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7 Jan 2015
US indices had yet another negative close – TechTrader
FXStreet (Barcelona) - Harry Boxer, of the TheTechTrader, shares that the US stock market indices had yet another negative close day after their intraday upward rally was thwarted by the secondary resistance and the declining topsline, with Dow down 130.34 points at 17371.31, S7P500 down 17.97 at 2002.61 and Nasdaq 100 down 50.13 points at 4110.83.
Key Quotes
“The stock market indices had a turn-around-day on Tuesday in the afternoon, and when they appeared to be rallying back very sharply with good volume and good technicals, but secondary resistance thwarted the advance as did the declining topsline. They then rolled over hard into the close, finishing with quite negative losses on the day with negative technicals.”
“The day started out with a move to the upside. They backed and filled, tested support successfully, and then they bounced but they couldn't get through resistance. Then the selloff ensued, taking the Nasdaq 100 from 4177 down to 4090 at one point, 87 points from the morning high. The S&P 500 dropped from 2030 down to 1992, a 38-point drop. Then they rallied back in 5-wave advances up to resistance, couldn't get through, and came down sharply, dropping the Nasdaq 100 back from 4150 where the rally ended to 4109, 41 points off the high. The S&P 500 dropped back from 2016-17 to 2002.”
“Net on the day, the Dow was down 130.34 at 17,371.31. The S&P 500 was down 17.97 at 2002.61. The Nasdaq 100 was down 50.13 at 4110.83.”
“Advance-declines were 2 to 1 negative on the New York Stock Exchange, and 3 to 1 negative on Nasdaq. Up/down volume was 3 to 1 negative on New York, with total volume of 4.4 billion shares. Nasdaq traded 2.1 billion shares, and had a 3 to 1 negative volume ratio.”
Key Quotes
“The stock market indices had a turn-around-day on Tuesday in the afternoon, and when they appeared to be rallying back very sharply with good volume and good technicals, but secondary resistance thwarted the advance as did the declining topsline. They then rolled over hard into the close, finishing with quite negative losses on the day with negative technicals.”
“The day started out with a move to the upside. They backed and filled, tested support successfully, and then they bounced but they couldn't get through resistance. Then the selloff ensued, taking the Nasdaq 100 from 4177 down to 4090 at one point, 87 points from the morning high. The S&P 500 dropped from 2030 down to 1992, a 38-point drop. Then they rallied back in 5-wave advances up to resistance, couldn't get through, and came down sharply, dropping the Nasdaq 100 back from 4150 where the rally ended to 4109, 41 points off the high. The S&P 500 dropped back from 2016-17 to 2002.”
“Net on the day, the Dow was down 130.34 at 17,371.31. The S&P 500 was down 17.97 at 2002.61. The Nasdaq 100 was down 50.13 at 4110.83.”
“Advance-declines were 2 to 1 negative on the New York Stock Exchange, and 3 to 1 negative on Nasdaq. Up/down volume was 3 to 1 negative on New York, with total volume of 4.4 billion shares. Nasdaq traded 2.1 billion shares, and had a 3 to 1 negative volume ratio.”