Indices Close With Solid Surge |
By Harry Boxer |
Published
09/2/2010
|
Stocks
|
Unrated
|
|
Indices Close With Solid Surge
The stock market indices had a strong start, consolidated mid-day, and ended the day with a very solid surge to close at the session highs going away and right at key overhead resistance near 1090 on the S&P 500 and 1840 on the Nasdaq 100.
Progress was made today as the indices advanced 50.63 on the Dow at 10,320.10. The S&P 500 was up 9.81 at 1090.10. Nasdaq 100 up 20.53 at 1840.58.
Advance-declines were a little better than 2 1/2 to 1 positive on the New York Stock Exchange and a little better than 3 to 2 positive on Nasdaq. Up/down volume, however, was the story, with a 5 to 1 positive ratio on New York on volume of a light 950 million shares. Nasdaq traded a little less than 1 2/3 billion, but had a 7 to 1 positive rally of advancing volume over declining volume.
TheTechTrader.com board, as a result, was mostly higher with many point-plus gainers. Leading the way today, Amazon.com Inc. (AMZN) was up 2.72 at 135.21, Dendreon Corp. (DNDN) 2.34 at 40.58, Spreadtrum Communications Inc. (SPRD) 1.07 to 12.41, and Valassis Communications Inc. (VCI) 1.37 at 32.78. Acme Packet, Inc. (APKT) advanced 1.30 to 35.33, a new all-time high, and Apple Inc. (AAPL) gained 1.84 to 252.17.
On the downside, the Direxion Daily Small Cap Bear 3X Shares (TZA) was down 1.23 to 32.88, the Direxion Daily Large Cap Bear 3X Shares (BGZ) down 46 cents to 14.51, the iPath S&P 500 VIX Short-Term Futures ETN (VXX) 58 cents to 20.05, and the Direxion Daily Financial Bear 3X Shares (FAZ) 40 cents to 14.50.
Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, consolidated mid-day in bull-flags, and then broke out mid-afternoon. They pulled back and formed mini bull flags, and then ran into the close to finish at the high for the day and for the week at key overhead resistance.
We’ll see if they can punch through tomorrow.
Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com.
|