Closing Analysis

Positive Retest Day

Closing Technical Market Analysis for Tue October 10th 2017

The stock market indices started the day out with a big pop to the upside as futures were very firm, and then extended for about fifteen minutes to new all-time highs. They then sharply sold off, bounced mid morning, and then sold off again sharply midday, making the low for the day. In the afternoon, they snapped back, retested forming wedges, and came on again, with a late flag on the Nasdaq 100 indicating a potentially strong close. It definitely popped into the close.

Net on the day, the Dow was up 69.61 at 21,830.68. The S&P 500 was up 5.91 at 2550.64. The Nasdaq 100 was up 4.99 at 6063.52.

Advance-declines were 2 to 1 positive on the New York Stock Exchange, and 18 to 11 positive on the Nasdaq. Up/down volume was 17 to 11 positive on New York, total volume of 2.85 billion shares traded. The Nasdaq traded 1.7 billion shares and had a 10 to 7 positive volume ratio. board was mixed. (PCLN) was down 10.28 to 1916.65, Alphabet Inc. (GOOG) down 4.40 to 972.60, Apple Inc. (AAPL) closed flat at 155.90,, Inc. (AMZN) down 3.79 to 987.20, and Netflix, Inc. (NFLX) dropped 1.79 to 195.08.  Baidu, Inc. (BIDU) gained 10.19 to 262.41, Facebook, Inc. (FB) fell 91 cents to 171.59, and First Solar, Inc. (FSLR) popped 76 cents to 47.67  Tesla Motors, Inc. (TSLA) exploded 12.65 to 355.59.

On the downside, Universal Display Corp. (OLED) was down 1.85 to 128.45, Flexion Therapeutics, Inc. (FLXN) down 1.07 to 27.17 and dropping another 1.54 in afterhours, and Corcept Therapeutics Incorporated (CORT) 1.18 to 18.69, although way off the low earlier today.

Stocks to the upside included NVIDIA Corporation (NVDA) up 3.54 to 188.93, Spark Therapeutics, Inc. (ONCE) down 1.07 to 86.74, Abeona Therapeutics Inc. (ABEO), a breakout for one of our swing trades, up 2.45 to 19.95, and NUTANIX, INC. (NTNX) closed about a point off the high, up 2.30 to 25.61, on a whopping 15.6 million shares traded.

Checking percent-gain leaderboard, LiNiu Technology Group (LINU) popped 68 cents, or 44%, to 2.22, on 8.5 million shares traded. Celsion Corporation (CLSN) climbed 88 cents, or 24%, to 4.60, on 15.4 million shares traded.MannKind Corporation (MNKD) advanced 1.38, or 26%, to 6.71, on 48 million shares traded.  KalVista Pharmaceuticals, Inc. (KALV) bounced 2.81, or 38%, to 10.19, on 3.5 million shares traded, reaching nearly 16.00 earlier in the day. Helios and Matheson Analytics Inc. (HMNY) had another big day, jumping 6.80, or 32%, to 27.89, on 14.7 million shares traded, and trading at 29.75 in afterhours.

Stepping back and reviewing the hourly chart patterns, the indices were up sharply at the opening, came down in a very strong 3-wave decline to midday, only to follow with a 3-wave advance to take back about half of the losses and finish higher on the session.

Let’s see what happens tomorrow.

Good Trading!


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