Closing Analysis

Another Positive Day, Good Technicals

Closing Technical Market Analysis for Wed January 9th 2019

The stock market had an up-day on Wednesday, starting out with a move to the upside, and then they had a sharp pullback. They rallied against a new high for the rally, getting up to 6630 on the Nasdaq 100, and 2595 S&P 500. After the FOMC statement, the indices had a little pop, and then a sharp drop. That held support, and then bounced pretty sharply again. In the last half hour when they pulled back one more time, they bounced, and finished up on the day, but off the highs.

Net on the day, the Dow was up 91.67 at 23,879.12, about 100 points off the high. The S&P 500 was up 10.55 at 2584.96, 11 points off its high. The Nasdaq 100 was up 48.85 at 6600.69, 31 points off its high.

Advance-declines were better than 2 to 1 positive on the New York Stock Exchange, and 2 to 1 positive on the Nasdaq. Up/down volume was 3 to 1 positive on New York, total volume just under 4 billion shares traded. The Nasdaq traded 2.4 billion shares and had a 2 to 1 volume ratio. board was mostly green on Wednesday., Inc. (AMZN) was up 2.84 to 1659.42, Apple Inc. (AAPL) up 2.56 to 153.31, Facebook, Inc. (FB) 1.70 to 144.23, Tesla, Inc. (TSLA) jumped 3.18 to 338.53, Intuitive Surgical, Inc. (ISRG) exploded 34.12 to 517.11, NVIDIA Corporation (NVDA) gained 2.75 to 142.58, Microsoft Corporation (MSFT) popped 1.47 to 104.27, and Baidu, Inc. (BIDU) advanced 3.24 to 166.64.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) advanced a small fraction, but Exact Sciences Corporation (EXAS) ran 1.64 to 77.80, Amarin Corporation plc (AMRN) up 1.12 to 15.03, and ACADIA Pharmaceuticals Inc. (ACAD) 1.20 to 19.74.

Other stocks to the upside included HUYA Inc. (HUYA) up 1.31 to 19.45, Square, Inc. (SQ) up 2.81 to 65.93, Micron Technology, Inc. (MU) 1.70 to 35.44, California Resources Corporation (CRC) 1.20 to 21.13, and Teladoc, Inc. (TDOC) 1.29 to 55.07.

The Direxion Daily MSCI Brazil Bull 3X ETF (BRZU) was up 2.44 to 34.94 and the iShares MSCI Brazil Capped ETF (EWZ) up 1.04 to 42.94.

Point-plus losers included Alphabet Inc. (GOOG) down 1074.66 to 1074.66, Tilray, Inc. (TLRY) down 3.56 to 79.70, and AbbVie Inc. (ABBV).

Checking percent-gain leaderboard, New Age Beverages Corporation (NBEV) popped 59 cents, or 11%, to 6.10, on 14 million shares. Gogo Inc. (GOGO) spiked to 4.10, before pulling back and closing up 47 cents, or 15%, to 3.56, on 8.2 million shares. Kandi Technologies Group, Inc. (KNDI) thrust 96 cents, or 22%, to 5.39, on 1.8 million shares. Himax Technologies, Inc. (HIMX) did a stair-step climb up 53 cents, or 15%, to 3.96, on 6.1 million shares.

SAExploration Holdings, Inc. (SAEX) climbed 1.48, or 66%, to 3.72, on over 12 million shares. Sphere 3D Corp. (ANY) spiked 24 cents, or 7%, to 3.60. Energous Corporation (WATT) advanced 61 cents, or 8%, to 8.21, on 2 million shares.

NovoCure Limited (NVCR) bounced 3.73, or 10%, to 40.47, on 1.75 million shares. WildHorse Resource Development Corporation (WRD) stair-stepped 1.64, or 10%, to 17.51, on 2.4 million shares. Canopy Growth Corporation (CGC) climbed 3.96, or 13%, to 33.60, on 17 million shares. NeoGenomics, Inc. (NEO) eked out 1.82, or 14%, to 14.97, on 5 million shares.

Among other gainers, TAL Education Group (TAL) was up 1.49 to 28.95, Veoneer, Inc. (VNE) up 1.99 to 30.58, and Globus Medical, Inc. (GMED) 2.84 to 42.68.

Stepping back and reviewing the hourly chart patterns, the indices were up at the get-go, pulled back sharply, and then rallied sharply. They were kind of volatile in the afternoon, swinging back and forth after the FOMC, but finished positive with good technicals.

Let’s see what happens tomorrow.

Good Trading! 


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