Closing Analysis

Good Start to the Week

Closing Technical Market Analysis for Mon November 26th 2018

The stock market had huge gaps at the opening on Monday, and then a strong run up. In the morning until midday the indices had a 5-wave corrective pullback that held those gaps, resulting in a strong surge to new highs, and by the end of the day they closed near the highs for the day going away.

Be a little extra cautious in here until the Nasdaq 100 going to 6700 and the S&P 500 2680. This rally could be nothing more than a bear-phase rally in wave four. We’ll have to see if that results or not.

Net on the day, the Dow was up 354.29 at 24,640.24. The S&P 500 was up 40.89 at 2673.45. The Nasdaq 100 was up 150.99 at 6678.34.

Advance-declines were 19 to 7 positive on the New York Stock Exchange, and 18 1/2 to 12 1/2 positive on the Nasdaq. Up/down volume was almost 3 to 1 positive on New York, total volume 3 1/3 billion shares traded. The Nasdaq traded 2 billion shares and had a 3, almost 4 to 1 volume ratio.

TheTechTrader.com board was mostly higher on Monday. There were big gains with Nasdaq Fang stocks. Amazon.com, Inc. (AMZN) was up 79.27 to 1581.33, Alphabet Inc. (GOOG) up 24.74 to 1048.62, Apple Inc. (AAPL) up 2.33 to 174.62, Netflix, Inc. (NFLX) 2.61 to 261.43, and Facebook, Inc. (FB) 4.65 to 136.38.

Tesla, Inc. (TSLA) jumped 20.17 to 346.00, NVIDIA Corporation (NVDA) gained 8.05 to 153.05, and Intuitive Surgical, Inc. (ISRG) ran 13.71 to 503.28. 

Baidu, Inc. (BIDU) popped 2.58 to 185.19, Microsoft Corporation (MSFT) advanced 3.40 to 106.47.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) snapped back 3.24 to 48.80, bluebird bio, Inc. (BLUE) up 6.10 to 128.24, Nektar Therapeutics (NKTR) up 1.83 to 38.99, Nutanix, Inc. (NTNX) up 1.77 to 41.72, and Rocket Pharmaceuticals, Inc. (RCKT) 1.08 to 16.16.

Other stocks to the upside included Square, Inc. (SQ) up 3.05 to 66.52, Teladoc, Inc. (TDOC) to 2.66 to 58.41, Eldorado Resorts, Inc. (ERI) 3.53 to 39.38, Vericel Corporation (VCEL) 1.04 to 17.88, and Acacia Communications, Inc. (ACIA) 1.02 to 44.64.

To the downside, Canopy Growth Corporation (CGC) was down 2.01 to 31.55, Tilray, Inc. (TLRY) down 1.89 to 114.14, and PolarityTE, Inc. (PTE) 1.00 to 13.90.

Checking TheTechTrader.com percent-gain leaderboard, SunPower Corporation (SPWR) gained 99 cents, or 16%, to 7.05, 6.6 million shares. Amyris, Inc. (AMRS) advanced 42 cents, or 11%, to 4.36, on 2.4 million shares. Sphere 3D Corp. (ANY) reached as high as 8.70, before pulling back and closing at 6.10, up 51 cents, or 9%, on 16.6 million shares. Senseonics Holdings, Inc. (SENS) popped 46 cents, or 16%, to 3.41, on 2.4 million shares. BioScrip, Inc. (BIOS) ran 47 cents, or 14 1/2%, to 3.70, on 4.3 million shares.

JinkoSolar Holding Co., Ltd. (JKS) jumped 1.43, or 15.5%, to 10.65, on 3.4 million shares. Zillow Group, Inc. (ZG) jumped 3.43, or 12%, to 32.57, on 1.7 million shares.

Among other gainers, Esperion Therapeutics, Inc. (ESPR) was up 1.72 to 51.89, Newell Brands Inc. (NWL) 1.78 to 23.52, Twilio Inc. (TWLO) 6.79 to 87.41, Vodafone Group Plc (VOD) 1.19 to 20.91, Fiat Chrysler Automobiles N.V. (FCAU) 1.08 to 17.05, and SendGrid, Inc. (SEND) 3.18 to 41.99.

Stepping back and reviewing the hourly chart patterns, after large gaps up and sharp run ups, the indices pulled back in a 5-wave decline that successfully held gaps and moving averages before rallying late in the day to finish near the session highs going away. Let’s see if resistance can be taken out tomorrow morning.

Let’s see what happens tomorrow.

Good Trading! 

Harry


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