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24 Dec 2014
US indices saw a choppy, mixed session – TechnicalTrader
FXStreet (Barcelona) - Harry Boxer of The Technical Trader explains that the US stock indices had a very tough and a sloppy session as indices saw a mixed close with S&P 500 making a new all-time high at 2086.73 before closing slight lower, and Nasdaq 100 down 14.37 at 4297.30, only 5 points of its lows.
Key Quotes
“The stock market indices had a very tough, sloppy session and a mixed close. The day started out with a little pop to the upside, especially the S&P 500, and the Nasdaq 100 as well, but then they sold off very sharply on the Nasdaq 100, dropping back from 4309 to 4275. The S&P 500 had a much slighter pullback. Then they rallied into the afternoon, but, even though steady new highs were made on the S&P 500, including a new all-time high at 2086.73, the Nasdaq 100 couldn't get through 4290 on three occasions, chiefly because the large-cap biotech stocks on the Nasdaq 100 were hammered today. The biotech group as a whole had a very, very tough session. When the afternoon rally failed to break through at 4290 NDX, and confirmed the S&P 500 high, they then rolled over into the close.”
“Net on the day, the Dow finished at a new all-time high at 18,024.17, up 64.73, but traded about 45 points higher earlier in the day. The S&P 500 was up 3.73 at 2082.17, 4 points off the high. The Nasdaq 100 was down 14.37 at 4297.30, 5 points off the low and 30 points off the high.”
“Stepping back and reviewing the hourly chart patterns, after a gap up, the indices pulled back, bounced midday, the S&P 500 continued to rally until midafternoon, but the Nasdaq 100 failed to confirm, and they rolled over to close mixed on the day.”
Key Quotes
“The stock market indices had a very tough, sloppy session and a mixed close. The day started out with a little pop to the upside, especially the S&P 500, and the Nasdaq 100 as well, but then they sold off very sharply on the Nasdaq 100, dropping back from 4309 to 4275. The S&P 500 had a much slighter pullback. Then they rallied into the afternoon, but, even though steady new highs were made on the S&P 500, including a new all-time high at 2086.73, the Nasdaq 100 couldn't get through 4290 on three occasions, chiefly because the large-cap biotech stocks on the Nasdaq 100 were hammered today. The biotech group as a whole had a very, very tough session. When the afternoon rally failed to break through at 4290 NDX, and confirmed the S&P 500 high, they then rolled over into the close.”
“Net on the day, the Dow finished at a new all-time high at 18,024.17, up 64.73, but traded about 45 points higher earlier in the day. The S&P 500 was up 3.73 at 2082.17, 4 points off the high. The Nasdaq 100 was down 14.37 at 4297.30, 5 points off the low and 30 points off the high.”
“Stepping back and reviewing the hourly chart patterns, after a gap up, the indices pulled back, bounced midday, the S&P 500 continued to rally until midafternoon, but the Nasdaq 100 failed to confirm, and they rolled over to close mixed on the day.”