Closing Analysis

Negative Start Ends Positive

Closing Technical Market Analysis for Mon April 8th 2019

The markets opened to the downside on Monday and were down most of the day, however, the Nasdaq 100 and S&P 500 closed positive. The day started with gaps to the downside, they bounced and pulled back slightly all morning, the S&P 500 reaching 2888.77 and the Nasdaq 100 7599.66, just before the noon hour. The S&P 500 made a 5-wave decline to 2884.92 as the Nasdaq 100 made a 3-wave decline 7564.31, and then took off and ran up the rest of the day, both indices closing to the upside for the day.  

Net on the day, the Dow was down 83.97 at 26,341.02. The S&P 500 was up 3.03 at 2895.77, pennies off the high. The Nasdaq 100 was up 20.90 at 7599.74, 2 points off the high.

Advance-declines were just 76 issues positive on the New York Stock Exchange, and negative by 215 issues on the Nasdaq. New York’s total volume was 2.9 billion shares traded. The Nasdaq traded 1.9 billion shares and had a 2 to 1 volume ratio.

TheTechTrader.com board was mixed on Monday. Gainers included Amazon.com, Inc. (AMZN) was up 12.58 to 1849.86, Apple Inc. (AAPL) up 3.10 to 200.10, Booking Holdings Inc. (BKNG) 19.27 to 1788.72, Intuitive Surgical, Inc. (ISRG) 2.62 to 578.34, and Baidu, Inc. (BIDU) 3.22 to 184.77.

Other stocks to the upside included Coherus BioSciences, Inc. (CHRS) up 1.00 to 15.49, Axon Enterprise, Inc. (AAXN) up 2.59 to 60.32, Sony Corporation (SNE) 3.53 to 46.60, Polaris Industries Inc. (PII) 4.24 to 95.47, and Evolus, Inc. (EOLS) 1.48 to 26.51.

To the downside, point-plus losers included Alphabet Inc. (GOOG) down 3.31 to 1203.84, Tesla, Inc. (TSLA) down 1.76 to 273.20, Roku, Inc. (ROKU) 2.67 to 60.73, uniQure N.V. (QURE) 2.29 to 59.80, and Stamps.com Inc. (STMP) 1.91 to 78.36, along with many fractional losers.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 1.26 to 64.95, Alnylam Pharmaceuticals, Inc. (ALNY) lost 2.62 to 90.17, and Audentes Therapeutics, Inc. (BOLD) fell 1.15 to 37.85.

Checking TheTechTrader.com percent-gain leaderboard, Frontline Ltd. (FRO) closed at the high for the day, up 91 cents, or 13%, to 7.78, on 2.3 million shares. CEL-SCI Corporation (CVM) popped 65 cents, or 12%, to 6.15, on 3.3 million shares. Fuel Tech, Inc. (FTEK) eked out 32 cents, or 13%, to 2.72, on 1.6 million shares. PPDAI Group Inc. (PPDF) stair-stepped 42 cents, or 9 1/2% to 4.83, on 2.2 million shares. SemiLEDs Corporation (LEDS) moved up 65 cents, or 14%, to 5.15.

Avita Medical Limited (AVMXY) ran to a 52-week high on Monday, up 2.48, or 51%, to 7.33, on 3.2 million shares. New Age Beverages Corporation (NBEV) climbed 1.85, or 39%, to 6.63, on 66 million shares. Bitcoin Investment Trust (GBTC) advanced 57 cents, or 9%, to 6.83, on 7.4 million shares.

Niu Technologies (NIU) on earnings, gained 2.95, or 28%, to 13.44. AMC Entertainment Holdings, Inc. (AMC) bounced 1.33, or 9%, to 16.31, on 3.6 million shares.LexinFintech Holdings Ltd. (LX) thrust 1.22, or 9%, to 14.28, on 1.6 million shares.

Among other gainers, Wynn Resorts, Limited (WYNN) closed up 3.91 to 144.85, Genfit SA (GNFT) up 1.71 to 25.65, Symantec Corporation (SYMC) up 1.25 to 24.24, and The Procter & Gamble Company (PG) 1.32 to 104.97.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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