Harry Boxer
The Technical Trader
The stock market indices had an up session, but it wasn't pretty. The day started out with a pop, and then preceded to go in a 5-wave advance, and by mid-afternoon they reached 4674 Nasdaq 100 and 2068 S&P 500, but dropped in the last hour, pulling back pretty hard. The Nasdaq 100 dropped from 4674 to 4643, losing about 31 points in the last hour, and the S&P 500 went from 2068 to 2052, down 16 points. Both pullbacks came off of declining topslines and moving averages.
The trend is still down as far as I'm concerned, until we see where we are more firmly. The overall pattern on the S&P 500 now supports a big diamond top, a potential formation, which is very bearish.
Net on the day, the Dow was up 82.45 at 17,574.75, and traded about 120 points higher during the session. The S&P 500 was up 4.61 to 2052.23, 15 points off its high. The Nasdaq 100 was up 20.91 to 4643.05, 31 points off its high.
Advance-declines were negative at the close by 48 issues on New York Stock Exchange and 15 to13 positive on the Nasdaq. Up/down volume was 3 to 2 positive on New York with total volume of 3.5 billion shares, and Nasdaq traded just under 2 billion and had a 2 to 1 positive volume ratio.
TheTechTrader.com board was mostly narrowly mixed, but there were some outstanding gainers. Priceline.com (PCLN), up 11.51 to 1306.50, and Apple Inc. (AAPL), up just 55 cents to 116.17, were the only gainers for the large-cap stocks that we follow.
Tesla Motors, Inc. (TSLA) jumped 2.55 to 227.07. CyberArk Software, Ltd. (CYBR) was up 3.42 to 42.33, Intra-Cellular Therapies, Inc. (ITCI) up 3.15 to 55.39, NewLink Genetics Corporation (NLNK) 1.84 to 35.52, Prothena Corporation (PRTA) up 3.10 to 68.50, and Twitter, Inc. (TWTR) 1.60 to 25.91.
On the downside, Google Inc. (GOOG) was down 2.15 to 749.46, Amazon.com Inc. (AMZN) down 2.47 to 662.32, and Netflix, Inc. (NFLX) down 1.29 to 122.91.
In addition, First Solar, Inc. (FSLR) got hammered, down 4.50 to 54.35.
Checking the TheTechTrader.com percent-gain leaderboard, MagneGas Corporation (MNGA) climbed 34 cents to 2.10, or 19%, on 6.2 million shares. Live Ventures Incorporated (LIVE) gained 38 cents to 2.59, or 17%, on 8.4 million shares. Digital Ally Inc. (DGLY) ran 70 cents to 5.34, or 15%. United States Steel Corporation advanced 95 cents to 8.83, or 12%, on 18.9 million shares. Eros International (EROS) closed up 93 cents to 10.23, on 10%, on 1.2 million shares.
Inventergy Global, Inc. (INVT) exploded 1.18 to 2.47, or 91%, on 10.1 million shares, and reached as high as 2.88.
GoPro, Inc. (GPRO) popped 1.94 to 18.83, or 11%, on 18 million shares. CalAmp Corp. (CAMP) bounced 2.03 to 20.59, or 11%, on 1 million shares. bluebird bio, Inc. (BLUE) advanced 5.22 to 61.75, or 9%, on 2.7 million shares.
Stepping back and reviewing the hourly chart patterns, the indices had a whipsaw, 5 wave advance early on until mid-afternoon when they peaked out and pulled back sharply into the close to finish on the day with gains, but way off the high.
Let's see how it goes tomorrow.
Good Trading!
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