Closing Analysis

Indices Remain Range-Bound RSS

Closing Technical Market Analysis for Tue August 4th 2015

The stock market indices suffered some losses today with very volatile, back-and-forth, consolidation patterns, but indeterminate in terms of direction.

Net on the day, the Dow was down 47.51 at 17,550.69, about 45 points off the low, and 80 points off the high. The S&P 500 was down 4.72 to 2093.32, 5 points off its low and 8 points off its high. The Nasdaq 100 was down 13.00 to 4567.47, 17 points off the low and 17 points off the high.

Advance-declines were about 300 issues lower on New York Stock Exchange and almost flat on Nasdaq. Up/down volume was 19 to 16 negative on New York, with total volume of 3 1/2 billion shares. Nasdaq traded about 1.75 billion share, and had a little less than 5 to 4 negative ratio.

TheTechTrader.com board was very mixed, but we had a few gainers. Leading the way to the upside, Priceline (PCLN) was up 43.51 to 1283.99, but trending lower in after hours. Netflix, Inc. (NFLX) also had a big day, up 8.59 to 121.15, reaching as high as 122.79 and hitting its 17th-record close this year.

There were also some losses. Google Inc. (GOOG) gave back 1.96 to 629.25, Amazon.com Inc. (AMZN) lost 3.13 to 531.90, and Apple Inc. (AAPL) cracked support and dropped 3.80 to 114.64, on 120 million shares.

Tesla Motors, Inc. (TSLA) managed to climb 6.29 to 266.28.

TASER International Inc. (TASR) was up 1.10 to 26.23, Esperion Therapeutics, Inc. (ESPR) up 1.07 to 61.92, Teladoc, Inc. (TDOC) 1.62 to 34.82, and SolarCity Corporation (SCTY) 1.08 to 59.00.

Checking the TheTechTrader.com percent-gain leaderboard, Codexis, Inc. (CDXS) gained 91 cents to 4.12, or 28%.

Rudolph Technologies Inc. (RTEC) ran 1.88 to 12.84, or 17%, on nearly a million shares. ABIOMED, Inc. (ABMD) advanced 11.40 to 88.80, or 15%, on 2.8 million shares. Carrols Restaurant Group, Inc. (TAST) bounced 1.25 to 12.30, or 11%, reaching as high as 12.71 earlier in the day. Douglas Dynamics, Inc. (PLOW) closed up 2.60 to 23.36, or 12 1/2%.

LendingTree, Inc. (TREE) jumped a whopping 34.92 to 117.51, or 42%, on 1.3 million shares on strong earnings report.

Other gainers included Ctrip.com International Ltd. (CTRP), up 7.12 to 78.57, MGM Resorts International (MGM) up 1.90 to 21.75, and Tessera Technologies Inc. (TSRA) 3.30 to 37.94.

Stepping back and reviewing the hourly chart patterns, the indices were very volatile within trading ranges on the Nasdaq 100 between a low of 4551 and 4585, going back and forth several times within that range. The S&P 500 was a little bit in a downward slope with a high of nearly 2102.51 to a low of 2088.60, closing at 2093.32. It was a sloppy day, although the declining topsline and channel lines are holding the indices back from their rallies.

Let’s see how it goes tomorrow.

Good Trading!

Harry

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- Harry Boxer




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