Closing Analysis

Mixed Topsy-Turvy Day

Closing Technical Market Analysis for Tue September 10th 2019

The stock market was rather topsy-turvy on Tuesday as it followed through on Monday’s down day to open red and stayed red nearly all day.  The day started out with a drop to the downside on weak economic data from China that triggered recession fears. Indices reached morning lows, popped, and by midmorning they reached the lows for the day, which were retested several times during the session. Just before the noon hour, indices ran up to test support, couldn’t get through, and had a nice slide back down, but near the end of that hour, they ran up, the S&P 500 pushed through support, but the Nasdaq 100 did not make it. They formed wedges as they came back down, bounced around, and at the end of the day, the S&P 500 bounced through support and closed at the highs for the day, slightly in the green. Although the Nasdaq 100 closed at the highs for the day, it didn’t quite make it through support, and closed in the negative column. It was a very mixed day for the indices.

Net on the day, the Dow was up 73.92 at 26,909.43. The S&P 500 was up .96 at 2979.39. The Nasdaq 100 was down 17.66 to 7814.74.

Advance-declines were 591 issues positive on the New York Stock Exchange and 3 1/2 to 2 positive on the Nasdaq. Up/down volume was 8 1/2 to 1 positive of New York, total volume 4.2 billion shares traded. The Nasdaq traded 2.2 billion and had a 5 to 3 positive volume ratio. board was very mixed on Tuesday., Inc. (AMZN) was down 10.80 to 1820.55, Facebook, Inc. (FB) down 2.59 to 186.17, down 6.35 to 287.99, however, Alphabet Inc. (GOOG) was up 1.59 to 1206.00, and Apple Inc. (AAPL) gained 2.53 to 216.70.  

Tesla, Inc. (TSLA) jumped 3.75 to 235.54, NVIDIA Corporation (NVDA) up 2.68 to 183.18, and Intuitive Surgical, Inc. (ISRG) advanced 5.61 to 502.30. Baidu, Inc. (BIDU) ran 5.34 to 110.40.

Other stocks to the upside included ACADIA Pharmaceuticals Inc. (ACAD) up 2.37 to 41.22,, Inc. (OSTK) 1.85 to 21.32, DocuSign, Inc. (DOCU) 1.34 to 59.91, Teladoc, Inc. (TDOC) 1.85 to 64.78, and Agios Pharmaceuticals, Inc. (AGIO) 2.08 to 35.58.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) climbed 3.15 to 38.45.

To the downside, point-plus losers included Microsoft Corporation (MSFT) down 1.44 to 136.08, Aerojet Rocketdyne Holdings, Inc. (AJRD) down 1.90 to 48.76, Palo Alto Networks, Inc. (PANW) 4.34 to 206.84, Roku, Inc. (ROKU) 6.89 to 144.14, Beyond Meat, Inc. (BYND) 2.63, 146.90, and Shopify Inc. (SHOP) 21.43 to 337.24, and another 1.24 in after hours.

Checking percent-gain leaderboard, Can-Fite BioPharma Ltd. (CANF) popped 54 cents or 22 1/2%, to 2.93, on 7.1 million shares or 86 times the average volume. Seadrill Limited (SDRL) eked out 45 cents, or 16%, to 3.30, on 1.7 million shares. Aurinia Pharmaceuticals Inc. (AUPH) stair-stepped 74 cents, or 13%, to 6.54, on 2.15 million shares. Express, Inc. (EXPR) ramped up 47 cents, or 18%, to 3.07, on 3.1 million shares.

Akebia Therapeutics, Inc. (AKBA) thrust 1.12, or 26%, to 5.40, on 1.7 million shares. Maxar Technologies Inc. (MAXR) advanced 1.35, or 19%, to 8.38, on 5.4 million shares. Invacare Corporation (IVC) ran 1.78, or 85%, to 3.88, on 52 million shares.

Francesca's Holdings Corporation (FRAN) exploded 5,24, or 101.55%, to 10.40, on 21 million shares.

Puma Biotechnology, Inc. (PBYI) bounced 1.65, or 15%, to 12.49, on 2.4 million shares. Immunomedics, Inc. (IMMU) gained 2.31, or 17%, to 15.59, on 6.2 million shares. Revilve Group (RVLV) jumped 2.60, or 12%, to 24.41, on 1.8 million shares. Nektar Therapeutics (NKTR) closed up 2.05, or 11 1/2%, on 19.91, on 4.3 million shares.

Among other gainers, RH (RH) was up 5.37 to 158.88.

Let’s see what happens tomorrow.

Good Trading! 


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