Closing Analysis

Consolidation-Type Day

Closing Technical Market Analysis for Wed February 6th 2019

The stock market had a consolidation-type day on Wednesday, finishing slightly lower. The day started out with a pop to the upside, a sell-off ensued, secondary support held, they bounced sharply, and backed and filled in a declining-type pattern the rest of the session to finish slightly off.

Net on the day, the Dow was down 21.22 at 25,390.30. The S&P 500 was down 6.09 at 2731.61, 7 points off the low and 7 point off the high. The Nasdaq 100 was down 25.90 at 6997.62, 20 points off the low.

Advance-declines were 18 to 11 negative on the New York Stock Exchange, and 15 to 14 negative on the Nasdaq. Up/down volume was 3 to 2 negative on New York, total volume 3 1/3 billion shares traded. The Nasdaq traded 2 billion shares and had a 10 to 9 negative volume ratio, advancing volume over declining volume.

TheTechTrader.com board was mixed on Wednesday, but was pressured most by Amazon.com, Inc. (AMZN), down 18.55 to 1640.26, Alphabet Inc., (GOOG) down 30.76 to 1115.23, and Netflix, Inc. (NFLX) down 3.62 to 352.19. Microsoft Corporation (MSFT) gave back 1.19 to 106.03, NVIDIA Corporation (NVDA) gained 3.05 to 153.00.

Apple Inc. (AAPL) was up a small fraction, and Facebook, Inc. (FB) was down a small fraction.

Tesla, Inc. (TSLA) Tesla, Inc. (TSLA) lost 4.13 to 317.22, and Baidu, Inc. (BIDU) dropped 2.38 to 173.85.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) was up just 84 cents to 50.81, but Exact Sciences Corporation (EXAS) snapped back 1.25 to 88.35.

Other stocks to the downside included DocuSign, Inc. (DOCU) down 1.15 to 51.30, Evolus, Inc. (EOLS) 1.77 to 24.06, Canopy Growth Corporation (CGC) 2.11 to 46.53, Cronos Group Inc. (CRON) 2.18 to 19.65, Tilray, Inc. (TLRY) 5.12 to 78.15, and XPO Logistics, Inc. (XPO) 1.06 to 59.31.

To the upside, Canadian Solar Inc. (CSIQ) advanced 1.16 to 20.95, and Clovis Oncology, Inc. (CLVS) managed to eke out 1.06 to 26.13.

Checking TheTechTrader.com percent-gain leaderboard, Eyenovia, Inc. (EYEN) popped 57 cents, or 14%, to 4.75, on 1.2 million shares.

MacroGenics, Inc. (MGNX) exploded 14.49, or 130%, to 25.60, on 26 million shares. Snap Inc. (SNAP) bounced 1.55, or 22%, to 8.59, on over 145 million shares. BioXcel Therapeutics, Inc. (BTAI) had an interesting day, closing up 1.23, or 19%, to 7.83.

Overstock.com, Inc. (OSTK) climbed 1.8, or 10%, to 20.26, on 5.9 million shares. American Superconductor Corporation (AMSC) ran up to 14.43 early in the day, pulled back and closed up 141, or 11%, to 13.88. MaxLinear, Inc. (MXL) popped 2.22, or 11%, to 21.96, on 2.3 million shares. Plantronics, Inc. (PLT) ran 7.84, or 20%, to 47.79, on 1.8 million shares. Skyworks Solutions, Inc. (SWKS) thrust 8.73, or 11 1/2%, to 84.69, on 8.9 million shares. Skyline Champion Corporation (SKY) bounced 2.77, or 16%, to 19.62, on 4.3 million shares. Zai Lab Limited (ZLAB) thrust to 33.86, pulled back and closed up 3.97, or 14.4%, to 31.54. Capri Holdings Limited (CPRI) gained 4.92, or 11%, to 48.47, on 8.6 million shares. The New York Times Company (NYT) climbed 2.78, or 10%, to 29.69, on 10.8 million shares.  

Among other gainers, Zendesk, Inc. (ZEN) was up 3.80 to 72.40, Paycom Software, Inc. (PAYC) up 12.18 to 169.14, and Microchip Technology Incorporated (MCHP) 6.07 to 89.31.

Stepping back and reviewing the hourly chart patterns, the indices popped at the opening, sold off very sharply, backed and filled in large wedges, and finished near the Wednesday afternoon, rally-back high, but down on the session. It was a minor pullback, consolidation-type day, similar to a couple days ago. We’ll see if that’s meaningful or not.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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