Closing Analysis

Huge Day for Wall Street

Closing Technical Market Analysis for Wed November 28th 2018

The stock market exploded on Wednesday after Jerome Powell indicated a more neutral dovish posture for the FOMC .The explosion that took place after the market opened strong and pulled back, took the Nasdaq 100 from 6720.00 to 6914.79, nearly 200 points. The S&P 500 pulled back midmorning to 2684.38, but after Powell spoke it ran up to 2744.00, about 50 points straight. It was a beautiful session with all three indices closing at the highs going away.

Net on the day, the Dow was up 617.70 at 25,366.43. The S&P 500 was up 61.62 at 2743.79. The Nasdaq 100 was up 212.29 at 6913.33.

Advance-declines were 4 1/2 to 1 positive on the New York Stock Exchange, and 4 to 1 positive on the Nasdaq. Up/down volume was 8 to 1 positive on New York, total volume 3.85 billion shares traded. The Nasdaq traded 2 1/3 billion shares and had nearly 7 to 1 volume ratio.

TheTechTrader.com board was green across the board on Wednesday.

Amazon.com, Inc. (AMZN) was up 96.33 to 1677.75, Alphabet Inc. (GOOG) up 41.82 to 1086.23, Apple Inc. (AAPL) 6.73 to 180.94, Netflix, Inc. (NFLX) 16.02 to 283.80 and Facebook, Inc. (FB) 1.76 to 136.76.

Tesla, Inc. (TSLA) jumped 3.95 to 347.87, NVIDIA Corporation (NVDA) gained 6.34 to 160.07, and Intuitive Surgical, Inc. (ISRG) ran 25.04 to 521.90. Baidu, Inc. (BIDU) popped 5.65 to 188.44.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) snapped back 5.26 to 50.14, Nutanix, Inc. (NTNX) was up 2.13 to 43.10, Vericel Corporation (VCEL) 1.09 to 17.24, and Xilinx, Inc. (XLNX) 2.30 to 91.19.

Other stocks to the upside included Square, Inc. (SQ) up 4.01 to 69.89, Teladoc, Inc. (TDOC) up 4.17 to 63.51, Lululemon Athletica Inc. (LULU) up 6.22 to 128.99, Juniper Networks, Inc. (JNPR) 1.46 to 29.45, SINA Corporation (SINA) 1.11 to 63.01, Workday, Inc. (WDAY) 7.08 to 145.83, Spirit Airlines, Inc. (SAVE) 3.67 to 62.43, Bitauto Holdings Limited (BITA) 1.27 to 19.98, Alaska Air Group, Inc. (ALK) 3.99 to 74.74, Veeva Systems Inc. (VEEV) 8.00 to 97.79, Altria Group, Inc. (MO) 1.16 to 54.95, Adobe Inc. (ADBE) 16.96 to 249.21, Lennar Corporation (LEN) 1.01 to 43.88, and Canopy Growth Corporation (CGC) 2.30 to 34.00.

On the downside, Tilray, Inc. (TLRY) was down 3.12 to 110.88.

Checking TheTechTrader.com percent-gain leaderboard, Amyris, Inc. (AMRS) advanced 34 cents, or 8%, to 4.75, on 1.5 million shares. New Age Beverages Corporation (NBEV) ran 81 cents, or 22%, to 4.43, on 19 million share. Bitcoin Investment Trust (GBTC) bounced 84 cents, or 18%, to 5.54, on 6 million shares. J.Jill, Inc. (JILL) snapped back 93 cents, or 19%, to 5.93, on 1.3 million shares.

Cheetah Mobile Inc. (CMCM) gained 1.15, or 21%, to 6.63, on 9.2 million shares. Alliqua BioMedical, Inc. (ALQA), advanced 1.03, or 63%, to 2.66, on nearly 40 million shares. ACADIA Pharmaceuticals Inc. (ACAD) jumped 3.53, or 21%, to 20.53, 10.3 million shares. BrightView Holdings, Inc. (BV) jumped 1.71, or 14 1/2%, to 13.49, 3.9 million shares. Atkore International Group Inc. (ATKR) popped 3.16, or 18%, to 21.06. Wayfair Inc. (W) bounced 13.29, or 14 1/2%, to 104.89, on 7.1 million shares. Turtle Beach Corporation (HEAR) closed up 1.29, or 8%, to 17.73, on 1.3 million shares. salesforce.com, inc. (CRM) jumped 13.10, or 10%, to 140.64, on 25 million shares. Burlington Stores, Inc. (BURL) climbed 19.00, or 13%, to 167.56. Scientific Games Corporation (SGMS) thrust 2.09, or 12%, to 20.28, on 4 million shares. Atkore International Group Inc. (ATKR) managed to eke out 3.16, or 18%, to 21.06.

The VelocityShares 3x Long Natural Gas ETN (UGAZ) exploded 41.56, or 31 1/2%, to 173.52, on 2.6 million shares, reaching as high as 180.00 earlier in the day.

Stepping back and reviewing the hourly chart patterns, the indices gapped up in the morning, pulled back and consolidated for a couple hours, and then had a 5-wave rally, closing at the highs for the day going away. Key breakout across the board for all the indices.

Let’s see what happens tomorrow.

Good Trading! 

Harry


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