Closing Analysis

Mixed Consolidation Day

Closing Technical Market Analysis for Wed September 12th 2018

The stock market had a sharp sell-off at the opening on Wednesday, taking back a big chunk of Tuesday’s gains. They rallied back after news that U.S. and China were going to resume trade talks. The rest of the day was backing and filling, and a late rally did bring them back to close mixed on the session.

Net on the day, the Dow was up 27.86 at 25,998.92. The S&P 500 was up 1.03 at 2888.92, 6 points off the low. The Nasdaq 100 was down 19.81 at 7488.06, 87 points off the low.

Advance-declines were 15 to 12 positive on the New York Stock Exchange, and 15 to 14 negative on the Nasdaq. Up/down volume was 5 to 3 positive on New York, total volume of 3.2 billion shares traded. The Nasdaq traded 2 billion shares and had a slight plurality of 1.15 billion up and 1.10 billion down. board was mixed on Wednesday. Booking Holdings Inc. (BKNG) was down 4.85 to 1876.08, Alphabet Inc. (GOOG) down 14.54 to 1162.82, Apple Inc. (AAPL) down 2.78 to 221.07, NVIDIA Corporation (NVDA) 4.60 to 268.20, and Facebook, Inc. (FB) 3.94 to 162.00

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 1.58 to 94.11, bluebird bio, Inc. (BLUE) down 5.45 to 147.55, Nektar Therapeutics (NKTR) down 1.58 to 62.83, PolarityTE, Inc. (COOL) 2.55 to 17.90, and Clovis Oncology, Inc. (CLVS) 1.10 to 32.81.

Other losers included Square, Inc. (SQ) down 1.84 to 90.44, Teladoc, Inc. (TDOC) down 1.20 to 76.95, and Twitter, Inc. (TWTR) 1.14 to 29.75.

Point-plus gainers included, Inc. (AMZN) up 2.85 to 1990.00, Netflix, Inc. (NFLX) up 14.02 to 369.95, Tesla Motors, Inc. (TSLA) 11.10 to 290.54, Intuitive Surgical, Inc. (ISRG) 3.16 to 549.56, and Baidu, Inc. (BIDU) 2.59 to 218.68.

In addition, Post Holdings, Inc. (POST) was up 1.53 to 100.13, RH (RH) up 6.73 to 130.85, Advanced Micro Devices, Inc. (AMD) up 2.11 to 32.21, Hortonworks, Inc. (HDP) 1.23 to 24.76, Discovery, Inc. (DISCA) 2.19 to 30.70, Gilead Sciences, Inc. (GILD) 1.74 to 73.97, and Xencor, Inc. (XNCR) 2.00 to 45.65.

Checking percent-gain leaderboard, Nemaura Medical Inc. (NMRD) popped 66 cents, or 30%, to 2.86, on 4.3 million shares, reaching as high as 4.00 earlier in the day. The Green Organic Dutchman Holdings Ltd. (TGODF) gained 64 cents, or 11%, to 6.50, on 3 million shares. Laredo Petroleum, Inc. (LPI) bounced 73 cents, or 9 1/2%, to 8.46, on 16 million shares.

Tilray, Inc. (TLRY) jumped 9.16, or 10%, to 104.95, on 18.5 million shares. Galapagos NV (GLPG) exploded 16.97, or 16 1/2%, to 119.71, on nearly a million shares.  Solid Biosciences Inc. (SLDB) climbed 7.23, or 17%, to 50.65.

Stepping back and reviewing the hourly chart patterns, the indices were down sharply, backed and filled, went into wedges, and then rallied near the close to finish mixed.

Let’s see what happens tomorrow.

Good Trading!


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