Closing Analysis

Very Green Follow-Through Session RSS

Closing Technical Market Analysis for Wed May 25th 2016

The stock market indices had a nice follow-through session, with a big spike at the opening, a run up to the session highs on the S&P 500 the first 30-40 minutes, and the rest of the day was spent consolidating in a 5-point range. The Nasdaq 100 did make higher highs by midday, but that was not confirmed by the S&P 500, and as a result, they backed off and consolidated. Also, support held. They closed with significant gains, and it was a very good day for the indices.

Net on the day, the Dow was up 145.46 at 17,851.51, 40 points off the high. The S&P 500 was up 14.48 at 2090.54, 4 points off its high. The Nasdaq 100 was up 32.14 at 4476.43, 12 points off its high.

Advance-declines were a little more than 2 to 1 positive on the New York Stock Exchange, and 2 to 1 positive on the Nasdaq. Up/down volume was almost 4 to 1 positive on New York, total volume of 3.8 billion shares traded. The Nasdaq traded 1 3/4 billion shares and had a 2 1/2 to 1 positive volume ratio. board was higher today. (PCLN) was up 13.55 to 1270.18, Google Inc. (GOOG) up 5.18 to 725.27, Apple Inc. (AAPL) up 1.72 to 99.62, Inc. (AMZN) 4.15 to 708.35, and Netflix, Inc. (NFLX) 2.31 to 100.20.

Baidu, Inc. (BIDU) Baidu, Inc. (BIDU) gained 80 cents to 176.71, Facebook, Inc. (FB) up just 19 cents to 117.89, and First Solar, Inc. (FSLR) with a small gain of just a dime to 50.56.

Tesla Motors, Inc. (TSLA) jumped 1.67 to 219.58.

Sarepta Therapeutics, Inc. (SRPT) was up 4.91 to 23.35, Targa Resources Corp. (TRGP) up 1.74 to 43.94, and Universal Display Corp. (OLED), one of our swing trades, 1.58 to 65.97.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) bounced 1.65 to 34.47.

On the downside, no stocks were down as much as a point on our main board.

Checking the percent-gain leaderboard, Opexa Therapeutics, Inc. (OPXA), on earnings, spiked to 4.29 this morning, before pulling back to 3.29, up 71 cents, or 28%, on 5.7 million shares.

Pacific Ethanol, Inc. (PEIX) thrust 1.03 to 6.04, or 21%, on 2.3 million shares. Nimble Storage, Inc. (NMBL) climbed 1.21 to 8.56, or 16%, on 5.7 million shares, trading as high as 9.30 earlier in the day.

Innocoll Holdings (INNL), on positive drug news, popped 3.40 to 10.51, or 48%, or 3000% more volume than average. Computer Sciences Corporation (CSC), on a merger with HP Enterprise, jumped 15.00 to 50.65, or 42%, on 21.6 million shares. Clayton Williams Energy, Inc. (CWEI) ran 3.75 to 29.13, or 15%. Whiting Petroleum Corp. (WLL) closed up 1.58 to 12.68, or 14%, on 32 million shares.

The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) was up 11.55 to 118.01, and the Direxion Daily Gold Miners Bull 3X ETF (NUGT) 5.05 to 77.55.

Stepping back and reviewing the hourly chart patterns, the indices gapped up again, ran early in the morning, consolidated, and by midday were retesting the highs, making new highs on the Nasdaq 100, but not so on the S&P 500. They did pullback and hold support, and spent the rest of the day in a nice consolidation formation.

It looks like they want to go higher.

Let’s see what happens tomorrow.

Good Trading!


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