Harry Boxer
The Technical Trader
The stock market indices started out the day and week with big down gaps as international markets were lower as well as futures. They tried to rally back, filled nearly all of the gaps, but failed right there, and came down in falling wedges. They then tried an afternoon rally that failed at resistance. They came down to support, with the S&P 500 holding, and then a last, five-minute pop brought them off the lows. But it was an ugly close.
Net on the day, the Dow was down 127.94 at 17,440.59. The S&P 500 was down 12.01 at 2067.64. The Nasdaq 100 was down 32.28 at 4519.09.
Advance-declines were nearly 3 to 1 negative on New York Stock Exchange and 2 1/2 to 1 negative on Nasdaq. Up/down volume was 3 to 1 negative on New York, with total volume of 3 3/4 billion shares. Nasdaq traded 1.85 billion shares, and had a 14 to 4 negative volume ratio.
TheTechTrader.com board was mostly lower today. The Priceline Group Inc. (PCLN) lost 11.73, Apple Inc. (AAPL) gave back another 1.73 to 122.77, and Netflix, Inc. (NFLX) dropped 2.91 to 106.43, while Google Inc. (GOOG) ran up 4.04 to 627.60, 7 points off its highm and Amazon.com Inc. (AMZN) snapped back 1.99 to 531.41, 12 points off the high.
Tesla Motors, Inc. (TSLA) really got blasted, down 12.40 to 253.01.
Facebook, Inc. (FB) lost 2.76 to 94.18, Esperion Therapeutics, Inc. (ESPR) fell 4.26 to 71.65, Bristol-Myers Squibb Company (BMY) gave back 1.68 to 64.30, and CyberArk Software, Ltd. (CYBR) closed lower by 1.68 to 59.87.
In addition, Fitbit Inc. (FIT) was down 1.61 to 43.93, Juno Therapeutics Inc. (JUNO) down 2.42 to 47.74, and Mobileye N.V. (MBLY) 1.60 to 58.79.
Checking the TheTechTrader.com percent-gain leaderboard, Nymox Pharmaceutical Corporation (NYMX) was outstanding today, up 1.31 to 2.54, or 103%, on 28 million shares, reaching as high as 3.25 but backed off to 2.62.
The ProShares Ultra VIX Short-Term Futures (UVXY) gained 3.04 to 32.15, or 11%, on 20 million shares, but backed off a dollar in the last few minutes. The Direxion Daily FTSE China Bear 3X ETF (YANG soared 9.72 to 92.20, or 12%, on nearly a million shares.
Among other gainers, Beacon Roofing Supply, Inc. (BECN) was up 2.69 to 32.77, and Pfenex Inc. (PFNX) up 1.75 to 22.34,
The Direxion Daily Jr Gld Mnrs Bear 3X ETF (JDST) climbed 1.21 to 15.49, and closed way off the lows today. The Direxion Daily Russia Bear 3X ETF (RUSS) gained 3.08 to 41.80. The Direxion Daily Emrg Mkts Bear 3X ETF (EDZ) ran 2.06 to 40.52. The ProShares UltraShort Bloomberg Crude Oil (SCO) thrust 4.18 to 88.67.
Amgen Inc. (AMGN) is still climbing higher, up 6.96 to 165.55.
Stepping back and reviewing the hourly chart patterns, the indices gapped down, rallied back right to resistance, and then fell away the rest of the day. Only a five-minute pop at the end of the day on short covering prevented them from closing at the lows for the day. The pullback is now well on its way. The S&P 500 pullback is at .74 retracement of the entire pullback, while the Nasdaq is only about .50. The oscillators are oversold, and the McClellen Oscillator closed at minus 176 from being down in the morning over minus 180.
Let's see how it goes tomorrow.
Good Trading!
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