Closing Analysis

Finish Mostly in the Red after Volatile Session

Closing Technical Market Analysis for Wed May 8th 2019

Markets swung between gains and losses in morning trading on Wednesday as investors have been on edge since Trump threatened to impose more tariffs on Chinese goods.The day started out with big gaps to the downside, but they reversed almost immediately, ran up, rolled over, and came down in a 3-wave decline. They then rallied, reached midmorning highs on the S&P 500 at 2897.47 and 7676.69 Nasdaq 100. They formed wedges and came down on what appeared to be mixed-message tweets from Trump regarding China tariff negotiations. They bounced, came down again, took off with highs outpacing lows. By the noon hour, they rallied to 2894.61 S&P 500 and 7667.62 Nasdaq 100. The rest of the afternoon, they formed coils, and with an hour to go, they tried to pop those coils, reached up near session highs, but rolled over hard on late profit taking, the S&P 500 dropping 17 points, and Nasdaq 100 down 50 points.  They closed negative on the day.

Net on the day, the Dow was up 2.24 at 25,967.33. The S&P 500 was down 4.63 to 2879.42. The Nasdaq 100 was down 22.60 at 7617.55.

New York Stock Exchange total volume was 3.2 billion shares traded, and the Nasdaq traded 2 billion shares.

TheTechTrader.com board was very mixed on Wednesday. To the upside, point-plus gainers included Intuitive Surgical, Inc. (ISRG) up 4.39 to 495.70, Etsy, Inc. (ETSY) 1.11 to 68.08, Aerie Pharmaceuticals, Inc. (AERI) 2.87 to 41.12, Air Transport Services Group, Inc. (ATSG) 2.00 to 23.93, Criteo S.A. (CRTO) 1.79 to 20.93, Biohaven Pharmaceutical Holding Company Ltd. (BHVN) 3.70 to 62.20, and Jazz Pharmaceuticals plc (JAZZ) 11.94 to 140.59.

To the downside, point-plus losers included Amazon.com, Inc. (AMZN) down 3.23 to 1917.77, Alphabet Inc. (GOOG) down 7.83 to 1166.27, Netflix, Inc. (NFLX) down 6.09. Apple Inc. (AAPL) and Facebook, Inc. (FB) closed near flat.

Tesla, Inc. (TSLA) lost 2.22 to 244.84, Intel Corporation (INTC) dropped 1.24 to 49.24, Baidu, Inc. (BIDU) gave back 2.55 to 159.58, and First Solar, Inc. (FSLR) fell 1.36 to 60.33. Square, Inc. (SQ) was down 1.16 to 67.26.

Checking TheTechTrader.com percent-gain leaderboard, there were a lot of gainers on Wednesday. Conformis, Inc. (CFMS) closed up 41 cents, or 14%, to 3.29, on 4.4 million shares. Attis Industries, Inc. (ATIS) popped 55 cents, or 31%, to 2.30, on 12.2 million shares. Community Health Systems, Inc. (CYH) ran 31 cents, or 10%, to 3.46, on 2.5 million shares. Owens & Minor, Inc. (OMI) climbed 45 cents, or 12 1/2%, to 4.04, on 2.5 million shares. Auris Medical Holding Ltd. (EARS) thrust 49 cents, or 10%, to 5.37.

Workhorse Group Inc. (WKHS) exploded 1.81, or 214 1/2%, to 2.65, on 45.5 million shares. Taitron Components Incorporated (TAIT) gained 1.13, or 17%, to 7.63.

ARCA biopharma, Inc. (ABIO) gained 2.52, or 20%, to 15.10, on 1 million shares. Avalara, Inc. (AVLR) snapped back 13.93, or 23%, to 73.50, on 4 million shares. Intelligent Systems Corporation (INS) climbed 7.42, or 18%, to 48.56. Match Group, Inc. (MTCH) bounced 7.51, or 12%, to 67.88, on 7 million shares. Diodes Incorporated (DIOD) advanced 3.78, or 11%, to 38.98, on 1.1 million shares. Kura Oncology, Inc. (KURA) bounced 1.49, or 10%, to 16.96. Chuy's Holdings, Inc. (CHUY) advanced 3.03, or 15%, to 22.94.

Among other gainers, The Trade Desk, Inc. (TTD) was up 4.46 to 222.11, The Walt Disney Company (DIS) up 1.55 to 134.99, Atlassian Corporation (TEAM) 6.40 to 117.17, Twilio Inc. (TWLO) 2.08 to 131.66, and IAC/InterActiveCorp (IAC) 13.25 to 238.90.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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