Closing Analysis

Market Reacts to Potential US/China Trade Talks

Closing Technical Market Analysis for Mon August 26th 2019

The stock market had a volatile but positive session on Monday as indices opened to the upside on news that China and U.S. will “restart” trade talks. They pulled back midmorning to session lows, popped through key resistance intraday to new session highs, and with an hour to go, they rolled over, held support, and then popped into the close to close positive on the day.

Net on the day, the Dow was up 269.93 at 25,898.83. The S&P 500 was up 31.27 at 359.04. The Nasdaq 100 was up 85.65 at 7550.65.

Advance-declines were 2 to 1 positive on the New York Stock Exchange and 2 to 1 positive on the Nasdaq. Up/down volume was 2 to 1 negative of New York, total volume 3 billion shares traded. The Nasdaq traded 1.7 billion and had a 3 1/2 to 1 negative volume ratio. board was mostly green on Monday. To the upside, point-plus gainers included, Inc. (AMZN) up 19.25 to 1768.87, Alphabet Inc. (GOOG) up 17.60 to 1168.89, Apple Inc. (AAPL) up 3.85 to 206.49, Facebook, Inc. (FB) 2.61 to 180.36, and Netflix, Inc. (NFLX) 3.54 to 294.98.

Tesla, Inc. (TSLA) jumped 3.60 to 215.00, NVIDIA Corporation (NVDA) gained 3.01 to 165.45, and Intuitive Surgical, Inc. (ISRG) ran 6.51 to 491.09. Microsoft Corporation (MSFT) advanced 2.06 to 135.45, Baidu, Inc. (BIDU) popped 1.95 to 103.80, and First Solar, Inc. (FSLR) 1.35 to 62.24.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) ramped 1.05 to 36.75.

Other stocks to the upside included Bristol-Myers Squibb Company (BMY) up 1.53 to 48.11, Celgene Corporation (CELG) up 3.01 to 97.00, Square, Inc. (SQ) 1.02 to 62.80, DISH Network Corporation (DISH) 1.22 to 32.26, Lyft, Inc. (LYFT) 2.10 to 51.21, Foot Locker, Inc. (FL) 1.69 to 35.69, Anaplan, Inc. (PLAN) 2.26 to 59.35, Moderna, Inc. (MRNA) 1.09 to 14.97, Arrowhead Pharmaceuticals, Inc. (ARWR) 1.34 to 32.22, and Omnicell, Inc. (OMCL) 1.06 to 72.00 were among many other winners on Monday.

To the downside, the only point-plus loser was Cree, Inc. (CREE) down 3.92 to 43.18.

Checking percent-gain leaderboard, Arcadia Biosciences, Inc. (RKDA) exploded 3.38, or 52%, to 9.85, on 22.6 million shares. Appliance Recycling Centers of America, Inc. (ARCI) popped 2.55, or 73%, to 6.05, on 12 million shares.

Medicines Company (MDCO) jumped 4.82, or 14%, to 39.85, on 10.5 million shares. Fastly, Inc. (FSLY) gained 256, or 10%, to 27.56, on 3.5 million shares. Fossil Group, Inc. (FOSL) ran 1.09, or 10 1/2%, to 11.49, on 2.7 million shares.

Among other gainers, Beyond Meat, Inc. (BYND) was up 8.28 to 155.13, Eli Lilly and Company (LLY) up 2.27 to 111.78, Amgen Inc. (AMGN) 6.33 to 205.41, Roku, Inc. (ROKU) 5.27 to 143.01, Coupa Software Incorporated (COUP) 4.01 to 144.19, McKesson Corporation (MCK) 2.23 to 147.08, and The Boeing Company (BA) 3.03 to 359.04.

Let’s see what happens tomorrow.

Good Trading! 


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