Harry Boxer
The Technical Trader
The stock market indices had a negative session today. The day started out with a breakdown, they gapped lower, bounced off support, but shortly took out support at 4510 Nasdaq 100 and 2054 area S&P 500. During the rest of the session they came down in the morning, bottomed, and then tried to rally the rest of the day, but held at resistance and went lower. In a decidedly-negative down channel, the indices closed off the session lows, bounced in the last hour, but it looked more like a bear flag than anything else.
Net on the day, the Dow was down 174.09 at 17,541.96. The S&P 500 was down 24.75 to 2041.91, 8 points off the low, but very negative. The Nasdaq 100 was down 68.50 to 4475.29, 16 points off its low.
Advance-declines were a little less than 4 to 1 negative on the New York Stock Exchange, and 3 to 1 negative on the Nasdaq. Up/down volume was 3 1/2 to 1 negative on New York, total volume of 3 3/4 billion shares traded. The Nasdaq traded 1.9 billion shares and had a nearly 4 to 1 negative volume ratio.
TheTechTrader.com board was mostly red. Priceline.com (PCLN) was down 16.51 to 1276.50, Google Inc. (GOOG) down 5.41 to 740.28, Apple Inc. (AAPL) down 2.42 to 108.54, Amazon.com Inc. (AMZN) 10.65 to 591.43, and Netflix, Inc. (NFLX) down just 38 cents to 104.45.
Baidu, Inc. (BIDU) gave back 4.29 to 182.53, Facebook, Inc. (FB) dropped just 7 cents to 113.64, and First Solar, Inc. (FSLR) lost 1.50 to 61.26.
Tesla Motors, Inc. (TSLA) reversed lower, down 8.22 to 257.20.
To the upside, there were small fractional gainers, but nothing more than a point on our board.
Checking the TheTechTrader.com percent-gain leaderboard, Viking Therapeutics, Inc. (VKTX) nearly went straight up this morning to 2.89, but pulled back with the rest of the market, still closing up 50 cents to 1.93, or 35%, on 4 million shares.
Lucas Energy, Inc. (LEI), on an outstanding finance commitment, gained 1.86 to 4.77, or 64%, on 10.5 million shares, and traded as high as 8.00 today. Tetraphase Pharmaceuticals, Inc. (TTPH) gained 56 cents to 5.84, or 11%, on 2 million shares.
Relypsa, Inc. (RLYP), on news of a possible takeover, rocketed 9.81 to 24.32, or 67%, on 21 million shares traded. Wynn Resorts Ltd. (WYNN) of Vegas had a boost in their stock with news of a water park being added to their property, up 10.44 to 99.912.59, or 12%, on 12.5 million shares. Ollie's Bargain Outlet Holdings, Inc. (OLLI) jumped 2.30 to 25.00, or 10%, on 2.7 million shares. Ocular Therapeutix, Inc. (OCUL) was up 1.06 to 13.01.
The VelocityShares 3x Long Natural Gas ETN (UGAZ) was up 4.22 to 26.10, or 20%, on 7.2 million shares along with several other gas ETF’s. The ProShares Ultra VIX Short-Term Futures (UVXY) also had a spectacular day, up 3.39 to 22.07, or 18%, on 32 million shares, and traded as high as 23.00 earlier in the day.
The Direxion Daily Gold Miners Bull 3X ETF (NUGT) ran 5.46 to 65.28, or 9%, on 17 million shares.
Stepping back and reviewing the hourly chart patterns, the indices were down early, leg 1 & 2 came by midday, leg 3 came early afternoon, and potentially leg 4 came into the close. The S&P 500 broke a head-and-shoulders topping pattern and neckline today, so I think we are still headed lower.
Let’s see what happens tomorrow.
Good Trading!
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