) 2.71 to 27.60, ARM Holdings plc (ARMH) 2.43 to 25.15, Symantec Corporation (SYMC) 2.06 to 16.01, and the big percentage loser of the day was Big Lots Inc. (BIG), down 11.00 to 34.71, or 24%.

Stepping back and reviewing the hourly chart patterns, the indices once again opened lower, and then bounced, and rallied more sharply on the S&P 500 than on the NDX, because of pressure on Apple and Netflix. The indices rolled over into mid-afternoon before bouncing late in the session. It was a mixed close, and surprisingly strong technicals, however, on the New York Stock Exchange.

Let’s see how it goes tomorrow.

Good Trading!


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