Closing Analysis

Mixed, Volatile Session

Closing Technical Market Analysis for Tue February 26th 2019

The stock market had a good day on Tuesday after some back and forth action. They opened lower, rebounded sharply, back and filled into midafternoon when they rallied, but couldn’t get through overhead resistance, and backed off to finish mixed on the day.

Net on the day, the Dow was down 33.97 at 26,057.98. The S&P 500 was down 2.21 at 2793.90, 10 points off the high. The Nasdaq 100 was up 7.79 at 7123.22, 21 points off the high.

Advance-declines were 17 to 12 negative on the New York Stock Exchange, and 3 to 2 negative on the Nasdaq. Up/down volume was 3 to 2 negative on New York, total volume a little over 3 1/2 billion shares traded. The Nasdaq traded 2.2 billion shares and had a 6 to 5 negative volume ratio. board was mixed. Point-plus gainers included, Inc. (AMZN) closed up 3.40 to 1636.40, Alphabet Inc. (GOOG) up 5.73 to 1115.13, Apple Inc. (AAPL) up just 10 cents to 174.33, and Netflix, Inc. (NFLX) up 1.06 to 364.97.

Other stocks to the upside included Canopy Growth Corporation (CGC) up 2.40 to 46.26, Cronos Group Inc. (CRON) 1.39 to 21.64, Tandem Diabetes Care, Inc. (TNDM) 1.05 to 49.41, but it was up another 7.52, or a whopping 15%, to 7.52 in after hours.

To the downside, point-plus losers included NVIDIA Corporation (NVDA) down 1.59 to 157.10, Intuitive Surgical, Inc. (ISRG) down 4.93 to 548.46, Baidu, Inc. (BIDU) 3.02 to 161.98, Incyte Corporation (INCY) 1.18 to 85.70, Vericel Corporation (VCEL) 1.08 to 18.92, Teladoc, Inc. (TDOC) 2.59 to 67.39, Energous Corporation (WATT) 1.87 to 8.16, and Xilinx, Inc. (XLNX) 1.26 to 122.78.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 1.47 to 58.40.

Checking percent-gain leaderboard, Ferroglobe (GSM) bounced 58 cents, or 26%, to 2.77, on 11 million shares.

Vitamin Shoppe, Inc. (VSI) popped 1.18, or 20 1/2%, to 6.93, on 1.44 million shares. Telaria, Inc. (TLRA) gained 1.19, or 33%, to 4.81, on 5 million shares. EverQuote, Inc. (EVER) snapped back 1.01, or 17%, to 7.06, on 1.7 million shares.

Epizyme, Inc. (EPZM) ran up to 14.95, pulled back and closed up 1.48, or 12%, to 13.76, on 1.6 million shares. Dillard's, Inc. (DDS), on positive earnings, ran 13.33, or 20%, to 79.80, on 3.6 million shares. Etsy, Inc. (ETSY) stair-stepped 9.64, or 16%, to 68.65, on 24 million shares. Tenet Healthcare Corporation (THC) spiked to 29.77, pulled back and closed up 2.69, or 11%, to 26.91, on 8.3 million shares.

Mallinckrodt Public Limited Company (MNK) moved up 2.20, or 10%, to 23.76, on 13.5 million shares. Heidrick & Struggles International, Inc. (HSII) thrust 9.27, or 27%, to 43.13. Aerie Pharmaceuticals, Inc. (AERI) popped 5.95, or 15%, to 46.13, on 2.2 million shares. Farfetch Limited (FTCH) gained 2.35, or 11%, to 24.20, on 3.8 million shares.

Among other gainers, The J. M. Smucker Company (SJM) was up 5.03 to 106.09, 2U, Inc. (TWOU) up 2.87 to 74.07, and Alteryx, Inc. (AYX) up 2.88 to 77.00.

Stepping back and reviewing the hourly chart patterns, the indices were quite volatile, back and forth in a fairly-narrow range. The S&P 500 range had a 14-point range, but the Nasdaq 100 was 57 points, so not quite a narrow as the S&P 500. In the last hour, both indices stair-stepped their way down, the S&P 500 closing in the red, while the Nasdaq 100 closed in the green and substantially off the low.

Let’s see what happens tomorrow.

Good Trading! 


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