Closing Analysis

Solid Reversal For Blue Chips RSS

Closing Technical Market Analysis for Tue November 24th 2015

The stock market indices had a topsy-turvy day, with a gap lower, and a real strong plunge to the downside, taking the Nasdaq 100 down to 4622, only to reverse sharply and run up to 4682, about a 60-point run up. They then backed and filled, consolidated, but held most of their gains at the end of the day. The S&P 500 jumped from 2070 to 2094, before backing off to 2089. It was a solid reversal for the blue chips.

Net on the day, the Dow, which was down 17,683, closed up 19.51 at 17,812.19. The S&P 500 was up 2.55 to 2089.14, 19 points off the lows. The Nasdaq 100 was down 5.38 to 4669.41, 48 points off the lows.

Advance-declines were a little better than 3 to 2 positive on New York Stock Exchange and the same on Nasdaq. Up/down volume was 2 1/2 to 1 positive on New York, with total volume of 3.8 billion shares. Nasdaq traded nearly 1.9 billion shares, and had an 11 to 8 positive volume ratio. board was mostly high, but some of the big-blue chip, Nasdaq 100 stocks, were down. (PCLN) closed 28 points off the low, down 24.14 to 1240.18, with a low of 1212. Google Inc. (GOOG) was down 7.70 to 748.28, Inc. (AMZN) down 7.84 to 671.15, Netflix, Inc. (NFLX) 1.72 to 123.31, but Apple Inc. (AAPL) was up 1.13 to 118.88, about 50 cents off its high.

Tesla Motors, Inc. (TSLA) lost 50 cents to 218.25, Baidu, Inc. (BIDU) fell another 2.13 to 205.33, Intel Corporation (INTC) dropped only 12 cents to 34.36, with Microsoft Corporation (MSFT) closing up on the day.

Facebook, Inc. (FB) was down 1.21 to 105.74.

On the upside, stocks included Intra-Cellular Therapies, Inc. (ITCI), up 1.86 to 57.46, Prothena Corporation (PRTA) up 3.16 to 73.20.

Solar stocks were strong, with First Solar, Inc. (FSLR) up 1.29 to 56.17, and SunEdison, Inc. (SUNE) up 1.12 to 4.12, on 141 million shares, and could be a reversal, but we’ll have to see if it gets any follow-through.

Cyber-security stocks also had a good day. CyberArk Software, Ltd. (CYBR) gained 1.58 to 42.49, along with other stocks in the same sector.

Checking the percent-gain leaderboard, Avon Products Inc. (AVP) climbed 49 cents to 3.34, or 17%, on 11 million shares. Opexa Therapeutics, Inc. (OPXA) gained 42 cents to 3.87, or 12%, on 5.3 million shares. Oil stocks were strong as Baytex Energy Corp. (BTE) thrust 51 cents to 4.46, or 13%, on 3.1 million shares. Bonanza Creek Energy, Inc. (BCEI) closed up 94 cents to 8.52, or 12%, on 3.5 million shares.

Volatari Corporation (VLTC) had an amazing day today, up 5.07 to 8.57, or 145%, on 21.3 million shares, after reaching as low as 3.39 earlier in the day, and in after hours it reached as high as 9.69. That was a huge move, to say the least. TrueCar, Inc. (TRUE) advanced 1.12 to 9.03, or 14%, on 3.4 million shares. Amira Nature Foods Ltd. (ANFI) climbed 1.21 to 9.90, or 14%.

American Woodmark Corp (AMWD) jumped 10.00 to 77.60, or 15%. Aerojet Rocketdyne Holdings, Inc. (AJRD) rose 2.00 to 18.25, or 12%.

The Direxion Daily Gold Miners Bull 3X ETF (NUGT) stair-stepped its way to 2.57 to 26.08, and The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) ran 2.08 to 31.56.

Stepping back and reviewing the hourly chart patterns, after an early plunge this morning, the indices came back in a 5-wave advance, only to pull back into the close.

It was a nice reversal day, and a key test of support. The key number is 4620 Nasdaq 100 and 2070 S&P 500. We’ll see if those levels hold over the next few days, but today was a good turn-around day.

Let’s see how it goes tomorrow.

Good Trading!


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