Closing Analysis

Market Experiences a Little Slump as June Highs Fade

Closing Technical Market Analysis for Wed June 12th 2019

Markets opened lower on Wednesday as earlier highs this month faded. Protests in Hong Kong, along with China trade agreement, or lack thereof, seem to be weighing on the global markets. By midmorning, indices failed at resistance and got strong bars down. They moved up, and then the wedges cracked and indices had a slide back down. As the market moved across the landscape of sharp red wedges, and just as sharp were the moves down, news regarding U.S. and China, and their failed attempt to set the stage for a constructive meeting on trade negotiations, hung like a blanket over the trading day. But in the last 15 minutes of the session, there was a move down, support on the S&P 500 and Nasdaq 100 held, and then they had a late sharp pop, and another slide down to finish negative on the session.  

Net on the day, the Dow was down 43.68 at 26,004.83. The S&P 500 was down 5.88 at 2879.84. The Nasdaq 100 was down 41.55 at 7472.29.

Advance-declines were negative by 174 issues on the New York Stock Exchange and 99 issues on the Nasdaq. Up/down volume was a little less than 2 to 1 positive of New York, total volume 2.9 billion shares traded. The Nasdaq traded 1.8 billion shares and had a 2 to 1 negative volume ratio.

TheTechTrader.com board was mostly red on Wednesday. Amazon.com, Inc. (AMZN) was down 8.38 to 1855.32, Alphabet Inc. (GOOG) down 1.69 to 1077.03, Apple Inc. (AAPL) down 62 cents to 194.19, Facebook, Inc. (FB) 3.06 to 175.04, and Netflix, Inc. (NFLX) 5.71 to 345.56.

Tesla, Inc. (TSLA) lost 7.84 to 209.26, NVIDIA Corporation (NVDA) down 4.55 to 146.20, Intuitive Surgical, Inc. (ISRG) 4.64 to 501.92. Baidu, Inc. (BIDU) gave back 2.28, and First Solar, Inc. (FSLR) dropped 4.37 to 59.88.

Other stocks to the downside included Medidata Solutions, Inc. (MDSO) down 3.38 to 91.37, and The Trade Desk, Inc. (TTD) down 7.16 to 242.20.

There were still quite a few stocks to the upside on Wednesday. Etsy, Inc. (ETSY) was up 1.99 to 69.17, Roku, Inc. (ROKU) up 4.66 to 104.86, Arena Pharmaceuticals, Inc. (ARNA) 2.20 to57.81, Kirkland Lake Gold Ltd. (KL) 1.11 to 38.93, Revilve Group (RVLV) 1.06 to 36.51, Tandem Diabetes Care, Inc. (TNDM) 1.98 to 70.07, AxoGen, Inc. (AXGN) 1.18 to 19.68, Tabula Rasa HealthCare, Inc. (TRHC) 3.19 to 48.52, and Smartsheet Inc. (SMAR) 2.02 to 45.60.

Checking TheTechTrader.com percent-gain leaderboard, Synlogic, Inc. (SYBX) gained 1.58, or 25%, to 7.85, on 26 million shares. Immuron Limited (IMRN) exploded 45 cents, or 14 1/2%, to 3.55, on 3.3 million shares. MagnaChip Semiconductor Corporation (MX) closed up 1.07. or 12%, to 9.90, on 1.5 million shares. Hemispherx Biopharma, Inc. (HEB) jumped 1.21, or 22%, to 6.76, on a million shares. Jumia Technologies AG (JMIA) popped 2.17, or 10%, to 24.75 on very low volume.

Among other gainers, DexCom, Inc. (DXCM) was up 6.74 to 145.27, Insulet Corporation (PODD) up 6.08 to 115.85, Twilio Inc. (TWLO) 2.40 to 143.09, and Alteryx, Inc. (AYX) 8.68 to 104.46.

Let’s see what happens tomorrow.

Good Trading! 

Harry 


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