Closing Analysis

Big Nasty Reversal Day, Especially for the Nasdaq 100

Closing Technical Market Analysis for Mon December 4th 2017

The stock market indices started off the week better than expected because of the positive tax vote late Friday, but they then sold them off very sharply, especially the Nasdaq 100, which, from top to bottom, lost 117 points, giving up a more than 40-point gain. The S&P 500 jumped to as high as 2665.19, but closed 26 points off the high. However, the DOW hit an all-time high today at 24,534.04, but gave up 244 points as well, although it closed in the green while the S&P 500 and Nasdaq 100 closed red. So, it was an interesting but net mixed day for the market.

Net on the day, the Dow was up 58.46 at 24,290.05. The S&P 500 was down 2.78 at 2636.44. The Nasdaq 100 was down 74.17 to 6263.70.

Advance-declines were flat on the New York Stock Exchange, and negative by 300 on the Nasdaq. Up/down volume was 22 to 16 positive on New York, total volume of 3.1 billion shares traded. The Nasdaq traded over 2.4 billion shares, and had a 3 to 2 negative volume ratio.

TheTechTrader.com board was mostly negative. The Priceline Group Inc. (PCLN) was down 12.06 to 1723.24, Alphabet Inc. (GOOG), under a thousand for the first time in a while, down 11.49 to 998.68, Apple Inc. (AAPL) down 1.25 to 169.80, Amazon.com, Inc. (AMZN) 28.40 to 1133.95, and Netflix, Inc. (NFLX) 2.78 to 184.04.  Baidu, Inc. (BIDU) Baidu, Inc. (BIDU) fell 5.41 to 229.66, Facebook, Inc. (FB) dropped 3.63 to 171.47, and First Solar, Inc. (FSLR) gave back 3.03 to 57.27. Microsoft Corporation (MSFT) was down 3.18 to 81.08 and Intel Corporation (INTC) was down just 19 cents to 44.459. Tesla Motors, Inc. (TSLA) lost 1.33 to 305.20.

Stocks to the upside included Globus Medical, Inc. (GMED) up 2.59 to 40.21, and Overstock.com, Inc. (OSTK) up 3.80 to 46.10.

On the downside, Roku Inc (ROKU) was down 1.82 to 41.73, Zynerba Pharmaceuticals, Inc. (ZYNE) down 1.21 to 13.37, NovoCure Limited (NVCR) down 1.35 to 18.25, and NVIDIA Corporation (NVDA) 11.02 to 186.66.

Bluebird bio, Inc. (BLUE) had a rough day, down 8.80 top 162.30, and Universal Display Corp. (OLED) fell 9.15 to 167.55.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) closed down 5.35 to 69.55.

 Checking TheTechTrader.com percent-gain leaderboard, low-priced Ceragon Networks Ltd. (CRNT) ran 20 cents, or 11%, to 2.09, on 2.65 million shares traded. Aptevo Therapeutics Inc. (APVO) popped 46 cents, or 15%, to 3.45, on nearly 2 million shares traded. General Cannabis Corp. (CANN) climbed 66 cents, or 30%, to 2.89, on 2.2 million shares traded.

Astrotech Corporation (ASTC) bounced 1.79, or 63%, to 4.64, on 14.23 million shares traded, with a high of 5.37. Digital Power Corporation (DPW) thrust 1.66, or 91%, to 3.49, on 36 million shares traded.

Cameco Corporation (CCJ) advanced 1.25, or 13%, to 10.73, on 11 million shares traded. ReTo Eco-Solutions, Inc. (RETO) managed to eke out 2.68, or 31%, to 11.24.

Bitcoin Investment Trust (GBTC) jumped 160.00, or 10%, to 1825.00.

Stepping back and reviewing the hourly chart patterns, the indices had a big gap up at the opening, and then they sold off the rest of the day. It was a nasty reversal day, particularly on the Nasdaq 100.

Let’s see what happens tomorrow.

Good Trading! 

Harry   

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