Closing Analysis

Positive day, Weak Technicals

Closing Technical Market Analysis for Mon November 13th 2017

The stock market ended the day on a positive note, but with weak technicals. The day started out with a big gap down, but the indices held them right there, and then they rallied the rest of the day, until the last hour when a 5-wave advance had slightly taken out resistance, but not strong enough to make it meaningful. In the last 45 minutes the indices came down sharply, but bounced into the close.

 Net on the day, the Dow was up 17.49 at 23,439.70. The S&P 500 was up 2.54 at 2584.84. The Nasdaq 100 was up 7.11 at 6,316.18.

 Advance-declines were 16 to 13 negative on the New York Stock Exchange, and nearly flat on the Nasdaq. Up/down volume was 3 to 2 negative on New York, total volume of 3.3 billion shares traded. The Nasdaq traded 2 billion shares and had a 5 to 4 positive volume ratio.

 TheTechTrader.com board was mixed. Priceline.com (PCLN) snapped back another 24.90 to 1722.15, Amazon.com, Inc. (AMZN) was up 3.82 to 1129.17, and Netflix, Inc. (NFLX) up 3.06 to 195.08, but Alphabet Inc. (GOOG) dropped 2.32 to 1025.75, and Apple Inc. (AAPL) was down 70 cents to 173.97.

 Baidu, Inc. (BIDU) closed flat at 237.37, Facebook, Inc. (FB) was nearly flat, up 31 cents to 178.77, and First Solar, Inc. (FSLR) closed flat at 61.57. Microsoft Corporation (MSFT) was up 6 cents to 83.93, and Intel Corporation (INTC) up 17 cents to 45.75.Tesla Motors, Inc. (TSLA) exploded 12.41 to 315.40.

Other stocks to the upside included bluebird bio, Inc. (BLUE) up 2.80 to 154.55, Universal Display Corporation (OLED) up 1.15 to 177.05, Overstock.com, Inc. (OSTK) got as high as 56.95 before closing up 3.15 to 56.30.

On the downside Exact Sciences Corporation (EXAS) down 2.15 to 58.22, Dynavax Technologies Corporation (DVAX) down 1.90 to 18.35, and NVIDIA Corporation (NVDA) 3.51 to 212.63.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU), in a weak biotech sector, lost 3.09 to 70.83.

 

Checking TheTechTrader.com percent-gain leaderboard, Ekso Bionics Holdings, Inc. (EKSO) gained 49 cents, or 32%, to 2.02, on 18.8 million shares traded. Nova Lifestyle, Inc. (NVFY) popped 38 cents, or 21 1/2%, to 2.15, on 15 million shares traded, reaching as high as 3.10 earlier in the session. Capricor Therapeutics, Inc. (CAPR) gained 28 cents, or 11%, to 2.75, on nearly 6 million shares traded.

Zymeworks Inc. (ZYME) sold off on a spike high of 14.25 midday, but still closed up 1.70, or 25%.

 Nektar Therapeutics (NKTR) ran 4.60, or 14%, to 37.10, after having reached 41.34 earlier in the session. Roku, Inc. (ROKU) had a big day, up 9.46, or 38 1/2%, to 42.71, on 53 million shares traded, reaching as high as 47.49 midday. Asure Software, Inc. (ASUR) ran 1.52, or 13%, to 13.24, on 1.1 million shares traded.

Stepping back and reviewing the hourly chart patterns, after gapping down at the opening, the indices rallied nicely to midday, consolidated, rallied again up to the last 45 minutes, backed off, and snapped back into the close to finish positive, but technicals have got to catch up.

A mixed start to the week, technical patterns appear to be rising wedges near resistance, so this is an important point for the market.

Let’s see what happens tomorrow.

Good Trading! 

Harry   

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