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The indices managed to squeeze out a gain on the blue chips, but the Nasdaq 100 was down a very small fraction and the Philadelphia Semiconductor Index (SOXX) got hit for more than 1%, so it was a mixed close.
But the S&P 500 closed going away at the exact high for the day, spiking up at the close. The NDX did manage to rally late in the session and close near the session highs, but still trailed the SPX and that may have created a negative divergence.
The day started out with a gap down, but they immediately bounced and then went to lower lows but held support. They bounced around for a few hours, continuing to hold support. When that occurred they rallied to mid-afternoon, pulled back in the last hour, but in the last 10 minutes spiked back up again.
Net on the day the Dow was up 47.08 to 10,062.94, about 85 points off its low, the S&P 500 up 4.54 to 1096.56, 10 points off its low, and the Nasdaq 100 down 90 cents on the day to 1753.36, 11 points off its low. The Philadelphia Semiconductor Index closed at 329.78, down 4.73.
Advance-declines barely edged to the upside by 19 issues on New York, but were nearly 350 issues negative on Nasdaq. Up/down volume was slightly higher on New York on total volume of 1.3 billion. Nasdaq traded more than 2.1 billion and had about a 4 to 3 negative volume ratio.
TheTechTrader.com board was mostly narrowly mixed, but there were a few point plus movers.
Acordia Pharmaceuticals (ACOR) on FDA approval of their drug soared 7.91 to 24.65 on 13 million. The U.S. Oil Fund ETF (USO) was up 1.30 at 39.91, as oil broke through $77 a barrel.
Those were the only point-plus gainers on our board.
On the downside financials had a weak session, with Goldman Sachs (GS) down 3.65 at 188.63. The Direxion Financial Bull 3x Shares (FAS) lost 1.93 to 91.96.
Among the fractional gainers, biotechs generally had a positive session. Dendreon (DNDN) added 58 cents to 29.91, at one point over 30. Jazz Pharmaceuticals (JAZZ) jumped 87 cents to 8.66 on 3 ¼ million. Vanda Pharmaceuticals (VNDA) continued its snapback, up 37 cents to 11.88.
Interestingly enough the Direxion Financial Bear 3x Shares (FAZ) was up 35 cents today to 17.88.
Stepping back and reviewing the hourly chart patterns, continuing the consolidation of the last two sessions, the indices backed and filled most of the day, rallied in the afternoon, and broke out late in the session on the SPX, but the NDX failed to confirm.
Good trading!
Harry
For more of Harry Boxer, sign up for a Free 15-Day Trial to his Trading Diary. (https://www.thetechtrader.com/reg/bb)
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