Harry Boxer
The Technical Trader
The stock market indices started the week off on a poor note. They dropped sharply at the opening, tested support, and rallied sharply, but could not get through resistance. During the next couple hours, the indices went in a downward drift, taking the lows out on the S&P 500, but not so on the Nasdaq 100, a positive divergence resulted, and after a late bounce, they pulled back into the close and closed negative on the day.
Net on the day, the Dow was down 51.98 at 18,086.40. The S&P 500 was down 6.48 at 2126.50. The Nasdaq 100 was down 12.32 at 4796.17.
Advance-declines were 3 to 2 negative on the New York Stock Exchange, and 3 to 2 negative on the Nasdaq. Up/down volume was 17 to 10 negative on New York, total volume of 2 3/4 billion shares traded. The Nasdaq traded 1 1/4 billion shares and had a little more than a 2 to 1 negative volume ratio.
TheTechTrader.com board was mostly red, but there were some outstanding issues. The Priceline Group Inc. (PCLN) was down 1.92 to 1437.65, Apple Inc. (AAPL) down a dime to 117.53, Amazon.com, Inc. (AMZN) down 10.01 to 812.95, Netflix, Inc. (NFLX) 1.67 to 99.80, but was up 20 points in after hours on earnings. Alphabet Inc. (GOOG) gained 1.43 to 779.96.
Baidu, Inc. (BIDU) dropped 36 cents to 175.15, Facebook, Inc. (FB) gave back 34 cents to 127.54, and First Solar, Inc. (FSLR) also down a fraction, 17 cents to 39.30. Twilio, Inc. (TWLO) fell 1.66 to 44.45.
Tesla Motors, Inc. (TSLA) lost 2.55 top 193.96.
Stocks to the upside included Exact Sciences Corporation (EXAS) up 1.40 and to 19.73, and NOVAN, INC. (NOVN) up 1.56 to 20.53.
Checking TheTechTrader.com percent-gain leaderboard, CannaGrow Holdings, Inc (CGRW) popped 64 cents, or 33%, to 2.58, on 1 million shares traded. Quality Systems Inc. (QSII) thrust 92 cents, or 8%, to 12.40, on 1.9 million shares traded.
Cannabis Sativa, Inc. (CBDS) gained 1.65, or 37%, to 6.15. General Cannabis Corp. (CANN) ran 1.00, or 31%, to 4.17, on 1.45 million shares traded.
Stepping back and reviewing the hourly chart patterns, the indices came down, bounced sharply, rallied, and then came down in the afternoon to make lower lows on the S&P 500, but not on the Nasdaq 100. They then formed large coil or wedge patterns. I’m not sure what that means yet. We’ll see if support holds. Key support is now at 4790 NDX and 2120 S&P 500.
Let’s see what happens tomorrow.
Good Trading!
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