Closing Analysis

Market Weakens on Fed Chair Powell Comments

Closing Technical Market Analysis for Tue June 25th 2019

It was a choppy, sloppy day for the stock market on Tuesday. The indices gapped up at the opening, which was not surprising since traders were anxiously waiting to hear from Fed Chairman Powell at one o’clock eastern time regarding interest rates. When St. Louis Fed President Bullard (FOMC voter) made comments regarding interest rates, the market dropped, and then when Fed Chairman Jerome Powell began to speak, indices imploded. They then rallied back to resistance. An hour before the close, the S&P 500 came down, rallied, formed a vertical-wedge platform, moved down to the lows for the day, and popped slightly into the close. The Nasdaq 100 formed a double-top at 7601.44, came down, tested the lows, and popped to resistance, and into the close.

Net on the day, the Dow was down 179.32 at 26,548.22. The S&P 500 was down 27.97 at 2917.38. The Nasdaq 100 was down 131.49 at 7591.54.

Advance-declines were 2 to 1 negative on the New York Stock Exchange and 3 1/4 to 2 negative on the Nasdaq. Up/down volume was nearly 3 to 2 positive of New York, total volume 3.3 billion shares traded. The Nasdaq traded 2 billion and had a 2 1/2 to 1 negative volume ratio.

TheTechTrader.com board was mostly all red on Tuesday. Amazon.com, Inc. (AMZN) was down 35.63 to 1878.27, Alphabet Inc. (GOOG) down 29.17 to 1086.35, Apple Inc. (AAPL) 3.01 to 195.57, Facebook, Inc. (FB) 3.76 to 188.84, and Netflix, Inc. (NFLX) 10.74 to 360.30.

Tesla, Inc. (TSLA) lost 3.88 to 219.76, NVIDIA Corporation (NVDA) dropped 1.18 to 151.48, and Intuitive Surgical, Inc. (ISRG) fell 5.27 to 520.53. Baidu, Inc. (BIDU) gave back 3.44 to 113.26.

Other stocks to the downside included Tilray, Inc. (TLRY) down 1.22 to 46.81, Roku, Inc. (ROKU) closed back under 100, down 6.78 to 93.25, Gravity Co., Ltd. (GRVY 9.40 to 45.00, Lennar Corporation (LEN) 3.19 to 48.22, AbbVie Inc. (ABBV) 12.75 to 65.70, and Twilio Inc. (TWLO) 3.54 to 134.87.

To the upside, point-plus losers included Supernus Pharmaceuticals, Inc. (SUPN) up 1.19 to 31.18, Ra Pharmaceuticals, Inc. (RARX) up 1.04 to 27.26, GrubHub Inc. (GRUB) 3.71 to 75.90, and Greenbrier Companies, Inc. (GBX) 1.73 to 28.78.

Checking TheTechTrader.com percent-gain leaderboard, Capital Senior Living Corporation (CSU) climbed 51 cents, or 12%, to 4.86. Mesoblast Limited (MESO) gained 59 cents, or 12%, to 5.60. Pier 1 Imports, Inc. (PIR) popped 98 cents, or 13%, to 8.66.

Xencor, Inc. (XNCR) ran 4.69, or 14%, to 38.56, on 1.8 million shares. Allergan plc (AGN) closed up 32.85, or 25%, to 162.43, on 33 million shares.

Among other gainers, HCA Healthcare, Inc. (HCA) was up 4.09 to 135.18.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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