Closing Analysis

Market Suffers as Trump Threatens EU

Closing Technical Market Analysis for Tue April 9th 2019

The stock market opened lower on Tuesday as the Trump administration threatened to slap tariffs on the EU, later tweeting that the EU was unfair. The Nasdaq 100 and S&P 500 sharply consolidated as they moved up, and by midmorning they come back down just as sharply, only to rally up again, completing a perfect V, reaching 2883.40 S&P 500 and 7599.42 Nasdaq 100 by the noon hour. They spent the afternoon consolidating as they moved down gradually in a 3-wave decline, and rallied the rest of the day, and in the last fifteen minutes they rolled over slightly, to end the session on a negative note as the trade war with EU escalates.

Net on the day, the Dow was down 190.44 at 26,150,58. The S&P 500 was down 17.57 at 2878.20. The Nasdaq 100 was down 31.26 at 7568.49.

Advance-declines were 3 to 1 negative on the New York Stock Exchange, and 2.6 to 1 negative on the Nasdaq. New York traded total volume of 2.9 billion shares traded and the Nasdaq traded 1.1 billion shares.

TheTechTrader.com board was mostly red on Tuesday, but there were some positive stocks as well. Amazon.com, Inc. (AMZN) was down 14.01 to 1835.84, Alphabet Inc. (GOOG) down 6.59 to 1197.25, and Apple Inc. (AAPL) down just 60 cents to 199.50. NVIDIA Corporation (NVDA) dropped 2.53 to 189.26, and Baidu, Inc. (BIDU) gave back 3.77 to 181.00.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 3.54 to 61.26, and Alkermes (ALKS) fell 1.30 to 36.03.

Other stocks to the downside included Roku, Inc. (ROKU) down 1.41 to 59.32, Advanced Micro Devices, Inc. (AMD) 1.29 to 27.24, Homology Medicines, Inc. (FIXX) 5.99 to 23.57, and United States Steel Corporation (X).

To the upside, Facebook, Inc. (FB) was up 2.65 to 177.58, Netflix, Inc. (NFLX) up 3.30 to 364.71, and Intuitive Surgical, Inc. (ISRG) 1.04 to 579.38.

In addition, GW Pharmaceuticals (GWPH) was up 1.07 to 168.61, Okta, Inc. (OKTA) up 5.01 to 92.65, Tandem Diabetes Care, Inc. (TNDM), and Globant S.A. (GLOB) 2.46 to 76.37, along with many fractional gainers.

Checking TheTechTrader.com percent-gain leaderboard, Chimerix, Inc. (CMRX) popped 65 cents or 31%, to 2.74, on 4.3 million shares. Amyris, Inc. (AMRS) gained 56 cents, or 19%, to 3.55, on 4.8 million shares.

PhaseBio Pharmaceuticals, Inc. (PHAS) jumped 2.04, or 16%, to 14.61, 7.6 million shares. FARO Technologies, Inc. (FARO) climbed 8.79 to 55.92.

Among other gainers, Cerner Corporation (CERN) was up 5.88 to 62.97, The Walt Disney Company (DIS) up 1.90 to 116.86, and Public Storage (PSA) 1.40 to 219.40.

Stepping back and reviewing the hourly chart patterns, the indices had a very negative day and closed down on the day.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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