Closing Analysis

Another Tough Session

Closing Technical Market Analysis for Thu December 20th 2018

The stock market had steep declines on Thursday, and only at the end of the day did they bounce to salvage whatever they could for the day.

Net on the day, the Dow was down 464.06 at 22,859.60. The S&P 500 was down 39.54 at 2467.42. The Nasdaq 100 was down 99.77 at 6243.19.

Advance-declines were 5 to 1 negative on the New York Stock Exchange, and 3 1/2 to 1 negative on the Nasdaq. Up/down volume was nearly 5 to 1 negative on New York, total volume 5 1/2 billion shares traded. The Nasdaq traded 3 1/3 billion shares and had a 4 to 1 volume ratio.

TheTechTrader.com board was blood-red on Thursday. Amazon.com, Inc. (AMZN) was down 34.25 to 1460, Alphabet Inc. (GOOG) down 13.60 to 1009.41, Apple Inc. (AAPL) down 4.06 to 156.83, and Netflix, Inc. (NFLX) 6.19 to 260.58.

Tesla, Inc. (TSLA) lost 17.59 to 315.38, NVIDIA Corporation (NVDA) dropped 3.41 to 135.10, and Intuitive Surgical, Inc. (ISRG) fell 12.04 to 459.88. Microsoft Corporation (MSFT) was down 2.18 to 101.51, Baidu, Inc. (BIDU) down 2.12 to 160.36.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 3.57 to 29.37, bluebird bio, Inc. (BLUE) down 5.92 to 95.21, Nektar Therapeutics (NKTR) 1.63 to 32.63, and Nutanix, Inc. (NTNX) 1.76 to 38.23

Other stocks to the downside included Square, Inc. (SQ) down 3.13 to 55.90, Teladoc, Inc. (TDOC) 2.71 to 45.87, and Twitter, Inc. (TWTR) 3.64 to 29.29.

Point-plus gainers included FibroGen, Inc. (FGEN) up 1.68 to 42.43, and AbbVie Inc. (ABBV) up 1.85 to 85.37.

Checking TheTechTrader.com percent-gain leaderboard, Marin Software Incorporated (MRIN) bounced 51 cents, or 8%, or 7.16, on 8.4 million shares. Agenus Inc. (AGEN) popped 47 cents, or 23%, to 2.48, on 23 million shares. Bitcoin Investment Trust (GBTC) advanced 32 cents, or 7%, to 4.63, on 3.6 million shares.

Inpixon (INPX) ran 1.11, or 37%, to 4.10, on 9.7 million shares.

PolarityTE, Inc. (PTE) jumped 1.56, or 11%, to 16.20. eHealth, Inc. (EHTH) gained 2.27, or 7%, to 36.79. Tilray, Inc. (TLRY) climbed 7.30, or 10%, to 78.30, on 4.3 million shares. Aimmune Therapeutics, Inc. (AIMT) exploded 3.36, or 15 1/2%, to 25.07, on 3.8 million shares.

The VelocityShares Daily 2x VIX ST ETN (TVIX) was up 6.20, or 10 1/2%, to 65.26. The ProShares Ultra VIX Short-Term Futures (UVXY) up 5.60, or 8%, to 76.41, on 14 million shares. The ProShares UltraPro Short S&P500 (SPXU) 2.29 to 50.23.

The Direxion Daily Jr Gld Mnrs Bull 3X ETF (JNUG) snapped back 83 cents, or 11%, to 8.27, on 12 million shares. The Direxion Daily Gold Miners Bull 3X ETF (NUGT) 1.80, or 12%, to 16.66, on 9.2 million shares.  

The VelocityShares 3x Invrs Crude Oil ETNNew (DWT) was up 1.20, or 8%, to 17.03, on 6.2 million shares. ProShares UltraShort Bloomberg Crude Oil (SCO) 1.50, or 5%, to 30.30, on 3.9 million shares.

Stepping back and reviewing the hourly chart patterns, the indices backed and filled early on forming wedges, and then rolled over in a stair-step decline before rallying late in the day, pulling back at the close to what looks like an inverse head-and-shoulders. Possibly they put in some kind of bottom on Thursday at a negative tick at 1243 and a negative Mcclellan oscillator down to about a negative 210. With the VIX over 30, it’s at a level in which the market is oversold and ripe for a Santa Claus snap back year end rally!.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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