Morning Update: 2/7/2012

9:00 an…

The stock market indices started off the week with an interesting day today. The day started out with a big gap to the downside, but within minutes reversed and rallied back sharply. They then pulled back to retest, rallied back up to test the highs again, but couldn’t get through, and then formed large wedges. They didn’t roll over, but rather broke through and went up to secondary resistance. They backed and filled for most of the afternoon, and came on in the last few minutes to close not far off the highs, but still down on the day.  Net on the day, the YM was down just 17.03 at 12,845.20, but that was about .52 off the low. The ES closed at 1344.33, up .57, and within pennies of the highs and 7 points off the low. NQ closed right at the highs for the day, down .87 at 2528.30, and 15 points off its low.  So, all the indices rallied back. Technicals, however, were not able to get into the plus column, but they did come back to near flat.  Advance-declines were 17 to 12 negative on the New York Stock Exchange, and 3 to 2 positive on Nasdaq. Up/down volume was nearly flat on New York, with total volume of 678 million shares traded today. Nasdaq traded about 1.64 billion shares and had an 8 to 7 negative volume ratio.  No news today. Flat for the week ready to rock n roll on  “directional Tuesday”!

Olof Thomas

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