Closing Analysis

Nasty Start to the Week RSS

Closing Technical Market Analysis for Mon September 26th 2016

The stock market indices opened negatively today, with sharply lower futures. They gapped down, bounced back to resistance, went lower in 5-wave declines, and finished near the lows for the day. It was a very nasty start to the week.

Net on the day, the Dow was down 166.62 at 18,094.83. The S&P 500 was down 18.59 at 2146.10, just pennies off the low. The Nasdaq 100 was down 41.74 at 4817.17, 5 points off its low.

Advance-declines were a little less than 3 to 1 negative on the New York Stock Exchange, and 3 1/2 to 1 negative on the Nasdaq. Up/down volume was 3 to 1 negative on New York, total volume of 3.1 billion shares traded. The Nasdaq traded 1.6 billion shares and had a 2 to 1 negative volume ratio.

TheTechTrader.com board was mostly red today. Priceline.com (PCLN) was down 9.61 to 1447.15, Google Inc. (GOOG) down 12.69 to 774.21, Amazon.com Inc. (AMZN) down 6.59 to 799.16, Netflix, Inc. (NFLX) 1.38 to 94.56, but Apple Inc. (AAPL) closed up just 17 cents to 112.88.

Baidu, Inc. (BIDU) dropped 2.86 to 188.86, Facebook, Inc. (FB) gave back 65 cents to 127.31, but First Solar, Inc. (FSLR) popped 19 cents to 37.25.

Tesla Motors, Inc. (TSLA) jumped 1.54 to 208.99.

To the upside, point-plus gainers included Zynerba Pharmaceuticals, Inc. (ZYNE), up 1.38 to 14.04, GW Pharmaceuticals plc (GWPH), on drug news, 18.50 to 126.06, CoLucid Pharmaceuticals, Inc. (CLCD) 1.12 to 32.48, and Radcom Ltd (RDCM) 1.16 to 20.49.

On the downside, Acacia Communications, Inc. (ACIA) got hammered on a secondary, 12.22 lower to 107.12.

Checking TheTechTrader.com percent-gain leaderboard, Actinium Pharmaceuticals, Inc. (ATNM) popped 21 cents, or 12%, to 2.00, on 1.5 million shares traded with a late surge.

Array BioPharma Inc. (ARRY), by far was the biggest leader today, up 2.96, or 81%, to 6.61, on nearly 102 million shares traded, and in afterhours trading as high as 6.80. Fantastic day there on positive news.

Actua Corporation (ACTA) ran 1.93, or 19%, to 12.20, and the Summit Therapeutics (SMMT) bounced 1.42, or 16%, to 10.15.

The ProShares Ultra VIX Short-Term Futures (UVXY) charged ahead 1.79, or 11%, to 18.28, on 41 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices gapped down, stair-stepped their way lower in a 5-wave decline, and then tried to rally, but failed to hold any gains and backed off near the close.

It was a very nasty way to start the week and right near key support. The market is very vulnerable here.

Let’s see what happens tomorrow.

Good Trading!

Harry

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- Harry Boxer




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