Closing Analysis

Slightly Down Day with Positive Technicals RSS

Closing Technical Market Analysis for Thu August 25th 2016

The stock market indices had an interesting, topsy-turvy day. They came down at the opening, rallied back to resistance, but both indices were unable to get through, and then they rolled over in a 5-wave decline to retest the lows, only to bounce in the last half hour. It was a negative close, but with positive technicals.

Net on the day, the Dow was down 33.07 at 18,448.41. The S&P 500 was down 2.97 at 2172.47. The Nasdaq 100 was down 8.06 at 4775.43.

Advance-declines were about 340 issues positive on the New York Stock Exchange, and about 150 issues positive on the Nasdaq. Up/down volume was 16 to 12 positive on New York, total volume of 2.85 billion shares traded. The Nasdaq traded just under 1.5 billion shares and had a 76 to 70 positive volume ratio.

TheTechTrader.com board was mixed with both fractional and point-plus gainers. Priceline.com (PCLN) was up 5.37 to 1415.55, Amazon.com Inc. (AMZN) up 1.97 to 759.22, and Netflix, Inc. (NFLX) 2.14 to 97.32, but Google Inc. (GOOG) was down 23 cents to 769.41, Apple Inc. (AAPL) down 49 cents to 107.54.

Baidu, Inc. (BIDU) gained 1.36 to 172.85, Facebook, Inc. (FB) advanced 41 cents to 123.89, and First Solar, Inc. (FSLR) lost 28 cents to 37.04.

Tesla Motors, Inc. (TSLA) dropped 1.66 to 220.96.

Twilio, Inc. (TWLO) lost 1.67 to 51.93, and ANI Pharmaceuticals, Inc. (ANIP) down 1.84 to 62.87.

On the downside, the Direxion Daily S&P Biotech Bull 3X ETF (LABU) closed down 1.20 to 37.80, and traded about 2 1/2 points lower earlier in the day, so it came back very nicely late in the session.

Checking TheTechTrader.com percent-gain leaderboard, Chembio Diagnostics, Inc. (CEMI), on a contract, spiked to 7.47, before pulling back and closing up 91 cents, or 15%, to 7.00. New Concept Energy, Inc. (GBR) bounced 58 cents, or 15%, to 4.48, on 1.2 million shares traded.

Guess', Inc. (GES), on good earnings, jumped 3.30, or 22%, to 18.20, on 10 million shares traded. Vanda Pharmaceuticals, Inc. (VNDA) gained 2.42, or 21%, to 14.17, on 5.5 million shares traded, on positive news. Applied Optoelectronics, Inc. (AAOI) ran 2.23, or 16%, to 16.11, on 1.7 million shares traded. Rackspace Hosting, Inc. (RAX) climbed 2.64, or 10%, to 30.19, on 2.2 million shares traded. Workday, Inc. (WDAY) closed up 5.68, or 7%, to 85.33, on 9.6 million shares traded. Tiffany & Co. (TIF) eked out 4.41, or 6.4%, to 73.28, on 7.4 million shares traded.

Among other gainers, Clayton Williams Energy, Inc. (CWEI) was up 4.41 to 64.97, and Momo Inc. (MOMO) up 1.33 to 20.94.

The VelocityShares 3x Long Natural Gas ETN (UGAZ) jumped 2.14 to 39.85.

Stepping back and reviewing the hourly chart patterns, the indices were up in the morning, flattened out midday, consolidated, and then rolled over, but bounced late in the day.

It was a slightly down day with positive technical and maybe a positive divergence, but coming near key support, and it’s important that it did that.

Let’s see what happens tomorrow.

Good Trading!

Harry

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- Harry Boxer




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