Closing Analysis

Mixed Session ,Narrower Technicals ,But Nasdaq Strong!

Closing Technical Market Analysis for Mon January 8th 2018

The stock market had a mixed finish, although the Nasdaq was very firm, and the technicals came back to finish positive on the day, but only marginally.

The day started out with the futures lower before the opening, and although they did pop at the opening, pulled back to test, but when the test was successful, the indices ramped up, particularly on the S&P 500, which stayed ramped up all the way into the close. The Nasdaq 100 peaked out and triple-topped at 6680.32, and then consolidated nearly three-quarters of the session. Both the Nasdaq 100 and S&P 500 closed in the green to finish positive on the day.

Net on the day, the Dow was down 12.87 at 25,283.00. The S&P 500 was up 4.56 at 2747.71. The Nasdaq 100 was up 23.34 at 6676.63.

Advance-declines were 17 to 12 positive on the New York Stock Exchange, and flat on the Nasdaq. Up/down volume was 17 to 14 positive on New York, total volume of just under 3.2 billion shares traded. The Nasdaq traded just under 2 billion shares and had a 11 to 8 1/2 positive volume ratio.

TheTechTrader.com board was mixed, but there were some very big winners today. Priceline.com (PCLN) was up 28.27 to 1851.81, Alphabet Inc. (GOOG) up 4.71 to 1106.94, Amazon.com, Inc. (AMZN) 17.73 to 1246.87, and Netflix, Inc. (NFLX) 2.06 to 212.05, but Apple Inc. (AAPL) dropped 65 cents to 174.35. Tesla Motors, Inc. (TSLA) jumped a whopping 19.83 to 336.41.

Baidu, Inc. (BIDU) gained 5.68 to 250.82, Facebook, Inc. (FB) popped 1.43 to 188.28, and First Solar, Inc. (FSLR) advanced 45 cents to 69.62.

Other stocks to the upside included Universal Display Corp. (OLED) up 15.55 to 194.85, Overstock.com, Inc. (OSTK) up 2.55 to 86.90, NVIDIA Corporation (NVDA) up 6.60 to 222.00, and Boot Barn Holdings, Inc. (BOOT) 1.03 to 17.97.

On the downside, biotech’s were extremely mixed today. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 5.11 to 78.46. Health Insurance Innovations, Inc. (HIIQ) was down 2.33 to 25.17, uniQure N.V. (QURE) down 1.35 to 18.13, Exact Sciences Corporation (EXAS) down 7.63 to 49.91. Cellect Biotechnology Ltd. (APOP) was down cents to 9.76, bluebird bio, Inc. (BLUE) down 4.90 to 170.10, Audentes Therapeutics, Inc. (BOLD) down 4.56 to 32.06, but Juno Therapeutics Inc. (JUNO) eked out 1.35 to 49.35.

Marijuana had another strong day today. Aurora Cannabis Inc. (ACBFF) ran 58 cents to 11.19, General Cannabis Corp. (CANN) gained 1.81 to 9.87, or 22%, on 1.86 million shares traded. Canopy Growth Corporation (TWMJF) climbed 4.72 to 2.11, or 17%, on 3. Million shares traded.

Checking TheTechTrader.com percent-gain leaderboard, My Size, Inc. (MYSZ) thrust 1.20, or 72%, to 2.86, on 69 million shares traded. Dragon Victory International Limited (LYL) bounced 1.24, or 26%, to 5.94. Foresight Autonomous Holdings Ltd (FRSX) pushed 1.04, or 41%, to 6.00, on 2.6 million shares traded.

Nevro Corp. (NVRO) ran 10.24, or 14%, to 81.33, on 1.7 million shares traded. Insulet Corporation (PODD) gained 9.36, or 13.6%, to 78.12, on 1.5 million shares traded.

Stepping back and reviewing the hourly chart patterns, the indices had a nice 5-wave move in the morning, reaching triple tops intraday, but were unable to get through 6630 on the Nasdaq 100, but still it had a gain of 23.34. The S&P 500 gained 4.56, but ramped up in the midday hour in a 4-day rising channel. It’s long in the tooth up here, nevertheless, the market’s trend is your friend, and the market is still up.

Let’s see what happens tomorrow.

Good Trading! 

Harry   

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- Harry Boxer




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