8 Apr 2015
US Indices give back early gains to close negative – TechTrader
FXStreet (Barcelona) - Harry Boxer of The Technical Trader, summarizes the intraday performance of the Dow Jones, S&P 500 and the Nasdaq, noting that they rolled over gains during the last hour, closing negative for the day.
Key Quotes
“The stock market had a very strong start to the day, and a 3-wave move up that took the indices from 4350 Nasdaq 100 to nearly 4380 and the S&P 500 from 2081 to 2090.”
“They pulled back midday to consolidate, but at the end of the day, without breaking out the formidable declining topsline, it became quite difficult to get through. They rolled over hard in the last hour, taking the Nasdaq from 4372 to 4344, and the S&P 500 from 2088 to 2076. They closed negative, giving back the entire gains of the day. The formidable overhead resistance at the 4380-84 zone Nasdaq 100 and near the 2090 area on the S&P 500 become too much for the stocks to overcome.”
“Net on the day, the Dow was down 5.43 at 17,875.42, 108 points off the high. The S&P 500 was down 4.29 at 2076.33, 13 points off its high. The Nasdaq 100 was down 6.90 at 4344.80, 35 points off its high.”
“Advance-declines were 17 to 13 1/2 negative on the New York Stock Exchange, and 14 to 12 1/2 negative on Nasdaq. Up/down volume was 16 to 13 negative on New York, with total volume of 3 billion shares. Nasdaq traded a little over 1.5 billion shares, and had a 79 to 73 negative volume ratio.”
Key Quotes
“The stock market had a very strong start to the day, and a 3-wave move up that took the indices from 4350 Nasdaq 100 to nearly 4380 and the S&P 500 from 2081 to 2090.”
“They pulled back midday to consolidate, but at the end of the day, without breaking out the formidable declining topsline, it became quite difficult to get through. They rolled over hard in the last hour, taking the Nasdaq from 4372 to 4344, and the S&P 500 from 2088 to 2076. They closed negative, giving back the entire gains of the day. The formidable overhead resistance at the 4380-84 zone Nasdaq 100 and near the 2090 area on the S&P 500 become too much for the stocks to overcome.”
“Net on the day, the Dow was down 5.43 at 17,875.42, 108 points off the high. The S&P 500 was down 4.29 at 2076.33, 13 points off its high. The Nasdaq 100 was down 6.90 at 4344.80, 35 points off its high.”
“Advance-declines were 17 to 13 1/2 negative on the New York Stock Exchange, and 14 to 12 1/2 negative on Nasdaq. Up/down volume was 16 to 13 negative on New York, with total volume of 3 billion shares. Nasdaq traded a little over 1.5 billion shares, and had a 79 to 73 negative volume ratio.”