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Subject: Harry Boxer's Technical Trading Diary: Monday, June 17, 2002 Author: Steve Bonkers [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 08:38:09 06/18/02 Tue Harry Boxer's Technical Trading Diary: Best Follow-up Day to a Reversal Rally In The Five Week DownTrend! Monday, June 17, 2002 By Harry Boxer, The Technical Trader (www.thetechtrader.com) ---------------------------------------------------------- It was a huge day, one of the best follow up days we've had following a previous rally day since the current intermediate downtrend began in mid May. ---------------------------------------------------------- The session started today with a gap-up, got us up right up near Thursday's highs, paused for a little bit, and then continued up and made new highs. Around 90 min into the session, the market went into a sideways consolidation with a slight upward bias that took us to the highs for the day on the Nasdaq 100 with about an hour-and-a-half to go. We then had a quick sell-off with about 40 minutes to go, but the NDX held price support and recovered nicely into the close. ---------------------------------------------------------- The S&P 500 basically pulled back to support without breaking down at all and moved strongly into the close along with the Dow. They closed at the highs for the day, up 213 on the Dow, up nearly 29 on the S&P 500, nearly 49 on the Nasdaq Composite and 40 on the Nasdaq 100. The SOX index had another stellar day, up 23 or about 5 ½%. ---------------------------------------------------------- The technical were very positive with 24-8 advance-declines on New York and 23-11 on Nasdaq, a strong day there. Up/down volume was more than 1 billion shares up on New York, only 133 million down. Total volume was about 1.4 billion. Nasdaq up/down volume was about 3 ½-1 positive, with 1.2 billion up and only 360 million down. A very positive day. ---------------------------------------------------------- A review of my board shows that every stock was up except for Qualcomm, which was weak today,down 69 cents. eBay, which was strong last week relative-strength-wise, was up more than 4 points on big volume. Leading the large-cap gainers were QLogic up 1 ¾, Broadcom 1.68, Brocade 1.27 and Veritas 1.66. Among the small caps, Omnivision made a new 18-month high, closing at 14.12, up 1.34, a big percentage gain there on the best volume in a month. That stock certainly looks like it's headed higher if the market cooperates. ---------------------------------------------------------- The market closed very strongly today and basically broke out above the declining tops line and above the moving averages on the hourly charts on both the S&P 500 and the Nasdaq 100 and that augurs very well for the near term direction of prices. ---------------------------------------------------------- However, Nasdaq 100 heavy resistance in the 1150-55 range stymied that index for most of the afternoon. Even though it did close strongly at around 1150, it failed to break through that resistance zone today. ---------------------------------------------------------- The S&P 500 is also up against overhead resistance from last week's high around 1039, and so I suspect that the market may back off. It's going to important to see how we open tomorrow, but we could possibly get a retest of support, which right now is around the 1020-25 zone on the S&P 500 and at about the 1125 zone on the Nasdaq 100. ---------------------------------------------------------- Should the market pull back gently and come on again and take out these highs, I will then say that at least a short-term has been completed, and we may be at the beginning of a substantial summer rally. We'll have to see if that occurs, and the next couple days, of course, continue to be critical. ---------------------------------------------------------- Good trading! ---------------------------------------------------------- Harry ---------------------------------------------------------- [ Next Thread | Previous Thread | Next Message | Previous Message ]