Closing Analysis

Market Falls Hard on Negative Economy Woes

Closing Technical Market Analysis for Thu August 22nd 2019

The stock market had a mixed volatile session on Thursday. Indices opened to the upside and looked like they were going to take off, but when reports of a weak manufacturing sector led to concerns about a weakening economy, they rolled over, and by midmorning they broke down, and broke down hard, to the session lows. Just before the noon hour, the S&P 500 broke through support into positive territory, but the Nasdaq 100 did not. In the last hour, they reached up near support, rolled over, tested first support near Nasdaq 100 7708 and 2922 S&P 500. They rallied above support, and in the last ten minutes, they came straight down to close down on the day.

Net on the day, the Dow was up 49.51 at 26,252.24. The S&P 500 was down 1.48 at 2922.95. The Nasdaq 100 was down 25.79 at 7707.43.

Advance-declines were 176 issues negative on the New York Stock Exchange and 3 to 2 negative on the Nasdaq. Up/down volume was 3 to 1 positive of New York, total volume 2.7 billion shares traded. The Nasdaq traded 1.7 billion and had a 3 to 2 positive volume ratio.

TheTechTrader.com board was mixed on Thursday. To the downside, point-plus losers included Amazon.com, Inc. (AMZN) down 17.94 to 1805.60, Alphabet Inc. (GOOG) down 1.72 to 1189.53, Apple Inc. (AAPL) closed flat, Facebook, Inc. (FB) 1.51 to 182.04, and Netflix, Inc. (NFLX) 88 cents to 296.93.

Intuitive Surgical, Inc. (ISRG) lost 1.01 to 500.27, Baidu, Inc. (BIDU) down 2.45 to 105.45, Retrophin, Inc. (RTRX) 3.84 to 13.56, Splunk Inc. (SPLK) 10.05 to 118.41, SolarEdge Technologies, Inc. (SEDG) 5.81 to 82.04, and Carvana Co. (CVNA) 3.17 to 79.92.

To the upside, point-plus gainers included Tesla, Inc. (TSLA) up 1.32 to 222.15, Dick's Sporting Goods, Inc. (DKS) up 1.18 to 34.15, Intelligent Systems Corporation (INS) 3.71 to 54.49, Medicines Company (MDCO) 1.49 to 35.79, Etsy, Inc. (ETSY) 1.13 to 55.38, and Overstock.com, Inc. (OSTK) 1.62 to 21.12.

Checking TheTechTrader.com percent-gain leaderboard, Tellurian Inc. (TELL) popped 91 cents, or 11%, to 9.19, on 5.4 million shares. Cemtrex, Inc. (CETX) bounced 41 cents, or 22 1/2%, to 2.23, 9.9 million shares.

Net Element, Inc. (NETE) exploded 2.02, or 61%, to 5.32, on 18 million shares.

Fastly, Inc. (FSLY) gained 3.53, or 17%, to 24.53, on 4.9 million shares. Pure Storage, Inc. (PSTG) ran 2.17, or 16%, to 16.04, on 14 million shares. Keysight Technologies, Inc. (KEYS) jumped 11.21, or 13%, to 100.35, on 11 million shares. Nordstrom, Inc. (JWN) advanced 4.21, or 16%, to 30.75, on 29 million shares. BJ's Wholesale Club Holdings, Inc. (BJ) closed up 3.89, or 17%, to 26.42, on 10 million shares. The Cato Corporation (CATO) stair-stepped 2.53, or 18%, to 16.36.

Among other gainers, Wayfair Inc. (W) was up 2.11 to 117.20, The Boeing Company (BA) up 14.42 to 354.41, RH (RH) 2.11 to 146.66, and Alexion Pharmaceuticals, Inc. (ALXN) 8.65 to 123.49.

Let’s see what happens tomorrow.

Good Trading! 

Harry 


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