The stock market indices had a tremendous rally late morning that, despite the afternoon pullback, put them solidly in the plus column today.
The day started out with some backing and filling action. Actually there was an early dip on the Nasdaq 100, but the S&P 500 held up very well. Late morning when they broke through the 1424 area on the S&P 500, the S&P 500 and NDX both surged sharply, rallying in a spike-up mode, taking the NDX all the way up to 2696.46 and the S&P 500 to 1433.38. They then pulled back rather dramatically, especially on the Nasdaq 100, giving back about 20 quick points, and about 7 points on the S&P 500. They did manage to firm up a little bit into the close.
Net on the day, the Dow was up 133.24 at 13,245.68, 45 points off the high. The S&P 500 was up 11.13 at 1428.39, 5 points off its high but still a good gain. The Nasdaq 100 closed up 8.14 to 2681.05, about 15 points off its high, so basically, the NDX did not perform today.
Advance-declines were 21 to 9 positive on the New York Stock Exchange, and 2 to 1 positive on Nasdaq. Up/down volume was nearly 5 to 1 positive on New York, with total volume of 654 million shares. Nasdaq traded just under 1 3/4 billion and had a 3 to 2 positive volume ratio.
Stepping back and reviewing the hourly chart patterns, the indices went back and forth in the morning forming wedges, then broke out late morning, spiked up right around noon to reach the session highs, and then pulled back in the afternoon rather dramatically, only to bounce into the close to preserve some of the gains.
It was a nice day, indeed, but still, we remain below key-overhead resistance levels now at 2702 on the NDX and around the 1333-4 level on the S&P 500.
Let’s see what happens after today’s election.