Closing Analysis

DOW Closes 285 Points Lower to Start the Month

Closing Technical Market Analysis for Tue September 3rd 2019

The stock mark had a volatile day on Tuesday as the trade war between China/U.S. continues to have a meaningful impact on the stock market. Indices opened to the downside, and after new tariffs went into effect, the Dow dropped more than 350 points by midmorning. To add fuel to the fire, ISM Manufacturing numbers for August were lower than expected. The S&P 500 and Nasdaq 100 also plummeted sharply lower but moved back up in wedges. By noon indices moved back up, but rolled over, and worked its way down in wedges. Intraday, as indices were in a 5th-wave decline, the S&P 500 held above the prior lows. They had a late pop, and backed off into the close, closing negative on the day.

Net on the day, the Dow was down 285.26 at 26,118.02. The S&P 500 was down 20.19 at 2906.27. The Nasdaq 100 was down 81.48 at 7609.51.

Advance-declines were a little more than 3 to 2 negative on the New York Stock Exchange and 2 1/2 to 1 negative on the Nasdaq. Up/down volume was 3 to 1 positive on New York, total volume 3.2 billion shares traded. The Nasdaq traded 2.1 billion and had a 2 to 1 negative volume ratio.

TheTechTrader.com board was mixed on Tuesday. To the upside, the only large-cap stock was Amazon.com, Inc. (AMZN) up 13.55 to 1789.84.

Other stocks to the upside included Sanofi (SNY) was up 1.45 to 44.40, uniQure N.V. (QURE) up 1.11 to 55.36, Alnylam Pharmaceuticals, Inc. (ALNY) 1.07 to 81.76, Kirkland Lake Gold Ltd. (KL) 1.18 to 49.94, Weibo Corporation (WB) 2.06 to 43.43, and Tilray, Inc. (TLRY) 4.42 to 30.10.

To the downside, Alphabet Inc. (GOOG) was down 19.71 to 1168.39, Apple Inc. (AAPL) down 3.04 to 205.70, Facebook, Inc. (FB) 3.28 to 182.39, Netflix, Inc. (NFLX) 4.46 to 289.29, Tesla, Inc. (TSLA) 60 cents to 225.01, NVIDIA Corporation (NVDA) 334 to 164.17, Intuitive Surgical, Inc. (ISRG) 17.40 to 493.94, Microsoft Corporation (MSFT) 1.82 to 136.04, Baidu, Inc. (BIDU) 1.91 to 102.56 and First Solar, Inc. (FSLR) 1.10 to 60.97.

In addition, Nutanix, Inc. (NTNX) was down 1.35 to 22.88, Signet Jewelers Limited (SIG) down 1.16 to 11.08, Napco Security Technologies, Inc. (NSSC) 7.54to 26.94, 4.93 to 36.92, Carvana Co. (CVNA) 1.54 to 79.62, MongoDB, Inc. (MDB) 2.37 to 149.94, The Trade Desk, Inc. (TTD) 10.79 to 234.98, The Boeing Company (BA) 9.67 to 354.42, Wynn Resorts, Limited (WYNN) 4.82 to 105.33, and Beyond Meat, Inc. (BYND) 4.48 to 163.15.

Checking TheTechTrader.com percent-gain leaderboard, Endeavour Silver Corp. (EXK) popped 41 cents or 15 1/2%, to 3.05, on 6.8 million shares. Cidara Therapeutics, Inc. (CDTX) bounced 67 cents, or 49%, to 2.35, on 17 million shares. Dynavax Technologies Corporation (DVAX) bounced 44 cents, or 11%, to 4.58, on 1.95 million shares.

Abeona Therapeutics Inc. (ABEO) exploded 1.40, or 90%, to 2.94, on 23 million shares. Ardelyx, Inc. (ARDX) climbed 2.42, or 71%, to 5.82, on 19 million shares. Net Element, Inc. (NETE) ran 1.24, or 26%, to 6.03, on 1.3 million shares.

Bitcoin Investment Trust (GBTC) gained 1.21, or 10%, to 12.93, on 4.6 million shares. AfyaLimited (AFYA) ramped 2.95, or 13%, to 24.85, on 1.2 million shares.

Medicines Company (MDCO) gained 4.35, or 10%, to 46.31, on 13 million shares. InMode Ltd. (INMD) jumped 2.49, or 12 1/2%, to 22.39, on 1.2 million shares.

Among other gainers, Roku, Inc. (ROKU) was up 5.52 to 156.88 and Insulet Corporation (PODD) up 13.78 to 167.95.

Let’s see what happens tomorrow.

Good Trading! 

Harry


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