Harry Boxer
The Technical Trader
The stock market indices had a mixed session today. After an early morning pop, they came down hard, bounced late morning, and then stair-stepped their way lower, with the Nasdaq 100 constantly making lower-lows until they reached the low from last Friday, and held at 4440 Nasdaq 100. The S&P 500 refused to break as well and held 2086. In the last half an hour, or so, they bounced back nicely to end mixed on the session.
Net on the day, the Dow was up 13.80 at 17,990.32. The S&P 500 was up 3.91 at 2091.70. The Nasdaq 100 was down 21.17 at 4452.97, 13 points off the low.
Advance-declines were nearly 4 to 1 positive on the New York Stock Exchange, and 17 to 10 positive on the Nasdaq. Up/down volume was almost 4 to 1 positive on New York, total volume of 3 1/2 billion shares traded. The Nasdaq traded 1 3/4 billion shares and had a 9 to 8 positive volume ratio.
TheTechTrader.com board was a confusing but mixed picture. The reason for the pressure on Nasdaq today was basically the Nasdaq Generals. Priceline Inc. (PCLN) was down 1.32 to 1333.95, closing 12 points off its low, Google Inc. (GOOG) down a whopping 15.01 to 708.14, Apple Inc. (AAPL) down 73 cents to 104.35, Amazon.com Inc. (AMZN) 9.32 to 616.88, and Netflix, Inc. (NFLX) 1.13 to 92.43.
Baidu, Inc. (BIDU) was up 21 cents, while Facebook, Inc. (FB) lost 1.34 to 108.76, and First Solar, Inc. (FSLR) gained 85 cents to 61.24.
Tesla Motors, Inc. (TSLA) was also up today, 1.92 to 253.74.
Other gainers of note include Universal Display Corp. (OLED), up 1.34 to 61.49, and CONSOL Energy Inc. (CNX) 1.06 to 14.16 were the main gainers on our board today.
It was an interesting day today with very strong, underlying technicals, despite the lower, Nasdaq 100. Basically the market was pressured by the Nasdaq Generals. Biotech’s were not strong either. 4440 NDX and currently 2086 followed by 2078 are going to be very key support levels for our traders to watch.
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 2.93 to 34.17, and reached as low as 32.55 and as high as 36.67.
Checking the TheTechTrader.com percent-gain leaderboard, Legacy Reserves (LGCY) bounced 36 cents to 2.91, or 14%, on 2.6 million shares. InVivo Therapeutics Holdings Corp. (NVIV) ran 84 cents to 6.82, or 14%, on 1.6 million shares.
The Container Store Group, Inc. (TCS) gained 1.07 to 6.90, or 18%, on 2.2 million shares.
American Midstream Partners (AMID), an oil stock, popped 1.94 to 11.01, or 21%, on 1.2 million shares. Knowles Corporation (KN) spiked to 17.10, pulled back and closed up 1.94 to 14.94, or 15%, on 9.8 million shares. Ethan Allen Interiors Inc. (ETH) had a good day and jumped 3.42 to 34.42, or 11%.
Among other gainers, Sanmina Corporation (SANM) was up 2.03 to 24.24, Centene Corp. (CNC) closed up 3.85 to 66.71.
Micron Technology, Inc. (MU) climbed 96 cents to 11.51.
The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) bounced around all day and closed up 13.16 to 131.26, 11%. The Direxion Daily Gold Miners Bull 3X ETF (NUGT) stair-stepped its way up 5.66 to 85.51, or 7%, on 5.3 million shares.
The Direxion Daily S&P Biotech Bear 3X ETF (LABD) advanced 2.83 to 39.05.
Stepping back and reviewing the hourly chart patterns, the indices were up at the opening, down sharply in the morning, bouncing back midday, but dropped all afternoon until late in the day when they came back.
Let’s see what happens tomorrow.
Good Trading!
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