Closing Analysis

Dow Closes 391 Points Lower on Monday

Closing Technical Market Analysis for Mon August 12th 2019

The stock market had a very negative, volatile day on Monday as indices gapped down at the opening, moved lower, and then popped to session highs. They came down in wedges, tested the lows and then took off. The midafternoon sell-off took indices to the lows for the day. In the last hour, as they gradually moved back up, they formed wedges and coils, and then rolled over into the close to close negative on the day.

Net on the day, the Dow was down 391.00 at 25,896.44. The S&P 500 was down 35.95 to 2882.70. The Nasdaq 100 was down 84.58 to 7561.68.

Advance-declines were 2 1/4 to 1 negative on the New York Stock Exchange and 2 to 1 negative on the Nasdaq. Up/down volume was a little less than 3 to 2 negative of New York, total volume 2.8 billion shares traded. The Nasdaq traded 1.9 billion and had a 3 to 1 negative volume ratio.

TheTechTrader.com board was mixed on Monday. To the downside, Amazon.com, Inc. (AMZN) was down 22.66 to 1784.92, Alphabet Inc. (GOOG) down 13.30 to 1174.71, Apple Inc. (AAPL) 51 cents to 200.48, and Facebook, Inc. (FB) 2.48 to 185.37.

Tesla, Inc. (TSLA) lost 6.00 to 229.01, NVIDIA Corporation (NVDA) dropped 2.73 to 151.45, and Intuitive Surgical, Inc. (ISRG) gave back 5.62 to 509.88. Baidu, Inc. (BIDU) was down 2.28 to 95.08, First Solar, Inc. (FSLR) down 2.56 to 60.94, and Microsoft Corporation (MSFT) 1.92 to 135.79.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) fell 2.42 to 40.46.

Other stocks to the downside included Advanced Micro Devices, Inc. (AMD) down 1.76 to 32.43, Caterpillar Inc. (CAT) down 2.65 to 116.73, Lululemon Athletica Inc. (LULU) 4.00 to 178.82, Etsy, Inc. (ETSY) 1.46 to 54.97, The Walt Disney Company (DIS) 2.78 to 135.74, and The Trade Desk, Inc. (TTD) 16.86 to 255.08, were among many other stocks to the downside on our board on Monday.

To the upside, point-plus gainers included Netflix, Inc. (NFLX) up 1.90 to 310.83, SolarEdge Technologies, Inc. (SEDG) up 4.30 to 86.63, Nevro Corp. (NVRO) 4.88 to 79.34, Allakos Inc. (ALLK) 3.23 to 88.11, Eidos Therapeutics, Inc. (EIDX) 2.15 to 37.32, HEALTH CATALYST, INC. (HCAT) 2.72 to 48.63, and Medallia, Inc. (MDLA) 1.86 to 39.28.

Checking TheTechTrader.com percent-gain leaderboard was very slim on Monday, but there were a few gainers. ViewRay, Inc. (VRAY) popped 37 cents, or 12%, to 3.47, on 8 million shares.

Arcadia Biosciences, Inc. (RKDA) exploded 2.42, or 54%, to 6.93, on 37 million shares.

Farfetch Limited (FTCH) gained 1.16, or 11 1/2%, to 11.30, on 13 million shares. Soliton, Inc. (SOLY) thrust 1.89, or 21%, to 10.90, on 1.8 million shares.

Among other gainers, RH (RH) was up 3.56 to 140.74, Roku, Inc. (ROKU) up 8.98 to 134.30, Beyond Meat, Inc. (BYND) 4.74 to 169.11, and Sanderson Farms, Inc. (SAFM) 6.79 to 144.03

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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