Closing Analysis

Market Takes off on Trumps Auto Tariff Reporting

Closing Technical Market Analysis for Wed May 15th 2019

The stock market, after regaining lost ground from Tuesday’s session, opened to the upside on Wednesday, immediately taking the S&P 500 to 2848.00 and the Nasdaq 100 to 7380.39, but after weak economic data came out, the S&P 500 reversed and took a nosedive into the red abyss, rallied back up, only to rollover, dropping all the way down from the early morning highs to 2817.25. The Nasdaq 100 went from 7380.39, pulled back, rallied to 7395.39, pulled back again, and then rallied to 7436.60. At that point, the Dow had gone from a high of 25,627.00, down to 25,504.00, 123 points. By midmorning, the S&P 500 rallied back to 2845.75, still down about 13 points, and the Nasdaq 100 moved up to 7474.22, more than 65 points.

Just as the noon hour began, the S&P 500 pulled back down, but the Nasdaq 100 took off and reached midday highs at 7505.37. The Dow was now up 133.66 points. From that point on, all three indices moved up, forming coils, consolidating, and heading to the highs for the day by midafternoon at 2858.68 S&P 500 and 7493.60 Nasdaq 100. In the last hour, they rolled over, coiled, rallied, and then rolled over into the close, closing positive on the day.

Net on the day, the Dow was up 116.97 at 25,648.02. The S&P 500 was up 17.52 at 2949.93. The Nasdaq 100 was up 91.72 at 7493.60.

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

TheTechTrader.com board was pretty much blood red on Wednesday. To the upside, point-plus gainers included Amazon.com, Inc. (AMZN) up 31.03 to 1871.15, Alphabet Inc. (GOOG) up 43.77 to 1164.21, Apple Inc. (AAPL) 2.26 to 190.92, Facebook, Inc. (FB) 5.54 to 186.27, and Netflix, Inc. (NFLX) 9.38 to 354.99. Intuitive Surgical, Inc. (ISRG) jumped 1.79 to 489.14, Microsoft Corporation (MSFT) gained 1.75 to 126.02.

Other stocks to the upside included Square, Inc. (SQ) was up 1.12 to 65.23, Etsy, Inc. (ETSY) up 3.07 to 61.89, and DocuSign, Inc. (DOCU) up 1.13 to 53.67.

In addition, Applied Materials, Inc. (AMAT) was up 1.49 to 41.50, ShockWave Medical, Inc. (SWAV) up 4.18 to 64.76, Axsome Therapeutics, Inc. (AXSM) 1.26 to 23.00, Nutanix, Inc. (NTNX) 1.14 to 38.39, BioMarin Pharmaceutical Inc. (BMRN) 6.11 to 87.16, GDS Holdings Limited (GDS) 3.19 to 38.01, and Beyond Meat, Inc. (BYND) 7.24 to 86.92.

Lyft, Inc. (LYFT) ran 3.52 to 54.04 and Uber Technologies, Inc. (UBER) climbed 1.33 to 41.29.

To the downside, point-plus losers included NVIDIA Corporation (NVDA) down 2.46 to 159.58, Charles Schwab Corporation (SCHW) down 1.60 to 42.74, and Overstock.com, Inc. (OSTK) 2.02 to 10.87 (16%).

Checking TheTechTrader.com percent-gain leaderboard, Catalyst Pharmaceuticals, Inc. (CPRX) ran 41 cents, or 13%, to 3.54, on 5.3 million shares. Precipio, Inc. (PRPO) bounced 63 cents, or 10%, to 7.13, on 1.2 million shares.

PDS Biotechnology Corporation (PDSB) jumped 2.54, or 41 cents, to 8.68, on 7 million shares. Veritone, Inc. (VERI) gained 1.40, or 20%, to 8.47, on 1.3 million shares.

Advanced Energy Industries, Inc. (AEIS) advanced 5.31, or 115, to 53.84. Zoom Video Communications, Inc. (ZM) popped 6.62, or 9%, to 79.76, on 2.4 million shares.

Among other gainers, Regeneron Pharmaceuticals, Inc. (REGN) was up 1.23 to 305.85, Alibaba Group Holding Limited (BABA) 2.76 to 177.60, MongoDB, Inc. (MDB) 5.10 to 138.44, The Boeing Company (BA) 2.60 to 345.64, and Twilio Inc. (TWLO) 4.37 to 135.45.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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