Closing Analysis

Another Down Day

Closing Technical Market Analysis for Wed May 29th 2019

Markets opened lower on Wednesday, and it appears as though the dispute between the U.S. and China may continue as Trump stated that the country is not ready for a trade deal with China, which seems to have an impact on Wall Street.

The day started out as indices came down, bounced around, consolidated, rallied to morning highs to 2792.03 S&P 500 and 7254.20 Nasdaq 100. They rolled over, made a 5-wave move down, bounced, rolled over again, retested support, then made a snapback attempt, but when it was unsuccessful, they came down to resistance at 2775-77 S&P 500 and 7200-10 Nasdaq 100. The S&P 500 had now fallen below 200-day moving average for the first time since March 8. The rallied, moved three waves up, consolidated, rolled over, and then spiked up, the spike being the first of five wedges up. They pulled back, coiled, and then rolled over. With an hour to go, they rallied back up, came down, the Nasdaq 100 popped into the close, but the S&P 500 slightly. It was a topsy-turvy, volatile session, for sure.

Net on the day, the Dow was down 221.36 at 25,126.41. The S&P 500 was down 19.37 at 2783.02. The Nasdaq 100 was down 61.52 at 7216.86.

Advance-declines were 2 to 1 negative on the New York Stock Exchange, and 2 1/4 to 1 negative on the Nasdaq. Up/down volume was 3 to 1 negative on New York, total volume 3.5 billion shares traded. The Nasdaq traded 2.1 billion shares and had a more than 3 1/2 to 1 negative volume ratio.

TheTechTrader.com board was mostly red on Wednesday. To the downside, Amazon.com, Inc. (AMZN) was down 17.24 to 1819.19, Alphabet Inc. (GOOG) down 17.69 to 1116.46, Apple Inc. (AAPL) down just 85 cents to 177.38, Facebook, Inc. (FB) 2.12 to 182.19, and Netflix, Inc. (NFLX) 5.59 to 349.19.

Microsoft Corporation (MSFT) dropped 1.22 to 124.94, NVIDIA Corporation (NVDA) lost 2.99 to 140.34, and Baidu, Inc. (BIDU) gave back 1.19 to 112.95.

Other stocks to the downside included Abercrombie & Fitch Co. (ANF) down 6.62 to 18.39, Capri Holdings Limited (CPRI) down 3.83 to 35.06, Dick's Sporting Goods, Inc. (DKS) 2.11 to 33.67, Canada Goose Holdings Inc. (GOOS) 15.13 to 33.89, Square, Inc. (SQ) 2.59 to 63.23, Zoom Video Communications, Inc. (ZM) 2.00 to 75.77, Etsy, Inc. (ETSY) 2.90 to 62.13, Canopy Growth Corporation (CGC) 2.16 to 42.48, and Dollar Tree, Inc. (DLTR) 1.95 to 95.32, along with many others.

To the upside, there were several point-plus gainers, which included Tesla, Inc. (TSLA) up 1.16 to 189.86, YY Inc. (YY) up 3.06 to 66.98, Roku, Inc. (ROKU) 2.97 to 91.80, and Nutanix, Inc. (NTNX) 2.28 to 33.69.

Checking TheTechTrader.com percent-gain leaderboard, Netshoes (Cayman) Limited (NETS) popped 65 cents, or 21%, to 3.70, on 2 million shares. Technical Communications Corporation (TCCO) ran 68 cents, or 21%, to 3.96. Chesapeake Energy Corporation (CHK) bounced 20 cents, or 10%, to 2.14, on 64 million shares.

Eltek Ltd. (ELTK) exploded 5.36, or 237%, to 7.00, on 35.2 million shares. Valeritas Holdings, Inc. (VLRX) gained 1.06, or 37%, to 3.90, on 4.8 million shares. ReWalk Robotics Ltd. (RWLK) eked out 1.11, or 37%, to 4.08, on 4.3 million shares.

Cara Therapeutics, Inc. (CARA) popped 3.59, or 20%, to 21.57, on 6.8 million shares. Soliton, Inc. (SOLY) advanced 6.06, or 43%, to 20.28, on 20 million shares. Amarin Corporation plc (AMRN), on positive drug news, closed up 1.98, or 12%, to 18.99, on 21 million shares. Beyond Meat, Inc. (BYND) jumped 11.50, or 13%, to 97.50, on 8.2 million shares. Cypress Semiconductor Corporation (CY) spiked up 1.85, or 12%, to 17.25, on 24 million shares. Columbus McKinnon Corporation (CMCO) closed up 4.10, or 13%, to 36.70. HEICO Corporation (HEI) climbed 12.28, or 12%, to 117.14, on 1.8 million shares.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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