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Late-Session Pop Puts Nasdaq Ahead
By Harry Boxer | Published  05/24/2005 | Stocks | Unrated
Late-Session Pop Puts Nasdaq Ahead

The markets ended mixed with the Nasdaq leading the way today.  It was a very tedious and very narrow session for most of the day.  In the last hour the indices popped, with the NDX getting back to the rally highs for the last couple weeks, and the S&P falling a bit short but breaking out above the morning highs.

Net on the day Dow was down about 20, the S&P was up 0.22, the Nasdaq 100 up 5 1/4 and the SOX Index up about 6 1/2. That helped Nasdaq do so well today.

However, the technicals were down on New York by about 70 issues.  Nasdaq was even worse, down by nearly 200 issues.

There were some outstanding issues on TheTechTrader.com board today, led by Parlux Fragrances (PARL), up 2.56 today.  Forward Industries (FORD) went to a new all-time high, getting over 21 before backing off to 20.42, up 1.13. 

In the larger-cap sector, Broadcom (BRCM) was up 57 cents, Intel (INTC) 46 cents, and the SMH 53 cents.

On the downside, Netflix (NFLX) dropped 1.11, Energy Conversion Devices (ENER) backed off 48 cents, and most other stocks were fractionally mixed. 

A couple other stocks of note on the plus side:  NovAtel (NGPS) was up 81 cents and Taser (TASR) up 66 cents today.

Stepping back and reviewing the overall patterns, the Nasdaq rally continued to forge ahead despite 6 or 7 attempts to break support.  The Nasdaq and the S&P held intraday support and moved back up at the end of the day.

However, this market is way extended, and it would be healthy if the market could get some pullback and do some retracement and fortifying of the overall pattern.

Momentum has not been broken and is still strong here.  However, divergences do exist, and that's what leads me to believe we're due for a pullback, possibly as early as tomorrow morning.

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.