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Closing Technical Market Analysis for Tue March 16th 2010
The stock market indices ended up higher again on Tuesday with more new 2010 highs reached today on the S&P 500 at just over 1160. The day started out with backing and filling that held support, which was followed by a strong surge, taking the Nasdaq 100 across 1930 and the SPX up near the 1157 range. They did pull back slowly and quietly over the next couple hours until the FOMC announcement, at which point some minor volatility resulted with a thrust up, a pull back that held support, and then a late run into the close. The SPX closed at new highs, while the NDX did not quite make it back over the mid-afternoon high but still closed positive on the session.
Net on the day, the Dow was up 43.83 at 10,685.98, the S&P 500 up 8.95 at 1159.46, and the Nasdaq 100 up 12.15 at 1932.24. The Philadelphia Semiconductor Index (SOXX) was up a whopping 9.44 today, nearly 3%, at 359.87.
Advance-declines were better than 3 to 1 positive on the New York Stock Exchange but only 17 to 10 positive on Nasdaq. Up/down volume was better than 5 to 1 positive on New York, but total volume was just right at 1 billion shares. Nasdaq traded over 2 billion shares today and had a 13 to 7 positive ratio.
TheTechTrader.com board was mostly higher but just fractionally so. Leading the way, the Direxion Financial Bull 3x Shares (FAS) jumped 3.40 at 92.54 and the Direxion Large Cap Bull 3X Shares (BGU) 1.55 to 59.41. The only other point-plus gainer on our board today was BioTime, Inc. (BTIM), which jumped 1.62 to 7.42, a 28% gain .
On the downside, the Direxion Daily Emerging Markets Bear 3x (EDZ) dropped 1.87 to 45.85, China Agritech (CAGC) 3.42 to 25.48, and Sequenom (SQNM) 1.68 to 6.08 on negative FDA news.
Other losses of note. RINO International (RINO) fell 79 cents to 24.86, McMoRan Exploration (MMR) lost 60 cents to 16.14, American International Group (AIG) 71 cents to 33.61, and Amylin Pharmaceuticals (AMLN) 62 cents to 22.88.
Fractional gainers included Acme Packet, Inc. (APKT), which hit a new three year high at 18.80, up 94 cents. The U.S. Oil Fund ETF (USO) jumped 96 cents to 39.79, DJSP Enterprises (DJSP) 64 cents at 11.79, MAP Pharmaceuticals (MAPP) 64 cents at 16.62, NuVasive, Inc. (NUVA) 95 cents at 45.69 and Xyratex Ltd. (XRTX) 63 cents to 17.35.
Stepping back and reviewing the hourly chart patterns, the indices were up early, extending yesterday’s late rally, pulled back midday prior to the FOMC announcement, and then had some vacillations back and forth after the announcement was made. But that resulted in a firming rally into the close, closing near the session highs going away. A strong session and close indeed for the indices. We’ll see if we get any carry forward tomorrow. But certainly the rally rolls on.
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