Closing Analysis

Nice Follow-Through Becomes Volatile but Ends Well

Closing Technical Market Analysis for Wed June 5th 2019

Markets opened with a nice follow through to Tuesday’s close, and took off with a great start, but then the indices became volatile early morning when conflicting economic data came out showing a drop in new jobs from April’s gains of 271,000 to May’s gains of just 27,000, the fewest added since 2010, along with talks regarding Mexico tariffs and Senator Grassley predictions that there will be no Mexico tariff deal. By mid-morning, the S&P 500 reached down to 2801.00 and the Nasdaq 100 down to 7146.43, which were the lows for the session. They wedged their way up, consolidated most of the afternoon, and then pulled back and spiked up into the close.

Net on the day, the Dow was up 207.39 at 25,539.57. The S&P 500 was up 22.88 to 2826.15. The Nasdaq 100 was up 54.16 at 7220.90.

Advance-declines were flat on the New York Stock Exchange, and nearly flat on the Nasdaq. Up/down volume was just under 3 to 1 positive on New York, total volume 3.3 billion shares traded. The Nasdaq traded 2 billion shares and had a little less than 3 to 2 negative volume ratio.

TheTechTrader.com board was mixed but mostly green on Wednesday. To the upside, point-plus gainers included Amazon.com, Inc. (AMZN) was up 8.94 to 1738.50, Apple Inc. (AAPL) up 2.90 to 182.54, Facebook, Inc. (FB) up just 67 cents to 168.17, and Netflix, Inc. (NFLX) 2.33 to 355.73.

Tesla, Inc. (TSLA) jumped 2.99 to 196.58, and Intuitive Surgical, Inc. (ISRG) climbed 10.63 to 485.05. Microsoft Corporation (MSFT) popped 2.67 to 125.83.

Other stocks to the upside included Roku, Inc. (ROKU) 8.11 to 101.71, Shopify Inc. (SHOP) 18.52 to 292.52, Lululemon Athletica Inc. (LULU) 5.42 to 173.52, Twilio Inc. (TWLO) 8.38 to 136.77, Wayfair Inc. (W) 9.07 to 153.89, The Trade Desk, Inc. (TTD) 9.39 to 232.30, Anaplan, Inc. (PLAN) 1.76 to 44.63, Smartsheet Inc. (SMAR) 1.94 to 40.76, Avalara, Inc. (AVLR) 3.76 to 69.49, Repligen Corporation (RGEN) 2.33 to 75.73, Zillow Group, Inc. (ZG) 1.96 to 45.65, Uber Technologies, Inc. (UBER) 2.25 to 45.00, NIKE, Inc. (NKE) 1.10 to 82.72, uniQure N.V. (QURE) 3.46 to 74.20, uniQure N.V. (QURE) 3.46 to 74.20, and Fiserv, Inc. (FISV) 2.20 to 88.36, were among many other.

To the downside, point-plus losers included Alphabet Inc. (GOOG) down 10.83, NVIDIA Corporation (NVDA) down 1.72 to 141.28, Baidu, Inc. (BIDU) 2.29 to 109.14, GameStop Corp. (GME) 2.78 to 5.04, and Intelligent Systems Corporation (INS) 2.40 to 26.47.

Checking TheTechTrader.com percent-gain leaderboard, Genocea Biosciences, Inc. (GNCA) thrust 76 cents, or 13%, to 6.71, on 2.8 million shares. Intellicheck, Inc. (IDN) gained 62 cents, or 12%, to 5.70. Allena Pharmaceuticals, Inc. (ALNA) popped 59 cents, or 12% to 5.50. Wrap Technologies, Inc. (WRTC) moved up 70 cents, or 11 1/2%, to 6.78. Turtle Beach Corporation (HEAR) wedged its way up 97 cents, or 11%, to 9.97, on 1.4 million shares.

ReWalk Robotics Ltd. (RWLK) exploded 4.80, or 123%, to 7.40, on 30 million shares.

PG&E Corporation (PCG) snapped back 2.01, or 11%, to 20.75, on 15 million shares. Evolus, Inc. (EOLS) moved up 2.28, or 16%, to 16.35, 1.8 million shares. Cronos Group Inc. (CRON) bounced 1.57, or 11%, to 15.99, on 18 million shares.

Among other gainers, salesforce.com, inc. (CRM) 7.63 to 158.44, The Trade Desk, Inc. (TTD) up 9.39 to 232.30, Tableau Software, Inc. (DATA) up 9.12 to 121.60, The Boeing Company (BA) 4.13 to 348.75, PayPal Holdings, Inc. (PYPL) 2.04 to 110.77, and Spotify Technology S.A. (SPOT) 3.39 to 131.00.

Let’s see what happens tomorrow.

Good Trading! 

Harry


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