Closing Analysis

Mixed, Quiet Session

Closing Technical Market Analysis for Wed November 21st 2018

The indices had a quiet, but disappointing session on Wednesday, however, the underlying technicals did very well.

Net on the day, the Dow was down .95 at 24,464.69, 205 points off the high. The S&P 500 was up 8.04 at 2649.93, 20 points off its high. A standout, the Nasdaq 100 was up 48.70 at 6575.66, 50 points off the high.

Advance-declines were better than 3 to 1 positive on the New York Stock Exchange, and 3 to 1 positive on the Nasdaq. Up/down volume was better than 3 1/2 to 1 positive on New York, total volume 2.2 billion shares traded. The Nasdaq traded 1.8 billion shares and had a 2 1/2 to 1 volume ratio.

TheTechTrader.com board was quite green. Amazon.com, Inc. (AMZN) was up 21.27 to 1516.73, Alphabet Inc. (GOOG) up 11.85 to 1037.61, Intuitive Surgical, Inc. (ISRG) 6.38 to 491.62, Baidu, Inc. (BIDU) 6.47 to 183.95, Facebook, Inc. (FB) 2.39 to 134.82, Microsoft Corporation (MSFT) 1.40 to 103.11, but Apple Inc. (AAPL) sold off to close down 20 cents to 176.78 after being up almost 4 points.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 2.52 to 45.03, Exact Sciences Corporation (EXAS) up 1.84 to 66.57, Nutanix, Inc. (NTNX) 1.17 to 39.35, uniQure N.V. (QURE) 1.33 to 27.58, Acacia Communications, Inc. (ACIA) 1.98 to 44.41, and CareDx, Inc (CDNA) 1.42 to 26.48.

Other stocks to the upside included Keysight Technologies, Inc. (KEYS) bounced 2.98 to 57.33,

Canopy Growth Corporation (CGC) up 1.58 to 33.74, Tilray, Inc. (TLRY) 5.31 to 109.31, and PolarityTE, Inc. (PTE) 1.07 to 13.94.

Netflix, Inc. (NFLX) was down 4.85 to 262.13, Tesla, Inc. (TSLA) down 9.30 to 338.19, NVIDIA Corporation (NVDA) 4.37 to 144.71, and Baozun Inc. (BZUN) 2.31 to 32.44.

Checking TheTechTrader.com percent-gain leaderboard, Cool Holdings, Inc. (AWSM) gained 38 cents, or 14%, to 3.13, on 243,010. Foot Locker, Inc. (FL) popped 6.87, or 15%, to 52.96, on 14.5 million shares. Qudian Inc. (QD) eked out 1.58, or 37%, to 5.87, on 11.2 million shares.

Bilibili Inc. (BILI) ran up to 16.12 before pulling back and closing up 1.54, or 11%, to 15.14, on 19.5 million shares. BJ's Wholesale Club Holdings, Inc. (BJ) snapped back 2.22, or 11%, to 22.05, on 5.7 million shares. Autodesk, Inc. (ADSK) advanced 11.99, or 10%, to 135.04, on 6 million shares.

Stepping back and reviewing the hourly chart patterns, the indices popped up early, consolidated and went higher but not by much. They could not get through key resistance at Nasdaq 100 6640 and S&P 500 2672, and rolled over. The Dow and S&P 500 closed at the session lows going away, but the Nasdaq 100 closed with decent gains on the day.

Let’s see what happens tomorrow.

Have a nice Thanksgiving everyone! 

Harry  


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