Closing Analysis

Mixed Negative Close RSS

Closing Technical Market Analysis for Wed February 10th 2016

The stock market indices had a topsy-turvy day today. The day started out with a very sharp move to the upside, then spiked up in an effort to get the Nasdaq 100 over 4040, but it actually managed to get up to 4045, and the S&P 500 spiked up to key resistance at 1880. At that point, they then failed to follow through and came down in a 3-wave corrective pullback. By late morning they had tested support, but held, and rallied again, this time making lower highs. In the afternoon, a 5-wave decline took them to lower lows, and lows for the session, to close negative on the Dow, flat on S&P 500, and up on the Nasdaq 100.

It was a mixed session to say the least.

Net on the day, the Dow was down 99.64 at 15,914.74. The S&P 500 was down .35 to 18561.86, 40 points off the high. The Nasdaq 100 was up 18.47 to 3866.28, 80 points off the high.

Advance-declines were 8 to 7 positive on New York Stock Exchange after being much more so earlier, and flat on Nasdaq. Up/down volume was 2 1/3 billion down and 2 billion up on New York, total volume of 4.4 billion shares traded. The Nasdaq traded 2.4 billion shares and had a 3 to 2 positive volume ratio. board showed some large gains in the Nasdaq generals with Priceline Inc. (PCLN) leading the way, up 41.48 to 1032.77, Google Inc. (GOOG) eked out 6.20 to 684.12, 17 points off the high, Inc. (AMZN) popped to 504.66, before closing up 8.41 to 490.48, and Netflix, Inc. (NFLX) gained 2.32 to 88.45. Apple Inc. (AAPL), however, was down 72 cents to 94.27, not far off the session low.

Tesla Motors, Inc. (TSLA) lost 4.58 to 143.67, however it’s up about 10 points in after hours on a positive report, but Baidu, Inc. (BIDU) was up 3.10 to 143.78. Facebook, Inc. (FB) was also up, 1.46 to 101.00, but the high was 103.25.

In addition, Direxion Daily Gold Miners Bull 3X ETF (NUGT) was one of the movers for the day, up 2.54 to 43.40, 7 points off its low, after dropping down to a low of 36.19 earlier in the day. Yesterday it had a high of over 49.00.

Checking the percent-gain leaderboard, A10 Networks, Inc. (ATEN) ran 74 cents to 5.66, or 15%, on 1.6 million shares.

Electromed, Inc. (ELMD) closed at 3.25, up a whopping 1.51, or 87%, on 6.3 million shares, 30,000% more volume than average, the biggest volume in its history.

Criteo SA (CRTO) jumped 7.35 to 33.39, or 28%, on 5.5 million shares on a late sell off. Akamai Technologies, Inc. (AKAM) ran up early and stayed up all day, gaining 8.39 to 47.96, or 21%, in 14 million shares. Qualys, Inc. (QLYS) bounced 2.63 to 19.99, or 15%, on nearly a million shares.

Stepping back and reviewing the hourly chart patterns, obviously, after an early morning run, the indices had a 3-wave corrective pullback, which looked bullish at that point. However, the next rally had less lust, and looked more corrective, and as a result, the indices rolled over in the afternoon, and closed near the session lows.

Not a good day in general, but secondary support did hold.

Let’s see what happens tomorrow.

Good Trading!


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