Harry Boxer
The Technical Trader
The stock market indices had a volatile session, opening with a pop to the upside, a retest of support that held, and then they rallied to secondary resistance, could not get through rising wedges, and rolled over in a 5-wave decline to retest the lows. They could not break, however, and rallied a little bit at the close, only to fall back in the last few minutes.
Net on the day, the Dow was down just 5.88 at 16,315.29, 34 points off the low, but about 150 off the high. The S&P 500 was up 2.96 at 1877.70, 22 points off the high. The Nasdaq 100 was up 2.46 at 3810.45, way off the high, but 9 points off the low.
Advance-declines were 19 to 12 positive on the New York Stock Exchange, and 17 to 10 positive on Nasdaq. Up/down volume was 5 to 3 positive on New York, with total volume of 4 3/4 billion shares. Very, very big volume. Nasdaq traded 2.5 billion shares, and had a 2 to 1 positive volume ratio.
TheTechTrader.com board was mixed, but there were some big gainers today. Priceline.com Incorporated (PCLN) was up 9.75 to 1050.45, Google Inc. (GOOG) up 4.73 to 537.94, Apple Inc. (AAPL), however, was down 1.06 to 98.75, Amazon.com Inc. (AMZN) up 1.86 to 308.31, and Netflix, Inc. (NFLX) up 10.54 to 440.12.
Pharmacyclics Inc. (PCYC) was down 1.33 to 103.79, Tesla Motors, Inc. (TSLA) gained 2.47 to 227.06, and Vipshop Holdings Limited (VIPS) ran 6.07 to 176.70.
Other gainers of note included Rackspace Hosting, Inc. (RAX), up 1.96 to 34.76, SolarCity Corporation (SCTY) up 1.36 to 49.71, and First Solar, Inc. (FSLR) up 1.49 to 52.00.
Celldex Therapeutics, Inc. (CLDX) popped 95 cents to 13.82, and Facebook, Inc. (FB) advanced 60 cents to 73.59.
On the downside, Lakeland Industries Inc. (LAKE) got creamed for 7.57 to 21.43, up near 35.00 last night, and dropped down to 20.75, before closing at 21.43.
GW Pharmaceuticals (GWPH) was down 6.24 to 65.20, GoPro, Inc. (GPRO) down 1.64 to 75.03, MOBILEYE N.V. (MBLY) down 1.35 to 44.63, Cyber-Ark Software Ltd. (CYBR) 1.65 to 29.60, JinkoSolar Holding Co. (JKS) 1.03 to 20.29,
Checking the TheTechTrader.com percent-gain leaderboard, ChinaNet Online Holdings, Inc. (CNET) led the way, up 78 cents to 2.14, or 57%, on 8 million shares. Cliffs Natural Resources Inc. (CLF) bounced 82 cents to 9.07, or 10%, on 26 million shares.
JetBlue Airways Corporation (JBLU) climbed 82 cents to 10.23, or 9%, on 13.7 million shares.
American Airlines Group Inc. (AAL) 2.93 to 31.51, or 10%, on 28 million shares.
Among other gainers, Skyworks Solutions Inc. (SWKS) was up 3.59 to 48.91, Nationstar Mortgage Holdings Inc. (NSM) up 1.88 to 31.68, Delta Air Lines Inc. (DAL) 1.89 to 32.79, United Continental Holdings, Inc. 2.62 to 43.17, NXP Semiconductors NV (NXPI) 2.68 to 56.58, Pacira Pharmaceuticals, Inc. (PCRX) 5.19 to 99.37, Palo Alto Networks, Inc. (PANW) 4.84 to 94.25, and Citigroup Inc. (C) 1.57 to 51.47.
Stratasys Ltd. (SSYS) 3.51 to 110.70 and traded over 114.00 today.
Stepping back and reviewing the hourly chart patterns, the indices gapped up quickly early on, pulled back very sharply, and even though they made lower lows on the Nasdaq 100, when they failed to do so on the S&P 500, it triggered a rally. The rising wedges failed right at resistance, and they rolled over in a 5-wave decline, only to bounce into the close.
At this point, 1873-75 zone on the S&P 500 has held, at least for today, as has the 3800-02 zone on the Nasdaq 100.
We're oversold and the oscillators are getting deeper. There's not definitive proof that the bottom is in yet. We'll just have to see what happens tomorrow.
Good Trading!
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