The markets ended up down again, following up yesterday's late afternoon sell-off, and only a late last half�"hour snapback brought them off the lows for the day.
The day started out with a slight move up that failed quickly. They moved down in a stair-step fashion, consolidated late morning in a bear-flag fashion, and then went lower in the afternoon, reached the session lows with a couple hours left, meandered about, and then did a slow snapback that accelerated into this close.
Net on the day, the Dow was down 46, the S&P 500 6 1/3, and the Nasdaq 100 4 1/3. The SOX was down nearly 6.
Advance-declines were about 21 1/2 to 12 negative on New York and about 18 to 11 negative on Nasdaq. Up/down volume was 2 to 1 negative on New York and about 5 to 3 negative on Nasdaq on total volume of a little more than 1.7 billion.
TheTechTrader.com board was narrowly mixed today. Only one stock was up or down as much as a point. That was JMDT, down 1.07.
On the upside, model portfolio position NUAN was up 74 cents on 6.7 million, trading over 7 today for the first time in over three years. BOOM advanced 48 cents, ESLR 39 cents, and REDF 69 cents, along with TZOO 83 cents on the plus side.
On the downside, other than JMDT stocks of note were DCAI down 51 cents, RVSN 65 cents, and UTSI down 60 cents.
All the rest were very narrowly mixed today.
So, a down day today with negative technicals ,but a lot of stocks narrowly mixed.
Stepping back and reviewing the hourly chart patterns, the indices broke initial short-term support on the Nasdaq 100 severely tested the 1690 support low from earlier this week and held before the late bounce.
However, the S&P 500 broke through five day support lows before bouncing late in the session.
So we'll see if we get an extension to the late snapback test and possibly break resistance, or whether that becomes a level that will be tough to get through. Keep an eye on resistance zones 1700-04 NDX and 1260-62 SPX.
Good trading!
Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com, a real-time diary of his day, swing and intermediate-term trades. For more of Harry Boxer, sign up for a FREE 15-day trial to his Real-Time Technical Trading Diary, or sign up for a Free 30-Day Trial to his Top Charts of the Week service.