Closing Analysis

Narrowly Mixed Consolidation Session

Closing Technical Market Analysis for Wed February 27th 2019

The markets had a very interesting day on Wednesday, and a volatile one. The day started out very negatively with a gap down, a bounce back, and then a really strong sell-off, taking the Nasdaq 100 all the way down to 7050.75, and the S&P 500 to 2775.13. A big rally took the Nasdaq 100 from 7050.75 to 7125.00, 75 points, and the S&P 500 went from 2775 to 2795, 20 points up. They pulled back in the last hour, and in the last ten minutes they snapped back again to finish negative on the day, but a better performance than earlier in the day.

Net on the day, the Dow was down 72.82 at 25,985.16, 208 points off the low. The S&P 500 was down 1.52 to 2792.38, 17 points off the low. The Nasdaq 100 was down 6.21 to 7117.00, 72 points off its low.

Advance-declines were 130 issues higher on the New York Stock Exchange, and 106 issues higher on the Nasdaq. Up/down volume was 5 to 3 positive on New York, total volume 3.6 billion shares traded. The Nasdaq traded 2 1/3 billion shares and had a 13 to 10 negative volume ratio. board mixed on Wednesday, but there were several gainers., Inc. AMZN) was up 4.69 to 1641.09, Alphabet Inc. (GOOG) 92 cents to 1116.05, and Apple Inc. (AAPL) 54 cents to 174.87.

Tesla, Inc. (TSLA) exploded 16.88 to 314.74.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 2.85 to 61.27, Exact Sciences Corporation (EXAS) up 3.88 to 96.50, Sarepta Therapeutics, Inc. (SRPT) 11.64 to 151.68, and CareDx, Inc (CDNA) 2.56 to 31.56.

Other stocks to the upside included Square, Inc. (SQ) up 1.40 to 79.35, Teladoc, Inc. (TDOC) up 1.58 to 68.99, Zogenix, Inc. (ZGNX) 2.23 to 51.75, Evolus, Inc. (EOLS) 1.93 to 27.18, Etsy, Inc. (ETSY) 3.09 to 71.74, Amarin Corporation plc (AMRN) 1.17 to 21.18, Incyte Corporation (INCY) 1.30 to 87.00, and Roku, Inc. (ROKU) 2.29 to 67.37.

To the downside, point-plus losers included Facebook, Inc. (FB) down 1.32 to 162.81, Netflix, Inc. (NFLX) down 2.10 to 362.87, NVIDIA Corporation (NVDA) 1.69 to 155.41, and Valero Energy Corporation (VLO) 1.32 to 83.09.

Checking percent-gain leaderboard, Frontier Communications Corporation (FTR) popped 45 cents, or 18%, to 2.96, on 29 million shares. Chesapeake Energy Corporation (CHK) bounced 27 cents, or 10%, to 2.90, on 120.5 million shares. Callon Petroleum Company (CPE) eked out 73 cents, or 10%, to 7.72, on 16.5 million shares. Qudian Inc. (QD) bounced 57 cents, or 9%, to 6.97, on 11.8 million shares.

Sea Limited (SE) moved up 5.66, or 34%, to 21.86, on 26.6 million shares. Tandem Diabetes Care, Inc. (TNDM) jumped 12.45, or 25%, to 61.86, on 13 million shares. Clovis Oncology, Inc. (CLVS) climbed 3.43, or 13%, to 29.48, on 4.5 million shares., Inc. (OSTK) thrust 2.30, or 13%, to 20.08, on 6.4 million shares. Best Buy Co., Inc. (BBY) gained 8.51, or 14%, to 68.82, on 18 million shares. GW Pharmaceuticals plc (GWPH) advanced 21.10, or 14%, to 173.99, on 2.4 million shares. MercadoLibre, Inc. (MELI) snapped back 77.19, or 21%, to 446.68, on 2.6 million shares. Supernus Pharmaceuticals, Inc. (SUPN) closed up 5.11, or 14%, to 41.99, on 1.8 million shares. frontdoor, inc. (FTDR) ran 3.43, or 12%, to 31.60.

Among other gainers, Jazz Pharmaceuticals plc (JAZZ) was up 10.07 to 137.83, Lowe's Companies, Inc. (LOW) up 2.59 to 107.62, Palo Alto Networks, Inc. (PANW) 19.33 to 254.88, Planet Fitness, Inc. (PLNT) 1.56 to 58.45, Pivotal Software, Inc. (PVTL) 1.47 to 23.65, and Fox Factory Holding Corp. (FOXF) 2.30 to 63.43.

Stepping back and reviewing the hourly chart patterns, the indices had a very steep sell-off in the first hour to start the day, then a strong snapback, a late pullback, and then a snap into the close to finish off on the day but marginally so on the Nasdaq 100 and S&P 500. It was a solid comeback. We’ll see what that means and whether we can get to Wednesday’s high and resistance taken out at 7125 Nasdaq 100 and 2796 S&P 500.

Let’s see what happens tomorrow.

Good Trading! 


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