Closing Analysis

Poor Earnings Session Rips Nasdaq 100

Closing Technical Market Analysis for Tue April 30th 2019

Markets had an interesting, volatile, mixed day on Tuesday as they opened with gaps down, the S&P 500 opening 6 points lower than Monday’s close, but the Nasdaq 100 was down 70 points. They bounced around early morning, reaching session highs on the Nasdaq 100 at 7792.32. Midmorning they rolled over and took a nosedive to the lows for the session, the S&P 500 caving to 2924.11 and 7726.07 on the Nasdaq 100. They rallied, moved 5-waves up, consolidated, came down slightly, and then a strong surge moved them back up, the S&P 500 reaching new rally highs at 2944.41. In the last hour, the S&P 500 reached up and touched support three times, but couldn’t quite get through, pulled back, and bounced into the close at the highs for the day in the, and plus column. The Nasdaq 100 formed coils late afternoon, gradually working its way down, bounced into the close, but closed negatively on the day.

Net on the day, the Dow was up 38.52 at 26,592.91. The S&P 500 was up 2.80 at 2945.83. The Nasdaq 100 was down 57.58 at 7781.46.

New York Stock Exchange total volume was a light 2.8 billion shares traded, and the Nasdaq traded 2.1 billion shares.

TheTechTrader.com board was very mixed on Tuesday. Gainers included NVIDIA Corporation (NVDA) up 1.67 to 181.00, Incyte Corporation (INCY) up 2.42 to 76.80, Varonis Systems, Inc. (VRNS) 4.33 to 71.15, 1-800-FLOWERS.COM, Inc. (FLWS) 1.88 to 21.29, AxoGen, Inc. (AXGN) 1.73 to 23.48, Ethan Allen Interiors Inc. (ETH) 1.72 to 22.13, and Shopify Inc. (SHOP) 17.70 to 243.49.

Point-plus losers included Amazon.com, Inc. (AMZN) down 13.02 to 1925.41, Alphabet Inc. (GOOG) down 99.10 to 1188.48, Apple Inc. (AAPL) 4.04 to 200.57, Facebook, Inc. (FB) 1.38 to 193.40, and Netflix, Inc. (NFLX) 1.29 to 370.54.

Tesla, Inc. (TSLA) lost 2.78 to 238.69.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gave back 2.78 to 48.50.

Teladoc, Inc. (TDOC) was down 2.23 to 56.96, Rocket Pharmaceuticals, Inc. (RCKT) down 1.25 to 18.56, Cognex Corporation (CGNX) 3.27 to 50.43, Trex Company, Inc. (TREX) 7.25 to 69.28, IntriCon Corporation (IIN) 3.07 to 23.37, Canopy Growth Corporation (CGC) 1.51 to 50.52, Etsy, Inc. (ETSY) 1.87 to 67.54, and Pinterest, Inc. (PINS) 3.28 to 30.98.

Checking TheTechTrader.com percent-gain leaderboard, Alphatec Holdings, Inc. (ATEC) bounced 60 cents, 16%, 4.25, on 1.65 million shares. Level Brands, Inc. (LEVB) thrust 53 cents, or 10%, to 6.08. Taitron Components Incorporated (TAIT) spiked 55 cents, or 13%, to 4.78.

The Lovesac Company (LOVE) popped 8.47, or 27%, to 39.40. Leidos Holdings, Inc. (LDOS) jumped 6.51, or 10%, to 73.38, on nearly 3 million shares. Oceaneering International, Inc. (OII) bounced 1.91, or 11%, to 19.22, on 1.65 million shares. WageWorks, Inc. (WAGE) moved up 5.73, or 13%, to 48.79, on 4.2 million shares. Sanmina Corporation (SANM) bounced 4.47, or 15%, to 33.92, on 1.9 million shares. G1 Therapeutics, Inc. (GTHX) bounced 2.84, or 15%, to 21.40, on 1.4 million shares. Brooks Automation, Inc. (BRKS) wedged 5.15 or 16%, to 37.51, on 1.7 million shares.

Among other gainers, Woodward, Inc. (WWD) was up 5.98 to 108.90, NXP Semiconductors N.V. (NXPI) 7.72 to 105.62, John Bean Technologies Corporation (JBT) 7.93 to 109.79, Insperity, Inc. (NSP) 3.29 to 119.56, and Martin Marietta Materials, Inc. (MLM) 7.68 to 221.90.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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