Closing Boxer Brief
Nightly technical market analysis by Harry Boxer that reviews the session's key movers and highlights technical levels to watch.
Big Day on Wall Street
It was a big day on Wall Street to finish the week. The stock market indices blasted ahead from the get-go, with big opening gaps. They ran hard in the morning, and by mid-morning they started to consolidate, but in bullish flag-type fashion. Midday, they rallied to new highs, and then backed off in the afternoon to consolidate. They came on at the end of the day to make nominal new highs, just above 1345 on the S&P 500, but did not do so on the Nasdaq 100. Nevertheless, it was a big day.
Mixed Close, Strong Technicals
The stock market indices had a very mixed session at the close, although the technicals were positive at the end of the day. The day started out much better, with a gap up, a 5-wave advance that took them to new highs for the rally, the Nasdaq 100 reaching over 2500 to 2504, and the S&P 500 reaching up to 1329. But the SPX did not get near the 1330.50 level that it reached yesterday, and that resulted in a very sharp slide to retest the lows on the NDX.
Solid Gains, but Substantially Off Highs
The stock market indices had a very strong session, but a late afternoon sell-off really took the excitement out of it by taking back a big chunk of the gains in the last hour or so. The day started out with a large gap up, and then they pulled back sharply, particularly on the Nasdaq 100, but not on the S&P 500. That held very well, holding the 1321 support area. They then started a rally that stair-stepped sharply higher all morning and into the mid-afternoon.
Indices Bend, though Don't Break, in Mixed Session
The stock market indices had a mixed session at the close, similar to the day before yesterday. The day started out with a real pop to the upside on strong futures, and they reached their highs within 10 minutes. They immediately sold off, taking the Nasdaq 100 from 2481.50 down to 2453, and then they rallied back in a 3-wave fashion into mid-afternoon before backing and filling into the close. The S&P 500 dropped from 1332 down to 1307, and rallied back to 1312.79 by the close.
Indices Recover to Close Well Off Lows
The stock market indices started off narrowly mixed this week. They were very volatile and opened sharply lower, but had a fantastic recovery to “thwart the bears,” as they say. There were large gap downs at the opening, they bounced, and then lower lows were had. The indices rallied sharply to midday, consolidated, and rallied again in the early afternoon before consolidating again in the afternoon, but held out for the gains. Net on the day, still the Dow was down 6.74 at 12,653.
