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14 Jan 2015
US indices see high volatility – TechTrader
FXStreet (Barcelona) - Harry Boxer of The Technical Trader, explains that US indices experienced a very volatile session, running high after a gap up at the start only to drop lower and bounce back up after forming a double-bottom pattern, and ending with a negative close.
Key Quotes
“The stock market indices had a very volatile session as they gapped up and ran sharply higher, getting right up to resistance and failing. They not only failed at lateral resistance but at the declining topslines on both indices, and then they plunged.”
“The Nasdaq 100 rolled over going from 4253 to 4135, virtually a 118-point drop. The Dow had dropped 425 points from 17,923 to 17,498, and the S&P 500 dropped from 2057 to 2008, nearly 49 points. After a double-bottom they bounced back, which held, and then pulled back into the close to close slightly off on the day. Considering the big gain in the morning, and then the deeper losses with an hour to go, they closed near the zero line.”
“Net on the day, the Dow was down 27.16 at 17,613.68, 115 points off the low. The S&P 500 was down 5.23 at 2023.03, 15 points off the low and 33 off the high. The Nasdaq 100 was down 3.77 at 4166.20, 32 points off the low and 80 points off the high.”
“It was a big session for technicals at the close today. Advance-declines were 1640 to 456 on the New York Stock Exchange, and 1388 down to 1318 up on Nasdaq, which was pretty flat. Up/down volume was 3 to 2 negative on New York, with total volume of just under 4 billion shares. Nasdaq traded 2 1/4 billion shares, and had a 13 to 8 negative volume ratio.”
Key Quotes
“The stock market indices had a very volatile session as they gapped up and ran sharply higher, getting right up to resistance and failing. They not only failed at lateral resistance but at the declining topslines on both indices, and then they plunged.”
“The Nasdaq 100 rolled over going from 4253 to 4135, virtually a 118-point drop. The Dow had dropped 425 points from 17,923 to 17,498, and the S&P 500 dropped from 2057 to 2008, nearly 49 points. After a double-bottom they bounced back, which held, and then pulled back into the close to close slightly off on the day. Considering the big gain in the morning, and then the deeper losses with an hour to go, they closed near the zero line.”
“Net on the day, the Dow was down 27.16 at 17,613.68, 115 points off the low. The S&P 500 was down 5.23 at 2023.03, 15 points off the low and 33 off the high. The Nasdaq 100 was down 3.77 at 4166.20, 32 points off the low and 80 points off the high.”
“It was a big session for technicals at the close today. Advance-declines were 1640 to 456 on the New York Stock Exchange, and 1388 down to 1318 up on Nasdaq, which was pretty flat. Up/down volume was 3 to 2 negative on New York, with total volume of just under 4 billion shares. Nasdaq traded 2 1/4 billion shares, and had a 13 to 8 negative volume ratio.”