Harry Boxer
The Technical Trader
The stock market indices had a slightly lower session, with slightly lower technicals, but it was a pretty good trading day. The day started out with a pop to the upside, and then they took a very steep slide. Midmorning they arrested that slide at key support near 4680 Nasdaq 100 and 2090 S&P 500, rallied back and took about a 50% retracement, bounced in the last hour to take back a big chunk of the losses, and closed slightly lower.
Net on the day, the Dow was down 4.15 at 17,863.43. The S&P 500 was down 2.38 to 2099.93, nearly 10 points off the low. The Nasdaq 100 was down 14.66 to 4702.90, 24 points off the low.
Advance-declines were just 80 issues negative on New York Stock Exchange and negative by a couple hundred issues on Nasdaq. Up/down volume was 22 to 17 negative on New York, with total volume of 4 billion shares. Nasdaq traded 2 billion shares, and had a 12 1/2 to 7 1/2 negative volume ratio.
TheTechTrader.com board was very negative, but there were some outstanding gainers. Google Inc. (GOOG) ran 3.14 to 731.25, and Amazon.com Inc. (AMZN) jumped another 14.70 to 655.65, reaching new all-time highs today.
Cellectis S.A. (CLLS) was outstanding today, up 6.27 to 41.28, and Facebook, Inc. (FB) gained 4.82 to 108.76, reaching a high of 110.65.
On the downside, Priceline Inc. (PCLN) lost 6.92 to 1462.64, Apple Inc. (AAPL) dropped just 56 cents to 120.92, and Netflix, Inc. (NFLX) gave back 55 cents to 113.50.
FireEye, Inc. (FEYE) got hammered 6.66 to 22.46, CyberArk Software, Ltd. (CYBR) was down 2.35 to 49.25, JinkoSolar Holding Co., Ltd. (JKS) down 1.31 to 25.35, Juno Therapeutics Inc. (JUNO) 3.92 to 51.81, and Mobileye N.V. (MBLY) 2.64 to 45.90. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 1.23 to 22.58.
Checking the TheTechTrader.com percent-gain leaderboard, Eyegate Pharmaceuticals, Inc. (EYEG) had a strong report and jumped 1.51 to 4.11, or 58%, on 2.8 million shares, 4800% more volume than average. Constellium N.V (CSTM), an aluminum company, thrust 1.36 to 6.55, or 26%, on 4.8 million shares.
SolarEdge Technologies, Inc. (SEDG), on a solid report, gained 4.83 to 22.01, or 28%, on 3.7 million shares. Select Comfort Corporation (SCSS) ran 4.06 to 25.50, or 19%, on 4.1 million shares, also on a strong report. GoDaddy Inc. (GDDY) climbed 4.98 to 32.41, or 18%, on 3.4 million shares. Sprouts Farmers Market, Inc. (SFM) bounced 3.13 to 23.01, or 15%, on 10 million shares.
Stepping back and reviewing the hourly chart patterns, after a brief pop to the upside, the indices had a sharp slide, railed to midday, backed off midafternoon, and then rallied near the close, closing slightly lower on the day.
Let's see how it goes tomorrow.
Good Trading!
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