Closing Analysis

Good Day for Traders

Closing Technical Market Analysis for Wed August 28th 2019

The stock market had a mixed day on Wednesday as stocks rose to the relief of traders. Indices opened lower, had a huge gap down to 2858.00 S&P 500 and 7512.78 Nasdaq 100, and then began wedging and consolidating their way higher until minutes before the noon hour when they reached 2887.59 S&P 500 and 7591.03 Nasdaq 100. They moved sideways as they continued to form wedges and consolidate, pulled back and ran up to test support a couple times. Finally, they popped through support intraday to new highs, pulled back, tested the lows, and formed wedges as they moved back up to close near the highs for the day.

Net on the day, the Dow was up 258.20 at 26,036.10. The S&P 500 was up 18.78 at 2887.94. The Nasdaq 100 was up 21.87 at 7587.90.

Advance-declines were 2 1/2 to 1 positive on the New York Stock Exchange and 2 1/4 to 1 positive on the Nasdaq. Up/down volume was 3 to 2 negative on New York, total volume 3 billion shares traded. The Nasdaq traded 1.6 billion and had a 5 to 2 1/2 negative volume ratio. board was mixed on Wednesday. To the upside, gainers included, Inc. (AMZN) up 2.42 to 1764.25, Alphabet Inc. (GOOG) up 3.18 to 1171.02, Apple Inc. (AAPL) 1.37 to 205.53, Facebook, Inc. (FB) just 46 cents to 181.76, and Netflix, Inc. (NFLX) 74 cents, to 291.77.

Tesla, Inc. (TSLA) jumped 1.51 to 215.59, and Intuitive Surgical, Inc. (ISRG) ran 6.23 to 501.25.

Other stocks to the upside included Papa John's International, Inc. (PZZA) up 2.40 to 50.40, CrowdStrike Holdings, Inc. (CRWD) 2.91 to 86.99, Luckin Coffee Inc. (LK) 1.55 to 21.03, and Keysight Technologies, Inc. (KEYS) 1.58 to 96.09.

The VelocityShares 3x Long Silver ETN Linked to the S&P GSCI Silver Index ER (USLV) closed up 2.75 to 109.50.

To the downside, point-plus losers included Autodesk, Inc. (ADSK) down 10.13 to 140.08, Roku, Inc. (ROKU) down 1.13 to 145.89,, inc. (CRM) 1.74 to 151.83, MongoDB, Inc. (MDB) 2.23 to 147.98, Anaplan, Inc. (PLAN) 4.24 to 53.47, and Movado Group, Inc. (MOV) 3.75 to 21.22.

Checking percent-gain leaderboard, SilverSun Technologies, Inc. (SSNT) popped 53 cents, or 17%, to 3.58, on 1.3 million shares. DPW Holdings, Inc. (DPW) bounced 30 cents or 10%, to 3.18, on 4.5 million shares. Daktronics, Inc. (DAKT) eked out 78 cents, or 13%, to 6.71.

MDJM Ltd. (MDJH) snapped back 1.00, or 40%, to 3.50, on 3.3 million shares.

Tallgrass Energy, LP (TGE) exploded 5.11, or 36%, to 19.46, on 24 million shares. Plus Therapeutics, Inc. (PSTV) ramped 4.30, or 29%, to 19.25, on 1.34 million shares.

Among other gainers, Wayfair Inc. (W) was up 5.40 to 113.63, and Beyond Meat, Inc. (BYND) up 3.29 to 160.31.

Let’s see what happens tomorrow.

Good Trading! 


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