Closing Analysis

Market Falls Hard on Negative Economy Woes Thu Aug 22nd 2019

The stock market had a mixed volatile session on Thursday. Indices opened to the upside and looked like they were going to take off, but when reports of a weak manufacturing sector led to concerns about a weakening economy, they rolled over, and by midmorning they broke down, and broke down hard, to the session lows. Just before the noon hour, the S&P 500 broke through support into positive territory, but the Nasdaq 100 did not.

Market Reacts to FOMC Meeting Wed Aug 21st 2019

The stock market had a mixed, but positive session on Wednesday as indices opened to the upside, then immediately gapped higher to morning and session highs on strong earnings by retail giants. They came down, bounced around, and consolidated into a late morning test of the highs. They couldn’t get through and continued to consolidate as they descended lower to a new low just as the FOMC was ready to start. Midafternoon they rallied ahead of the release of FOMC minutes, but then moved down hard on FOMC comments.

Indices Slip Lower on Slowing Economy Fears Tue Aug 20th 2019

The stock market had a very volatile, nasty day on Tuesday as it opened to the downside on talks of a slowing economy, and then gapped lower, making lower lows. By midmorning, indices popped on FDIC approval for revisions to Volcker Rule, moving up in strong wedges to midmorning highs, and then pulled back, and moved right back down in wedges that were just as strong.

Market Rallies on Huawei Temporary Reprieve Mon Aug 19th 2019

The stock market had a positive, but somewhat volatile, day on Monday. Follow-through action off of Friday’s rally set the tone for day as well as the indices having a positive reaction to the news that the U.S. gave Huawei a 90-day reprieve against buying U.S. technology. Indices gapped up at the opening, and then pulled back sharply to session lows. Midmorning, after testing the earlier highs, indices retested the highs, moved above support to new highs, and then rolled over.

Volatile Session Thu Aug 15th 2019

The stock market had a very volatile day on Thursday as futures made a sharp, pre-market upside reversal on Walmart Inc. (WMT)’s better-than-expected earnings. Indices gapped up at the opening, then made a long slide down to morning lows. Intraday, they tested the highs, couldn’t get through, came down, bounced, and then in a late afternoon selloff, came down hard in falling wedges, and made lower lows.

China Tariff-Delay Response, Recession Indicator Send Dow Plunging 800 Points Wed Aug 14th 2019

The stock market opened to the downside on Wednesday on news that China is refusing to purchase agricultural products from the U.S. despite U.S. delaying tariffs. Then there was news that the recession indicator turned. By late morning, after indices made a long slide to new lows, they rallied, pulled back, and formed wedges and flags. Intraday, they tested support, and then took off again in a fairly weak rally, consolidated and rolled over.

Dow Closes 391 Points Lower on Monday Mon Aug 12th 2019

The stock market had a very negative, volatile day on Monday as indices gapped down at the opening, moved lower, and then popped to session highs. They came down in wedges, tested the lows and then took off. The midafternoon sell-off took indices to the lows for the day. In the last hour, as they gradually moved back up, they formed wedges and coils, and then rolled over into the close to close negative on the day. Net on the day, the Dow was down 391.00 at 25,896.44. The S&P 500 was down 35.95 to 2882.70.

Fantastic Day for Wall Street Thu Aug 8th 2019

The stock market had a fantastic day on Thursday. They opened to the upside, dipped midmorning to session lows, and then took off, consolidating as they ran up all day to intraday highs. They pulled back, and took off again, retested highs several times as they continued to consolidate. In the last fifteen minutes, indices got a late pop out of the multi-hour bull flags and surged to more new rally highs.

Sharp Turn-Around Reaps Positive Gains Wed Aug 7th 2019

The stock market had a mixed, volatile session on Wednesday. Indices gapped down at the opening, pulled back, and wedged their way higher to midmorning highs. As the noon hour approached, they came down in falling wedges, and then turned around, and moved up steadily. In the last 20 minutes, they reached highs for the session, pulled back slightly, bounced, and then pulled back into the close to close with gains on the day.   Net on the day, the Dow was down 22.45 at 26,007.07. The S&P 500 was up 2.

Volatile Turn-Around Tuesday Tue Aug 6th 2019

It was turn-around Tuesday and a volatile day for the stock market as all three indices gapped up, reached morning highs early on, but, when Pence made comments regarding sanctions over China’s human rights abuse, they tumbled to session lows. Intraday, after continued volatility and sharp wedges forming, the Dow, S&P 500, and Nasdaq 100 reached new session highs, rolled over and then pulled back.

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