Harry Boxer
The Technical Trader
The stock market indices started off the day with a nice move to the upside, but resistance thwarted the advance on the S&P 500 500 near the 2018-19 zone, which was overhead resistance. Even though the Nasdaq 100 did make a nominal new high and got up to 4385, they rolled over midday just before the FOMC meeting to retest the lows. A very, very sharp rally ensued, then a pullback, then another rally and another pullback. It was a beautiful 5-wave advance before the late pullback into the close, after the 5-wave advance caused some late profit taking.
Net on the day, the Dow was up 74.23 at 17,325.76, 50 points off the high. The S&P 500 was up 11.29 to 2027.22, 5 points off its high. The Nasdaq 100 was up 37.12 to 4404.20, 12 points off its high.
Advance-declines were more than 4 to 1 positive on the New York Stock Exchange, and 3 to 2 positive on Nasdaq. Up/down volume was 3 to 1 positive on New York, total volume of 4 billion shares traded. The Nasdaq traded 2 billion shares and had a 2 to 1 positive volume ratio.
TheTechTrader.com board was mostly green, and led by Priceline Inc. (PCLN), up 18.86 to 1350.99, Google Inc. (GOOG) up 7.76 to 736.09, Apple Inc. (AAPL) up 1.39 to 105.97, and Netflix, Inc. (NFLX) 1.49 to 99.35, but Amazon.com Inc. (AMZN) lost 2.75 to 574.27.
Tesla Motors, Inc. (TSLA) jumped 3.59 to 221.93, and Baidu, Inc. (BIDU) climbed 2.83 to 183.05. Facebook, Inc. (FB) gained 1.51 to 112.18 on 24 million shares after some expansion in Irish market, and First Solar, Inc. (FSLR) popped 1.28 to 72.06.
Oils were strong. Targa Resources Corp. (TRGP) was up all day gaining 2.31 to 30.24, MaxLinear, Inc. (MXL) up 1.16 to 18.30, and Shutterstock, Inc. (SSTK) up 1.01 to 35.51.
To the downside, Bristol-Myers Squibb Company (BMY) lost 1.04 to 62.64, and Editas Medicine Inc. (EDIT) gave back 1.32 to 31.02.
The Direxion Daily Energy Bear 3X ETF (ERY), oil on the negative side, dropped 1.25 to 21.58.
Checking the TheTechTrader.com percent-gain leaderboard, Teekay Offshore Partners LP (TOO) bounced 89 cents to 5.80, or 18%, on 2.5 million shares. EP Energy Corporation (EPE) gained 87 cents to 6.13, or 16 1/2%, on 9.2 million shares.
Bio Blast Pharma Ltd. (ORPN) blasted to 7.95, before closing at 4.08, up 1.44, or 55%, on 9.3 million shares, on positive drug news.
Flex Pharma, Inc. (FLKS), on medical breakthrough news, advanced 1.38 to 10.90.
The Direxion Daily Gold Miners Bull 3X ETF (NUGT) jumped 11.63 to 68.00, or 20%, on 14 million shares. The VelocityShares 3x Long Crude Oil ETN (UWTI), which we traded today, was over 25 at one point, and closed up 3.21 to 24.95, or 15%, on 16.5 million shares.
Other gainers of note included SM Energy Company (SM), up 1.80 to 18.93, and Mobileye N.V. (MBLY) up 3.15 to 36.38,on a nice snapback today.
Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, down midday, and then they exploded after the FOMC meeting when they did not raise interest rates.
Let’s see what happens tomorrow.
Good Trading!
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