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Closing Technical Market Analysis for Thu January 17th 2013
The stock market indices had an up-day, but gave back a chunk of their gains in the last hour.
The day started out with a very steady, sharp move up, and stair-stepped its way up on the S&P 500, but the Nasdaq 100 stalled midday and couldn’t break out. Finally, when it did and took out 2750, running up to 2757, the S&P 500 ran to 1485. The indices double-topped, stalled in that area, and then rolled over in the last hour, with the NDX losing 10 and the S&P 500 backing off about 4.
Net on the day, still the Dow was up 84.79 at 13,596.02, 37 points off the high. The S&P 500 was up 8.31 at 1480.94, 4 points off the high. The Nasdaq 100 was up 12.42 at 2747.15, 9 points off its high despite the fact that Apple Inc. (AAPL), Google Inc. (GOOG), and several other stocks were lower. AAPL was down 3.41 to 502.68, and GOOG lost 3.87 to 711.32. Nothing major, but still it certainly didn’t help today.
Advance-declines were almost 3 to 1 positive on the New York Stock Exchange, and 2 to 1 positive on Nasdaq. Up/down volume was better than 2 to 1 positive on New York, and Nasdaq had a 3 to 1 positive volume ratio.
TheTechTrader.com board included such stocks as Ellie Mae, Inc. (ELLI) up 1.47 to 27.17, Green Mountain Coffee Roasters Inc. (GMCR) up 1.63 to 40.88, and Pharmacyclics Inc. (PCYC) up 1.27 to 68.37.
China Auto Logistic Inc. (CALI) jumped 1.13 to 3.70, or 44%. CBS Corporation (CBS) rose 3.01 to 40.95, on 35 million shares.
Other gainers of note included Etablissements Delhaize Fr (DEG) up 4.20 to 46.70, Impac Mortgage Holdings Inc. (IMH) up 1.04 to 12.99 on light volume, Nu Skin Enterprises Inc. (NUS) 3.24 to 45.74, SolarCity Corporation (SCTY) 1.23 to 15.21, Tangoe, Inc. (TNGO) 1.06 to 15.45, ASML Holding NV (ASML) 4.53 to 68.35, Sony Corporation (SNE) 71 cents to 11.91, Donaldson Company, Inc. (DCI) 1.92 to 36.60, and Trex Co. Inc. (TREX) 1.72 to 40.69.
On the downside, in addition to those already mentioned, Onyx Pharmaceuticals, Inc. (ONXX) was down 1.43 to 77.85, and Uni-Pixel, Inc. (UNXL) dropped 1.59 to 16.18.
Stepping back and reviewing the hourly chart patterns, the indices were up early and stair-stepped their way higher all day until the last hour on the S&P 500. But the NDX stalled midday, although it did finally break out in the afternoon to reach a new, multi-month high. The S&P 500 tagged 1485, a new 5-year high, and backed off to 1481. Nevertheless, it was a positive day with good technicals -- a very solid session, despite the late selloff.
We’ll see how it goes on tomorrow.
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