Closing Analysis

Market Ends the Day on a Negative Note

Closing Technical Market Analysis for Tue August 27th 2019

The stock market may have opened to the upside on Tuesday, but it didn’t take long for indices to work their way down to red midmorning lows. From there, they were red the rest of the day as they worked their way to session lows intraday. With an hour to go, they tested support, couldn’t get through, came down in wedges, popped, pulled back, popped again, and pulled back slightly into the close to close negative on the session.

Net on the day, the Dow was down 120.93 at 25,777.90. The S&P 500 was down 9.22 at 2869.16. The Nasdaq 100 was down 8.99 at 7566.03.

Advance-declines were 2 to 1 negative on the New York Stock Exchange and almost 2 1/2 to 1 negative on the Nasdaq. Up/down volume was a little more than 3 to 2 negative of New York, total volume 3.3 billion shares traded. The Nasdaq traded 1.8 billion and had an almost 3 to 1 negative volume ratio.

TheTechTrader.com board was mixed on Tuesday. To the downside, point-plus losers included Amazon.com, Inc. (AMZN) down 7.04 to 1761.83, Alphabet Inc. (GOOG) down 1.05 to 1167.84, Apple Inc. (AAPL) 2.33 to 204.16, and Netflix, Inc. (NFLX) 3.95 to 291.03.

Tesla, Inc. (TSLA) lost 92 cents to 214.08, and NVIDIA Corporation (NVDA) dropped 3.65 to 161.80.

Ionis Pharmaceuticals, Inc. (IONS) was down 1.46 to 66.14, Anaplan, Inc. (PLAN) down 1.64 to 57.71, Red Robin Gourmet Burgers, Inc. (RRGB) 2.69 to 31.70, Inspire Medical Systems, Inc. (INSP) 1.06 to 65.29, and Canopy Growth Corporation (CGC) 1.55 to 23.49, just to mention a few.

To the upside, point-plus gainers included Intuitive Surgical, Inc. (ISRG) up 3.93 to 495.02, Activision Blizzard, Inc. (ATVI) up 2.40 to 51.09, Grocery Outlet Holding Corp. (GO) 1.21 to 44.01, Johnson & Johnson (JNJ) 1.84 to 129.64, Papa John's International, Inc. (PZZA) 4.18 to 48.00, Fastly, Inc. (FSLY) 1.85 to 29.41, and Kirkland Lake Gold Ltd. (KL) 2.31 to 49.99.

Checking TheTechTrader.com percent-gain leaderboard, SilverSun Technologies, Inc. (SSNT) popped 51 cents, or 20%, to 3.05, on 5.2 million shares. Net Element, Inc. (NETE) ran 38 cents, or 9%, to 4.78, on 3.5 million shares. Ossen Innovation Co., Ltd. (OSN) gained 30 cents, or 9%, to 3.60, on 14 million shares.

Caleres, Inc. (CAL) jumped 3.66, or 24%, to 18.90, on 5.6 million shares. Trinseo S.A. (TSE) bounced 3.16, or 11%, to 31.13, on 2.9 million shares. Standex International Corporation (SXI) climbed 14.04, or 23%, to 75.56. Plus Therapeutics, Inc. (PSTV) thrust 4.58, or 44%, to 14.95. Bitauto Holdings Limited (BITA) ramped 1.39, or 12%, to 12.56, on 2.1 million shares.

Among other gainers, Autodesk, Inc. (ADSK) up 2.41 to 150.21, Roku, Inc. (ROKU) up 4.01 to 147.02, MongoDB, Inc. (MDB) 3.56 to 150.21, and Costco Wholesale Corporation (COST) 13.92 to 292.38.

Let’s see what happens tomorrow.

Good Trading! 

Harry


Harry Boxer For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary.

 


©2001-2019 TheTechnicalTrader (www.thetechtrader.com), a publication of AdviceTrade, Inc. All rights reserved.