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Closing Technical Market Analysis for Tue May 1st 2012
The stock market indices had a very strong rally this morning, with the Nasdaq 100 exploding from an initial opening low of 2716 all the way up to 2757. That was a 40-point run straight up in the first couple three hours. At that point, they reversed, the S&P 500 having moved from 1396 up to 1415. They then rolled over in a slow orderly fashion, bounced mid-afternoon, and then rolled over hard into the close to give back a big chunk of the gains.
Net of the day, the Dow closed up 65.92 at 13,279.55, and traded 60 points higher earlier in the day. The S&P 500 was up 7.96 at 1405.87 even, trading 10 points higher earlier in the day. The Nasdaq 100 was up 3.24 at 2726.92, reaching as high as 2756.81. That was a very negative pullback fueled by a drop from 596 to 582 on Apple Inc. (AAPL), with Apple closing negative on the day.
Advance-declines were 2 to 1 positive on the New York Stock Exchange, but 13 to 12 negative on Nasdaq. Up/down volume was 2 1/2 to 1 positive on New York, total volume 735 million. Nasdaq traded 1.8 billion, and had a 9 to 8 positive volume ratio.
TheTechTrader.com board had a very mixed picture today. Leading the way on the upside was Sourcefire, Inc. (FIRE) up 6.64 to 57.63, Veeco Instruments Inc. (VECO) 4.64 to 34.82, NuVasive, Inc. (NUVA) 3.82 to 20.39, Avis Budget Group, Inc. (CAR) 2.51 to 15.67, and Allot Communications Ltd. (ALLT) 1.76 to 26.30 were the standouts today.
Other gainers of note included Sears Holdings Corporation (SHLD), up 8.27 to 62.05, and which traded as high as 65.70 during the session. IPG Photonics Corporation (IPGP) jumped 6.77 to 55.17. InterMune Inc. (ITMN) and gained 1.28 to 11.72. Advanced Energy Industries, Inc. (AEIS) gained 1.44 to 13.38. General Cable Corp. (BGC) advanced 3.26 to 32.70. Huntsman Corporation (HUN) ran 1.26 to 15.42.
Cardtronics Inc. (CATM) was up 2.36 to 28.72, Gaylord Entertainment Co. (GET) up 2.22 to 33.70, DineEquity, Inc. (DIN) 3.35 to 51.93, Heartland Payment Systems, Inc. (HPY) 2.06 to 32.53, and AGCO Corporation (AGCO) 2.77 to 49.34 were some of the outstanding gainers today.
On the downside, Apple Inc. (AAPL) came down to 581 and ran up to 596.76, closing at 582.13, down 1.85 on the day. Cobalt International Energy, Inc. (CIE) lost another 1.10 to 25.66 after earnings report. Nu Skin Enterprises Inc. (NUS) dropped 4.41 to 48.89.
Those were the only point-plus losers on our board today.
Stepping back and reviewing the hourly chart patterns, the indices ran up sharply in the morning, and just before the lunch hour they rolled over into the afternoon, and then accelerated down into the close to give back about three-quarter of the gains on the NDX, and half of the gains on the S&P 500.
It was a very poor way to close for the bulls today, but we’ll see if key support around 2716-7 on the NDX can hold tomorrow, and key support down around 1395-8 on the S&P 500.
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