Closing Analysis

Another Mixed Session

Closing Technical Market Analysis for Tue January 29th 2019

The stock market had a mixed session on Tuesday, and certainly no follow-through to the downside, in the blue chips anyway. The Nasdaq 100 still was under pressure with the FANG and other major Nasdaq 100 stocks that was down on the session. The day started out with a very brief pop to the upside, and then they came down immediately in a 5-wave decline, the fifth wave being very strong. They then found support, bounced into midday, did not get through resistance twice, rolled over at the end of the day, only to bounce in the last minute to finish with the blue chips and Dow up on the day.

Net on the day, the Dow was up 51.74 at 24,579.96. The S&P 500 was down 3.85 at 2640.00, 10 points off the high and 9 off the low. The Nasdaq 100 was down almost 1% at 6632.79 down 64.29, 70 points off the high and 21 points off the low.

Advance-declines still managed to go positive by 16 to 12 on the New York Stock Exchange, but 16 1/2 to 13 1/2 negative on the Nasdaq. Up/down volume was almost 3 to 2 positive on New York, total volume 3 billion shares traded. The Nasdaq traded 2 billion shares but more than 2 to 1 negative volume ratio.

It was a very mixed session, indeed, technically as well as index-wise.

TheTechTrader.com board was very red on Tuesday. Amazon.com, Inc. (AMZN) was down 44.01 to 1593.88, Alphabet Inc. (GOOG) down 9.46 to 1060.62, Facebook, Inc. (FB) 3.28 to 144.19, Netflix, Inc. (NFLX) 6.76 to 328.90, and Apple Inc. (AAPL) dropped 1.62 to 154.68, but on earnings was up 8.13 in after hour. Intuitive Surgical, Inc. (ISRG) lost 2.48 to 494.25, NVIDIA Corporation (NVDA) dropped.

Microsoft Corporation (MSFT) was down 214 to 102.94, and Baidu, Inc. (BIDU) gave back another 2.23 to 165.27.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) was up a small fraction, but Exact Sciences Corporation (EXAS) gained 1.81 to 85.62.

Other stocks to the downside included Square, Inc. (SQ) down 7.66 to 68.56, Nutanix, Inc. (NTNX) down 2.09 to 49.40, Teladoc, Inc. (TDOC) down 1.28 to 60.76, Overstock.com, Inc. (OSTK) 1.44 to 17.71, GameStop Corp. (GME) 4.22 to 11.28, Polaris Industries Inc. (PII) 1.69 to 83.11, Harley-Davidson, Inc. (HOG) 1.85 to 34.76, Tilray, Inc. (TLRY) 2.87 to 79.06, Canopy Growth Corporation (CGC) 3.64 to 47.13, and Roku, Inc. (ROKU) 1.01 to 42.85.

To the upside, Tesla, Inc. (TSLA) was up 1.08 to 297.46, and Gilead Sciences, Inc. (GILD) up 1.68 to 69.59.

Checking TheTechTrader.com percent-gain leaderboard, there were some outstanding stocks that we traded on Tuesday. HyreCar Inc. (HYRE) bounced 43 cents, or 11%, to 4.45, on 1.9 million shares. Zynerba Pharmaceuticals, Inc. (ZYNE) thrust 97 cents, or 25%, to 4.81, on 7.75 million shares. Digital Ally, Inc. (DGLY) moved up 40 cents, or 12%, to 3.79, on 1.5 million shares.

OncoCyte Corporation (OCX), on positive results from a trial, exploded 4.09, or 225%, to 5.91, on 44 million shares. Coffee Holding Co., Inc. (JVA) spiked to 6.34 early on, pulled back and closed up 1.00, or 20.6%, to 5.86, on 1.7 million shares.

Harris Corporation (HRS) jumped 12.53, or 9%, to 155.22, on 4.1 million shares. Sanmina Corporation (SANM) made its way up 4.60, or 17%, to 31.85, on 3.5 million shares. Voyager Therapeutics, Inc. (VYGR) popped 3.08, or 38%, to 11.12, on 6.2 million shares. Corning Incorporated (GLW) gained 3.36, or 11%, to 33.72, on 17 million shares. Woodward, Inc. (WWD) snapped back 9.53, or 12%, to 86.78, on 1.8 million shares. Xerox Corporation (XRX) climbed 2.77, or 11%, to 27.07, on 10.5 million shares.

Among other gainers, Eagle Materials Inc. (EXP) was up 2.17 to 70.96, Commvault Systems, Inc. (CVLT) up 1.85 to 63.42, Stratasys Ltd. (SSYS) 1.79 to 24.07, Rapid7, Inc. (RPD) 1.04 to 37.42, Meritor, Inc. (MTOR) 1.87 to 20.79, and Dover Corporation (DOV) 6.92 to 86.16.

Direxion Daily MSCI Brazil Bull 3X ETF (BRZU) was up 1.45 to 36.01.

Stepping back and reviewing the hourly chart patterns, the indices were down hard in the morning, rallied midday to resistance, pulled back to retest, held support, and bounced in the last minute to finish mixed on the day.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


Harry Boxer For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary.

 


©2001-2019 TheTechnicalTrader (www.thetechtrader.com), a publication of AdviceTrade, Inc. All rights reserved.