Courtesy of John Nyaradi.

After the S&P 500 hit a new record intraday high at 9:37, the stock market sank into the red as all the major indices went negative at 11:17.

Wednesday was a bipolar day for the stock market.  A number of reports pointed out that the Chicago Board Options Exchange Volatility Index (VIX) spiked to 21.26 on Wednesday morning, although the reading was later explained as a “misprint”.  Was it really a signal that the manic market was about to have an erratic mood swing?

At 11:17 all three major stock indices headed into the red, where they spent the rest of the day – although the Nasdaq 100 was about ten minutes late.  Did somebody say something on CNBC?  The slightly-disappointing ADP National Employment Report for October had already been released at 8:30 and the unsurprising FOMC Statement was not released until 2:00.  The S&P 500 hit a new record intraday high at 9:37 although once the meds wore off, the party was over.

The Dow Jones Industrial Average (NYSEARCA:DIA) lost 61 points to finish Wednesday’s trading session at 15,618 for a 0.39 percent decline.  The S&P 500 (NYSEARCA:SPY) fell 0.49 percent to 1,763 despite hitting a new record intraday high of 1,775.22 at 9:37.

The Nasdaq 100 (NASDAQ:QQQ) declined 0.19 percent to finish at 3,385.  The Russell 2000 (NYSEARCA:IWM) sank 1.39 percent to 1,105 despite hitting a new record intraday high of 1,123.26 at 9:35.  Quite the Negative Day on Wall Street

In other major markets, oil (NYSEARCA:USO) sank 1.58 percent to close at $34.85.

On London’s ICE Futures Europe Exchange, December futures for Brent crude oil advanced 91 cents (0.83 percent) to $109.82/bbl. (NYSEARCA:BNO).

December gold futures declined $2.50 (0.19 percent) to $1,343.00 per ounce (NYSEARCA:GLD).

Transports failed to get anywhere near the loading dock on Wednesday, as the Dow Jones Transportation Average (NYSEARCA:IYT) fell 0.60 percent.

In Japan, the exchange rate for the yen continued to be the dominant factor in stock market activity.  Stocks made a significant advance on Wednesday as the yen weakened against the dollar.  A weaker yen causes Japanese exports to be more competitively priced in foreign markets.  The yen weakened as far as 98.25 per dollar during Wednesday’s trading session in Tokyo (NYSEARCA:FXY).  The Nikkei 225 Stock Average jumped 1.23 percent to 14,502 (NYSEARCA:EWJ).

Stocks surged in China following reports that the Central Committee of the nation’s Communist Party will be planning new financial reforms at its meeting, which runs from November 9-12.  The Shanghai Composite Index soared 1.48 percent to close at 2,160 (NYSEARCA:FXI).  Hong Kong’s Hang Seng Index skyrocketed 2.00 percent to end the day at 23,304 (NYSEARCA:EWH).  The Stakes are Rising for China’s Third Plenary

In Europe, stocks made a modest retreat as earnings reports were mixed.  Mobile phone company, Belgacom sank 5.3 percent The Euro STOXX 50 Index finished Wednesday’s session with a 0.33 percent decline to 3,040 – remaining above its 50-day moving average of 2,905.  Its Relative Strength Index is 64.37 (NYSEARCA:FEZ).

Technical indicators revealed that the S&P 500 remained above its 50-day moving average of 1,694 after finishing Wednesday’s session with a 0.49 percent advance to 1,763.  Its Relative Strength Index fell from 70.53 to 65.97.  The MACD is now on a level trajectory above the signal line, suggesting the likelihood that the S&P 500 will remain near 1,763 during the immediate future.

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