Closing Analysis

Down Day with Poor Technicals RSS

Closing Technical Market Analysis for Thu January 19th 2017

The stock market indices had a tough session after opening with a gap up, and a strong surge on the Nasdaq 100, but the S&P 500 was barely able to move. They plunged sharply in the morning, bounced back midday, only to roll over again, making lower lows. At the end of the day, they did have a 5-wave comeback that pared back the losses, but still it was a down day.

Net on the day, the Dow was down 72.32 at 19,732.40. The S&P 500 was down 8.20 at 2263.69. The Nasdaq 100 was down 4.68 at 5051.17.

Advance-declines were 22 to 7 1/2 negative on the New York Stock Exchange, and 2 1/2 to 1 negative the Nasdaq. Up/down volume was 22 to 9 negative on New York, total volume of 3 billion shares traded. The Nasdaq traded 1 3/4 billion shares and had a 11 to 6 negative volume ratio.

TheTechTrader.com board was mixed. Priceline.com (PCLN) was down 2.84 to 1539.02, Alphabet Inc. (GOOG) down 3.90 to 802.17, Apple Inc. (AAPL) down 21 cents to 119.78, but Amazon.com, Inc. (AMZN) was up 1.56 to 809.04 and Netflix, Inc. (NFLX) up 5.15 to 138.41.

Baidu, Inc. (BIDU) dropped 45 cents to 176.09, Facebook, Inc. (FB) fell 37 cents to 127.55, and First Solar, Inc. (FSLR) popped just one cents to 34.42.

Tesla Motors, Inc. (TSLA) jumped 5.40 to 243.76.

Other stocks to the upside included Check Point Software Technologies Ltd. (CHKP), a swing trade of ours, up 6.73 to 96.34 after earnings, Achaogen, Inc. (AKAO) up 1.06 to 18.84, Acacia Communications, Inc. (ACIA) up 3.28 to 63.29, and NVIDIA Corporation (NVDA) 2.21 to 105.16.

On the downside, U.S. Concrete, Inc. (USCR) dropped 1.30 to 60.55, United States Steel Corp. (X) down1.72 to 33.21, XPO Logistics, Inc. (XPO) 1.05 to 43.22, and Aerie Pharmaceuticals, Inc. (AERI) 1.20 to 41.10.

Checking TheTechTrader.com percent-gain leaderboard, Catabasis Pharmaceuticals, Inc. (CATB) popped 82 cents, or 20%, to 4.97, on 4 million shares traded.

ViewRay, Inc. (VRAY) ran 1.27, or 40%, to 4.41. Globus Maritime Limited (GLBS) gained 1.19, or 19%, to 7.36, on 5.2 million shares traded. Swing trade Oclaro, Inc. (OCLR) gained 1.35, or 17%, to 9.48, on 26 million shares traded.

CSX Corporation (CSX) exploded 8.63, or 23%, to 45.51, on 99 million shares traded. Gravity Co., Ltd (GRVY) bounced 3.93, or 23%, to 20.96.

Among other gainers, Century Aluminum Co. (CENX) was up 1.11 to 13.27, and Teladoc, Inc. (TDOC) advanced 1.40 to 18.40.

Stepping back and reviewing the hourly chart patterns, the indices were up early, plunged in a 3-wave decline, only to snap back in the last hour, but still it was a negative day on Wall Street.

Let’s see what happens tomorrow.

Good Trading!

Harry

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- Harry Boxer




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