Closing Analysis

Closed Green with Poor Technicals

Closing Technical Market Analysis for Tue November 27th 2018

The stock market had a good day on Tuesday in terms of price performance but not technically. The indices closed near the highs for the day near overhead resistance, declining topsline and moving averages. A failure to break through here and they may roll over. If it pops at this level they could have a short covering and a spike up. It will be interesting to see what happens on Wednesday.

Net on the day, the Dow was up 108.49 at 24,748.73. The S&P 500 was up 8.72 at 2682.17 at the highs for the day. The Nasdaq 100 was up 22.70 at 6701.04.

Advance-declines were 3 to 2 negative on the New York Stock Exchange, and 1 to 1 negative with declines over advances on the Nasdaq. Up/down volume was 19 to 15 negative on New York, total volume 3 billion shares traded. The Nasdaq traded 2 billion shares and had a flat volume ratio. board was mostly red, but there were several stocks to the upside. Netflix, Inc. (NFLX) up 5.20 to 266.63, and First Solar, Inc. (FSLR) 1.44 to 44.87.

Other stocks to the upside included Tesaro, Inc. (TSRO) up 1.46 to 45.42, Pinduoduo Inc. (PDD) up 1.23 to 22.45, Renewable Energy Group, Inc. (REGI) 2.06 to 27.39, Loxo Oncology, Inc. (LOXO) 13.60 to 139.10, and Vertex Pharmaceuticals Inc. (VRTX) 8.05 to 175.45.

On the downside, Alphabet Inc. (GOOG) was down 4.21 to 1044.41, Facebook, Inc. (FB) down 1.38 to 135.00. Tesla, Inc. (TSLA) 2.08 to 343.92, Intuitive Surgical, Inc. (ISRG) 6.42 to 496.86, and Baidu, Inc. (BIDU) 2.40 to 182.79.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 3.81 to 44.88, bluebird bio, Inc. (BLUE) down 5.59 to 122.65, Nektar Therapeutics (NKTR) 1.10 to 37.89, ACADIA Pharmaceuticals Inc. (ACAD) 2.46 to 17.00, and Amarin Corporation (AMRN) 2.56 to 16.83, on 26 million shares.

Checking percent-gain leaderboard, Arsanis, Inc. (ASNS) exploded 2.96, or 255%, to 4.12, on 44 million shares. Frontline Ltd. (FRO), in the shipping sector, popped 81 cents, or 13%, to 7.18, on 1.5 million shares. Vivint Solar, Inc. (VSLR) bounced 52 cents, or 8%, to 7.00, on 2.4 million shares.

Spirit Airlines, Inc. (SAVE) ran 7.78, or 15%, to 58.76. Sunrun Inc. (RUN) advanced 1.08, or 8.3%, to 14.11, on 3.3 million shares.

The Direxion Daily MSCI Brazil Bull 3X ETF (BRZU) jumped 2.90, or 12 1/2%, to 26.13, on 2.4 million shares. The iShares MSCI Brazil Capped ETF (EWZ) gained 1.61, or 12.2%, to 39.03, on 30 million shares.

Stepping back and reviewing the hourly chart patterns, the indices came down hard at the opening, rallied in a 3-wave corrective, pulled back midday and held support. They bounced to the highs and pulled back in the afternoon, finishing at the highs for the day on the S&P 500, but the Nasdaq 100 failed to do so.

Let’s see what happens tomorrow.

Good Trading! 


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