Closing Analysis

Mixed Session

Closing Technical Market Analysis for Tue March 5th 2019

The markets had a mixed session at the close on Tuesday, having consolidated upper level all day. The day started out with a little dip, test support, consolidated wedges, and then broke out. By midday they were consolidating again, and tested support that held the trendline. In afternoon they made nominal new highs, could not follow through, the S&P 500 showing a line of resistance between 2975 and 1796. At the end of the day, with ten minutes to go, they were ready to punch out, but they pulled back sharply, the S&P 500 and Dow closing slightly negative and the Nasdaq 100 closing to the upside.

Net on the day, the Dow was down 13.02 at 25,806.63. The S&P 500 was down 3.16 to 2789.65, 7 points off the low and 7 off the high. The Nasdaq 100 was up 5.95 to 7156.79, 36 points off the low and 22 off the high.

Advance-declines were 140 issues lower on the New York Stock Exchange, and 400 issues on the Nasdaq. Up/down volume was 4 to 3 negative on New York, total volume 3.5 billion shares traded. The Nasdaq traded 2.1 billion shares and had an 11 to 10 negative volume ratio.

TheTechTrader.com board was mixed. Point-plus gainers included Alphabet Inc. (GOOG) was up 14.23 to 1162.03, Facebook, Inc. (FB) up 3.89 to 171.26, and Netflix, Inc. (NFLX) up 3.26 to 354.30. Baidu, Inc. (BIDU) popped 6.82 to 167.74.

Other stocks to the upside included Square, Inc. (SQ) up 1.33 to 76.02, Etsy, Inc. (ETSY) up 1.62 to 70.61, Roku, Inc. (ROKU) 1.78 to 68.83, GrubHub Inc. (GRUB) 1.39 to 79.38, and Tandem Diabetes Care, Inc. (TNDM) 2.59 to 67.06.

Marijuana stocks did great on Tuesday. Canopy Growth Corporation (CGC) was up 1.08 to 47.88, and Cronos Group Inc. (CRON) up 2.24 to 23.70.

To the downside, Amazon.com, Inc. (AMZN) was down 3.74 to 1692.43, Apple Inc. (AAPL) down 32 cents to 175.53, Tesla, Inc. (TSLA) 8.82 to 276.54, Intuitive Surgical, Inc. (ISRG) 3.32 to 546.61, Acacia Communications, Inc. (ACIA) 1.10 to 54.42, Puma Biotechnology, Inc. (PBYI) 1.46 to 38.62, Valero Energy Corporation (VLO) 1.38 to 81.15, and Ciena Corporation (CIEN) 2.09 to 40.71, after reaching as high as 45.70 earlier in the day on earnings.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 1.37 to 60.86 on the resignation of the FDA commissioner.

Checking TheTechTrader.com percent-gain leaderboard, Cool Holdings, Inc. (AWSM) gained 81 cents, or 25%, to 4.03, on 9.3 million shares. Aqua Metals, Inc. (AQMS) stair-stepped 66 cents, or 20%, to 4.00, on 4.3 million shares. China Ceramics Co., Ltd. (CCCL) ran up to 2.19, pulled back and closed up 18 cents, or 10%, to 1.92, 3.7 million shares. TDH Holdings, Inc. (PETZ) closed 29 cents, or 36%, to 1.09, on 21 million shares. Aurora Cannabis Inc. (ACB) climbed 88 cents, or 12%, to 8.10, on 72.4 million shares.

Carvana Co. (CVNA) ran up 5.91, or 14%, to 47.98, 3.5 million shares. YY Inc. (YY) jumped 9.40, or 13%, to 81.44, on 8.6 million shares.

Stepping back and reviewing the hourly chart patterns, the indices were down early, back and filled, and ran up in the afternoon, only to consolidate midday, making nominal new highs at the end of the day on the Nasdaq 100. The last ten minutes saw a sharp pullback and they closed mixed on the session. We’ll see what that means going forward.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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