Dow Trails In Narrowly Mixed Session |
By Harry Boxer |
Published
11/17/2010
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Stocks
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Unrated
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Dow Trails In Narrowly Mixed Session
The stock market indices ended mixed today, but it was an interesting ride. They started out firm, running up to resistance at 2110 on the Nasdaq 100 and 1184 on the S&P 500. Then they backed off and coiled for several hours, tried a midday rally, but once again reached those same levels and couldn’t get through, and backed and filled. With about an hour and fifteen minutes to go the indices suddenly rolled over hard to test yesterday’s low, but bounced back sharply in the last 15–20 minutes to close mixed on the day.
Net on the day, the Dow managed to hold 11,000 at 11,007.88, down 15.62, but the S&P 500 was up 0.25 at 1178.59, and the Nasdaq 100 closed right at 2100.00 even, up 6.37.
Advance-declines at 3 to 2 positive on the New York Stock Exchange, but just 13 to 12 positive on Nasdaq. Up/down volume was slightly positive on New York with total volume of 930 million shares. Nasdaq traded just under 1.8 billion and had about a 9 to 8 positive ratio of advancing volume over declining volume.
So you can see that it was a marginally positive day overall.
TheTechTrader.com board was mostly higher today with many point-plus gainers and losers, several of which we traded today. Leading the way today was Chart Industries Inc. (GTLS), by far the winner, up 3.55 to 26.70. Bob Evans Farms Inc. (BOBE) jumped 2.75 to 32.57, China Medical Technologies Inc. (CMED) 2.09 to 13.86, and current swing trade pick IDT Corporation (IDT) 2.00 to 22.22.
In addition, Chico's FAS Inc. (CHS) was up 1.06 to 11.13, SinoHub, Inc. (SIHI) 55 cents to 3.04, Radware Ltd. (RDWR) 1.06 to 31.59, Cree Inc. (CREE) 1.17 to 56.29, and Coinstar Inc. (CSTR) 1.09 to 60.08.
On the downside, Apple Inc. (AAPL) lost 1.09 to 300.50, and JinkoSolar Holding Co., Ltd. (JKS) got hammered for 3.58 to 25.61, a very negative day.
In addition, the iPath S&P 500 VIX Short-Term Futures ETN (VXX) lost 1.26 to 48.08.
Stepping back and reviewing the hourly chart patterns, the indices were up sharply in the morning, failed at resistance, backed and filled for several hours, couldn’t break out and rolled over hard, but held support and bounced into the close to end mixed on the day. An interesting day, but still the overall trend and the channels are down and have not been broken out.
Key levels to watch tomorrow are 2110-11 on the NDX and 1184 SPX.
Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com.
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