Closing Analysis

Market Still Reacts to Talks Between U.S. and China

Closing Technical Market Analysis for Wed June 26th 2019

The stock market opened on a slightly higher note on Wednesday as gains with chip-maker Micron boosted tech stocks. Also, as the G-20 Summit meeting gets closer, traders remain hopeful that there is a resolution between the U.S. and China soon. They rallied to morning highs at 2932.59 S&P 500 and 7688.64 Nasdaq 100 and then, as hope wore off, they pulled back and dropped below resistance to negative territory, at 2923.23 S&P 500 and 8663.85 Nasdaq 100, and then rallied back up. Just after the noon hour the Nasdaq 100 slipped down to retest the session’s earlier double bottom near at 7642, and then cracked support to new session lows. The S&P 500 went negative but snapped back to test the broken support at 2920, which was resistance. The S&P 500 then cracked a late mini-bear flag and set new session lows. With an hour to go, they made more new lows, and then rolled over into the close, the S&P 500 down on the day, while the Nasdaq 100 closed in the green column.

Net on the day, the Dow was down 11.40 at 26,536.82. The S&P 500 was down 3.60 at 2913.78. The Nasdaq 100 was up 35.51 at 7627.05.

Advance-declines were almost 3 to 2 positive on the New York Stock Exchange and 39 issues positive on the Nasdaq. Up/down volume was 3 to 2 positive of New York, total volume 3.2 billion shares traded. The Nasdaq traded just under 2 billion and had a 3 to 1 negative volume ratio.

TheTechTrader.com board was mixed on Wednesday. Amazon.com, Inc. (AMZN) was up 19.56 to 1897.83, Apple Inc. (AAPL) up 4.23 to 199.80, and Netflix, Inc. (NFLX) 1.90 to 362.20. Intel Corporation (INTC) popped 1.34 to 48.19, NVIDIA Corporation (NVDA) up jumped 7.78 to 159.26, and Baidu, Inc. (BIDU) 2.51 to 115.77.

Other stocks to the upside included Advanced Micro Devices, Inc. (AMD) up 1.06 to 29.92, AbbVie Inc. (ABBV) 2.30 to 68.00, Western Digital Corporation (WDC) 3.00 to 44.10, California Resources Corporation (CRC) 1.00 to 20.00, PBF Energy Inc. (PBF) 2.08 to 29.88, Valero Energy Corporation (VLO) 3.30 to 84.93, and Momo Inc. (MOMO) 1.83 to 35.14.

To the downside, point-plus losers included Alphabet Inc. (GOOG) down 6.55 to 1079.80, Facebook, Inc. (FB) down 1.18 to 187.66, Intuitive Surgical, Inc. (ISRG) 6.81 to 513.72.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 1.05 to 43.90.

Checking TheTechTrader.com percent-gain leaderboard, Riot Blockchain, Inc. (RIOT) bounced 49 cents or 15%, to 3.79, on 10 million shares. Inovio Pharmaceuticals, Inc. (INO) eked out 50 cents, or 20%, to 3.02, on 4.2 million shares. Marathon Patent Group, Inc. (MARA) advanced 78 cents, or 29%, to 3.45, on 2.2 million shares. Ensco Rowan plc (ESV) popped 85 cents, or 11%, to 8.46, on 10 million shares.

XpresSpa Group, Inc. (XSPA) exploded 3.01, or 177%, to 4.71, on 16 million shares. Aerohive Networks, Inc. (HIVE) had a smooth ride up 1.25, or 39%, to 4.44, on 19 million shares.

Overstock.com, Inc. (OSTK) climbed 2.74, or 25%, to 13.50, on 14 million shares. Micron Technology, Inc. (MU) closed up 4.36, or 13%, to 37.04, on 17 million shares. Bitcoin Investment Trust (GBTC) ran 2.20, or 15%, to 17.08, on 95 million shares.

Among other gainers, Beyond Meat, Inc. (BYND) was up 9.88 to 160.48 and Unifirst (UNF) up 11.52 to 178.11.

Let’s see what happens tomorrow.

Good Trading! 

Harry


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