Closing Analysis

Mixed Session

Closing Technical Market Analysis for Mon October 8th 2018

The stock market had an interesting session on Monday. They gapped lower, rallied to resistance, but couldn’t get through, and then they rolled over hard and very sharply to make new lows for the pullback. They got oversold at that point, creating a nice afternoon snapback rally from that oversold position. The Nasdaq 100 went from a low of 7267.02 and rallied to 7367.00, 100 points. The S&P 500 jumped from a low of 2862.00 to 2884.00. They finished mixed on the session.

Net on the day, the Dow was up 39.73 at 26,486.78, over 200 points off the low. The S&P 500 was down 1.14 at 2884.43, 22 points off the low. The Nasdaq 100 was down 46.18 at 7352.18, 85 points off the low.

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

TheTechTrader.com board was mostly red on Monday. Amazon.com, Inc. (AMZN) was down 25.23 to 1864.42, 34 points off the low, Alphabet Inc. (GOOG) down 8.38 to 1148.97, Apple Inc. (AAPL) down a small fraction of 52 cents to 223.77, 1.50 off its low, and Netflix, Inc. (NFLX) 2.25 to 349.10.

Tesla Motors, Inc. (TSLA) dropped 11.39 to 250.56, NVIDIA Corporation (NVDA) fell 4.09 to 265.77, and Intuitive Surgical, Inc. (ISRG) gave back 22.24 to 526.47. Microsoft Corporation (MSFT) was down 1.28 to 110.85, and Baidu, Inc. (BIDU) dropped 1.64 to 203.98.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 3.02 to 74.88. bluebird bio, Inc. (BLUE) dropped 9.95, Exact Sciences Corporation (EXAS) was down 2.67 to 68.45, Nutanix, Inc. (NTNX) down 2.30 to 40.28, and Tandem Diabetes Care, Inc. (TNDM) 2.13 to 34.72.

Other stocks to the downside included Square, Inc. (SQ) down 8.05 to 86.06, Teladoc, Inc. (TDOC) down 4.83 to 71.00.

On the upside, point-plus gainers included Canopy Growth Corporation (CGC), a marijuana stock, up 2.92 to 50.41.

Checking TheTechTrader.com percent-gain leaderboard, Finjan Holdings, Inc. (FNJN) popped 47 cents, or 10%, to 5.08, on 3 million shares. Companhia Energética de Minas Gerais (CIG) gained 46 cents, or 21%, to 2.64, on 30 million shares. Gevo, Inc. (GEVO) bounced 49 cents, or 13%, to 4.40, on 3.6 million shares.

India Globalization Capital, Inc. (IGC) snapped back 2.69, or 66%, to 6.74, on 47 million shares. GOL Linhas Aéreas Inteligentes S.A. (GOL) popped 1.26, or 20%, to 7.67, on 3 million shares. Pyxus International, Inc. (PYX), one of our new marijuana stocks, jumped 10.34, or 37%, to 38.52, on 10.5 million shares.

The Direxion Daily MSCI Brazil Bull 3X ETF (BRZU) ran 4.80, or 20%, to 28.33, on 6.2 million shares. The iShares MSCI Brazil Capped ETF (EWZ) gained 2.47 to 39.13, on 84.5 million shares.

Among other gainers, Arconic Inc. (ARNC) was up 1.56 to 23.40 on a possible takeover.

Stepping back and reviewing the hourly chart patterns, the indices were down early, bounced, and then came down very sharply, but really had a nice, late rally, only to back of in the last ten minutes, and pull the S&P 500 slightly in the negative. It was a mixed session, but a positive outcome from the morning lows.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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