Closing Analysis

Another Nasty Down Day

Closing Technical Market Analysis for Tue November 20th 2018

The stock market suffered big losses on Tuesday. Only a midday rally was able to get them off the lows and repeat the pullback in the afternoon to finish dramatically lower on the day, but off the lows.

Net on the day, the Dow was down 551.80 at 24,465.80, about 100 points off the low. The S&P 500 was down 48.84 at 2641.89, 10 points off its low. The Nasdaq 100 was down 115.95 at 6525.96, 85 points off its low.

Advance-declines were 6 to 1 negative on the New York Stock Exchange, and 3 to 1 negative on the Nasdaq. Up/down volume was 7 to 1 negative on New York, total volume 4 1/4 billion shares traded. The Nasdaq traded 2.6 billion shares and had a 2 1/2 to 1 volume ratio.

TheTechTrader.com board had another day of losses on Tuesday. Many of those were off the lows, but rallied back sharply, and pulled back into the afternoon. Amazon.com, Inc. (AMZN) was down 16.83 to 1495.46, 44 points higher earlier in the day and 75 points lower. Apple Inc. (AAPL) down 8.88 to 176.98, with a low of 175.51, Netflix, Inc. (NFLX) 3.62 to 266.98, Microsoft Corporation (MSFT) 2.91 to 101.71.

Tesla, Inc. (TSLA) lost 5.98 to 347.49, Baidu, Inc. (BIDU) down 5.61 to 177.48, First Solar, Inc. (FSLR) down 1.89 to 42.05.

Other stocks to the downside included Exact Sciences Corporation (EXAS) down 2.55 to 64.73, Jack in the Box Inc. (JACK) down 4.97 to 84.61, Agilent Technologies, Inc. (A) 4.91 to 67.52, Campbell Soup Company (CPB) 2.10 to 40.55, and Square, Inc. (SQ) 1.15 to 61.82.

To the upside, Alphabet Inc. (GOOG) was up 5.75 to 1025.76, 31 points off the low, NVIDIA Corporation (NVDA) up 4.38 to 149.08, 16 points off the low but 5 off its high, Intuitive Surgical, Inc. (ISRG) 2.67 to 485.24, Teladoc, Inc. (TDOC) 1.82 to 54.76, were among many others.

Checking TheTechTrader.com percent-gain leaderboard, Sphere 3D Corp. (ANY) jumped 3.91, or 145%, to 6.61, 15 million shares, and a whopping day trade for our Techtraders.

Noah Holdings Limited (NOAH) 3.97, 10%, to 44.77. Pinduoduo Inc. (PDD) jumped 3.30, or 17%, to 23.14, on 21 million shares. Tesaro, Inc. (TSRO), in talks of possible acquisition, ran 5.65, or 15%, to 42.48, on 9.5 million shares.

The VelocityShares 3x Invrs Crude Oil ETNNew (DWT) gained 2.19, or 21%, to 12.44, on 15 million shares.

Stepping back and reviewing the hourly chart patterns, the indices opened with big gaps, bounced for a few minutes, then made lower-lows before a midday rally brought them back about fifty percent, only to fall back, and finish ugly on the day.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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