Closing Analysis

Mixed Session With Weak Technicals

Closing Technical Market Analysis for Wed December 6th 2017

The stock market had a mixed session on Wednesday. The Nasdaq was very strong, but the blue chips were weak. A lot of stocks we follow did well, but looking at my board, I can see more red than green.
 
The day started out with a little pop to the upside on both indices, and then they had a little pullback-retest. When the retest held, they went to higher highs on both the Nasdaq 100 and the S&P 500, just slightly, but couldn’t break through resistance, and backed off. They did make a little move late in the day to test resistance, but when they were unable to get through, they backed off into the close, and finished mixed on the day.
 
Net on the day, the Dow was down 39.73 at 24,140.91. The S&P 500 was down 30 cents at 2629.27, 5 points off the high and 5 points off the low. The Nasdaq 100 was up 27.94 at 6293.05, however, that was 11 points off the high.
 
Technicals were somewhat weak today. Advance-declines were 16 to 12 negative on the New York Stock Exchange, and 19 to 10 negative on the Nasdaq. Up/down volume was 2 to 1 negative on New York, total volume of 3.1 billion shares traded. The Nasdaq traded a little over 1.8 billion shares and had a 95 to 87 negative volume ratio.
 
TheTechTrader.com board was mostly red.  Among the NDX large cap generals ,Priceline.com (PCLN) was down 5.84 to 1719.04, Apple Inc. (AAPL) down 63 cents to 169.01, but Alphabet Inc. (GOOG) exploded 13.23 to 1010.38, Amazon.com, Inc. (AMZN) was up 10.78 to 1152.35, and Netflix, Inc. (NFLX) up 1.08 to 185.30.  Baidu, Inc. (BIDU) dropped 60 cents to 231.15, Facebook, Inc. (FB) ran 3.23 to 176.06, and First Solar, Inc. (FSLR) popped 2.03 to 63.24. Microsoft Corporation (MSFT) gained 1.19 to 82.78, while Intel Corporation (INTC) closed flat at 43.45. Tesla Motors, Inc. (TSLA) j[A1] umped 9.56 to 31, 3.26.
 
Other stocks to the upside included United States Steel Corp. (X) was up 1.28 to 31.11, NVIDIA Corporation (NVDA) up 1.52 to 189.26, and NUTANIX, INC. (NTNX) 1.20 to 35.30.
 
On the downside, Overstock.com, Inc. (OSTK) was down 3.20 to 42.65, Universal Display Corp. (OLED) down 1.95 to 164.06, bluebird bio, Inc. (BLUE) down 3.25 to 159.40, Kronos Worldwide, Inc. (KRO) 2.96 to 24.80, Zynerba Pharmaceuticals, Inc. (ZYNE) 1.45 to 11.56, and Digital Power Corporation (DPW) 92 cents to 2.74.
 
The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 1.15 to 65.79 today.
It was a good day for a lot of stocks, but not a great day for many stocks.
 
Checking TheTechTrader.com percent-gain leaderboard, VistaGen Therapeutics, Inc. (VTGN) was up nearly 100%,  87 cents, or 94%, to 1.80, with a high of 2.65, on 40.6 million shares traded. ClearSign Combustion Corporation (CLIR) had a very good day, running 85 cents, or 34%, to 3.35, on 3.5 million shares traded.
 
AeroVironment, Inc. (AVAV) climbed 11.22, or 26%, to 54.47, on 4.6 million shares traded on an earnings report. Vera Bradley, Inc. (VRA) had a spectacular day, up 2.39, or 28%, to 11.03, and trading as high as 11.75, on 4.85 million shares traded. Madrigal Pharmaceuticals, Inc. (MDGL) exploded to 40.88, or 88%, to 87.18, on 3.2 million shares traded on major drug news.   DaVita Inc. (DVA) rocked 8.27, or 14%, to 69.20, on 9.73 million shares traded. Immunomedics, Inc. (IMMU) ran 1.18, or 13%, to 10.21, on nearly 14 million shares traded. Roku Inc (ROKU) had an amazing day, to 4.81, or 12%, to 44.26, on 12 million shares traded.
 
Stepping back and reviewing the hourly chart patterns, the indices went slightly higher, and then they pulled back to close mixed on the day. I’m not very impressed that today was a good day, particularly the S&P 500, which kind of marked time and formed some sort of bear flag, potentially, so we’ll have watch to see where they want to take em.
 
Good Trading! 
 
Harry   
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- Harry Boxer




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