Closing Analysis

Extremely Negative Session to Start the Week

Closing Technical Market Analysis for Mon November 19th 2018

The stock market had a very negative day to start the week. After breaking the rising wedges they formed in the last session, they began a steep decline to leg three of the major pattern we’re seeing.

Net on the day, the Dow was down 395.78 at 25,017.44, 100 points off the low. The S&P 500 was down 45.54 at 2690.73, about 10 points off its low. The Nasdaq 100 was down 224.10 at 6642.92, about 21, points off its low.

Advance-declines were 3 to 1 negative on the New York Stock Exchange, and 2 to 1 negative on the Nasdaq. Up/down volume was almost 2 1/2 to 1 negative on New York, total volume 3.6 billion shares traded, mostly in the last hour. The Nasdaq traded 2 1/4 billion shares and had a 4 1/2 to 1 negative volume ratio. board was blood red on Monday led by, Inc. (AMZN) down 81.12 to 1512.29, Alphabet Inc. (GOOG) down 41.49 to 1020.00, Apple Inc. (AAPL) down 7.67 to 185.86, and Netflix, Inc. (NFLX) 15.61 to 270.60.

NVIDIA Corporation (NVDA) dropped 19.73 to 144.70, and Intuitive Surgical, Inc. (ISRG) fell 35.87 to 482.67. Baidu, Inc. (BIDU) was down 3.86 to 183.09, Facebook, Inc. (FB) down 7.93 to 131.55.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gave back 4.86 to 43.39, and bluebird bio, Inc. (BLUE) down 5.94 to 119.40.

Other stocks to the downside included Square, Inc. (SQ) down 7.62 to 62.97, uniQure N.V. (QURE) down 2.90 to 28.94, Teladoc, Inc. (TDOC) 6.14 to 52.94, Canopy Growth Corporation (CGC) 2.44 to 32.77, Tilray, Inc. (TLRY) 3.71 to 106.77, along with many other stocks that were down on Monday.

The only stock on our board that was up more than a point on Monday was Darling Ingredients Inc. (DAR) up 1.41 to 21.47.

Checking percent-gain leaderboard, Sphere 3D Corp. (ANY) bounced 39 cents, or 17%, to 2.70, on 1.6 million shares.

Yulong Eco-Materials Limited (YECO) popped 1.31, or 26%, to 6.41, on 4,2 million shares. Resolute Energy Corporation (REN), on a takeover, gained 4.21, or 14%, to 34.70, on 8 million shares.

The VelocityShares 3x Long Natural Gas ETN (UGAZ) thrust 19.57, or 13%, to 170.74, on 2.4 million shares.

Stepping back and reviewing the hourly chart patterns, the indices opened lower, held off all day until midafternoon when they rallied back to resistance. They made nominal break throughs but could not follow through beyond that. Without the NDX support, the S&P 500 breakout was minor. They pulled them back into the close, only to bounce in the last few minutes.

Let’s see what tomorrow.

Good Trading! 


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