Closing Analysis

Nasty Day to Start the Week

Closing Technical Market Analysis for Mon July 8th 2019

Markets had a very nasty, mixed session on Monday as they opened lower and remained lower all day but off the lows. The S&P 500 opened, came down, and then rallied to the morning high and session high at 2980.76. The Nasdaq 100 opened just above support at 7790.46, pulled back to 7756.11, rallied back up to support, couldn’t get through, and came down. Just before noon, bearish index flags and wedge patterns formed, and most of the rest of the afternoon, the S&P 500 and Nasdaq 100 coiled and consolidated, working their way slightly upward. With forty minutes to go, the Nasdaq 100 reached its high at 7792.20, and then both indices rolled over, and bounced into the close, but still closed down on the day.

Net n the day, the Dow was down 115.98 at 26,806.14. The S&P 500 was down 14.46 at 2975.95. The Nasdaq 100 was down 55.51 at 7785.79.

Advance-declines were 3 1/2 to 2 negative on the New York Stock Exchange and 2 1/4 to 1 negative on the Nasdaq. Up/down volume was 5 to 1 positive of New York, total volume 2.7 billion shares traded. The Nasdaq traded 1.8 billion and had a 3 to 2 positive volume ratio.

TheTechTrader.com board was very mixed on Monday. The only Nasdaq General to close to the upside was (AMZN) up 9.41 to 1952.32.

However, there were several point-plus gainers. Edgewell Personal Care Company (EPC) was up 1.20 to 29.25, AZZ Inc. (AZZ) up 2.76 to 48.86, Overstock.com, Inc. (OSTK) 1.92 to 16.64, Inspire Medical Systems, Inc. (INSP) 2.72 to 66.60, Weight Watchers International I (WW) 1.21 to 20.95, and Western Digital Corporation (WDC) 1.35 to 49.87.

To the downside, losers included Alphabet Inc. (GOOG) down 15.24 to 1116.35, Apple Inc. (AAPL) 4.21 to 200.02, Facebook, Inc. (FB) 64 cents to 195.76, Netflix, Inc. (NFLX) 4.39 to 376.16, Intra-Cellular Therapies, Inc. (ITCI) 1.76 to 11.79, uniQure N.V. (QURE) 1.73 to 74.04, and Medicines Company (MDCO).

Checking TheTechTrader.com percent-gain leaderboard, Orion Group Holdings, Inc. (ORN) popped 56 cents, or 18%, to 3.66, on 1.2 million shares.  Oasmia Pharmaceutical AB (publ) (OASM) eked out 27 cents, or 13%, to 2.28, on 4 million shares.

Sol-Gel Technologies Ltd. (, or 62SLGL) thrust 1.35, or 15%, to 10.30. Soliton, Inc. (SOLY) exploded 7.07, or 62%, to 18.50, on 10 million shares.

Among other gainers, Roku, Inc. (ROKU) was up 5.14 to 103.25, Lululemon Athletica Inc. (LULU) up 3.59 to 186.80, Beyond Meat, Inc. (BYND) 4.04 to 156.67, Twilio Inc. (TWLO) 4.46 to 144.73, and Shopify Inc. (SHOP) 7.28 to 321.00.

Let’s see what happens tomorrow.

Good Trading! 

Harry


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