Closing Analysis

Another Consolidation Day

Closing Technical Market Analysis for Thu March 28th 2019

The stock market had another interesting day on Thursday that ended in the green for all three indices. The Nasdaq 100 opened with a gap up, came down slightly, rallied to the high for the day at 7346.04, consolidated, pulled back in a 5-wave decline just before the noon hour, going from 7342.18 down to 7277.69. They then rallied back up to 7300.80, came down, nearly reaching the lows for a second time, and then took off and ran the rest of the day, consolidating along the way, to close positive on the session.

Net on the day, the Dow was up 91.87 at 25,717.46, 26 points off the high and 141 off the lows. The S&P 500 was up 10.07 at 2815.44, just 4 points off the high. The Nasdaq 100 was up 12.28 at 7320.47, 25 points off the high.

Advance-declines were 2 to 1 positive on the New York Stock Exchange, and 2 to 1 positive on the Nasdaq. New York had a total volume of 3 billion shares traded and the Nasdaq traded 2 billion shares.

TheTechTrader.com board was mixed, but there were a lot of green stocks on our board a well on Thursday. Amazon.com, Inc. (AMZN) was up 7.72 to 1773.42, Apple Inc. (AAPL) up just 25 cents to 188.72, and Netflix, Inc. (NFLX) up 1.24 to 354.61. Tesla, Inc. (TSLA) jumped 3.79 to 278.62, and Intuitive Surgical, Inc. (ISRG) popped 4.62 to 562.89.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) ran 2.14 to 56.62.

Other stocks to the upside included Etsy, Inc. (ETSY) up 1.62 to 67.13, Teladoc, Inc. (TDOC) up 2.81 to 53.68, Clovis Oncology, Inc. (CLVS) 1.08 to 24.36, Xilinx, Inc. (XLNX) 1.43 to 126.57, Acacia Communications, Inc. (ACIA) 2.57 to 57.92, and Ctrip.com International, Ltd. (CTRP) 1.16 to 43.47.

Point-plus losers included Alphabet Inc. (GOOG) down 4.53 to 1168.49, and PolarityTE, Inc. (PTE) down 1.65 to 10.27.

Checking TheTechTrader.com percent-gain leaderboard, Tenax Therapeutics, Inc. (TENX) snapped back 44 cents, or 24%, to 2.25, on 8.9 million shares.  

Euro Tech Holdings Company Limited (CLWT), on a 6-month earnings report, exploded 3.45, or 102%, to 6.85, on 17 million shares. China Internet Nationwide Financial Services Inc. (CIFS) gained 1.30, or 47%, to 4.07, on 10 million shares. Planet Green Holdings Corp. (PLAG) gained 1.20, or 34%, to 4.70, on 16 million shares. Safe-T Group Ltd (SFET), a software design company, climbed 1.03, or 45%, to 3.31, on 4.15 million shares.

Tricida, Inc. (TCDA), on positive clinical trial results, and positive earnings, thrust a whopping 13.73, or 57%, to 37.80, on 3.2 million shares. PVH Corp. (PVH), a clothing brand leader, on earnings, stair-stepped to 132.36, before pulling back and closing up 16.37, or 15%, to 127.26.

Verint Systems Inc. (VRNT) advanced 7.36, or 14%, to 58.90, on 2.5 million shares. Movado Group, Inc. (MOV), also on earnings, gained 7.43, or 23%, to 40.06, on 1.3 million shares. Lululemon Athletica Inc. (LULU), on earnings, surged 20.74, or 14%, to 167.54, on 14.5 million shares. Natera, Inc. (NTRA) climbed 1.77, or 10%, to 19.95.

Among other gainers, Five Below, Inc. (FIVE) was up 9.70 to 129.80, Accenture plc (ACN) up 8.65 to 175.12, Progress Software Corporation (PRGS) up 1.29 to 38.32, RH (RH) 2.53 to 131.93, Starbucks Corporation (SBUX) 1.22 to 73.96, G1 Therapeutics, Inc. (GTHX) 1.29, or 9%, to 16.39, Denali Therapeutics Inc. (DNLI) 1.32 to 22.37, and Trex Company, Inc. (TREX) 3.71 to 63.22.

Stepping back and reviewing the hourly chart patterns, the indices had a strong day on Thursday that ended positively.

Let’s see what happens tomorrow.

Good Trading! 

Harry


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