Closing Analysis

Positve start to the week,but a weak close

Closing Technical Market Analysis for Mon June 11th 2018

The stock market indices had a positive session on Monday, but a late sell-off prevented it from closing even better than it did. The day started out with a pop to the upside, they tested resistance, and then pulled back and tested support. When that was successful, they ran up sharply to new snapback rally highs and pulled back midday, only to bounce in the afternoon. When they couldn’t get through the earlier session highs, they rolled over hard in the last half hour, but still they finished up on the session.

Net on the day, the Dow was up 5.78 at 25,322.31, 80 points off the high. The S&P 500 was up 2.97 at 2782.00, 8 points off its high. The Nasdaq 100 was up 15.86 at 7168.48, 19 points off its high.

Advance-declines were 110 issues positive on the New York Stock Exchange, and 250 positive on the Nasdaq. Up/down volume was 2 to1 positive on New York, total volume of 3.1 billion shares traded. The Nasdaq traded 1.8 billion shares and had a 11 to 7 positive volume ratio.

TheTechTrader.com board was mixed on Monday. In the plus column, Alphabet Inc. (GOOG) was up 9.12 to 1129.99, Amazon.com, Inc. (AMZN) up 5.13 to 1689.12, and Netflix, Inc. (NFLX) 88 cents to 361.45. Tesla, Inc. (TSLA) jumped 14.44 to 332.10, and Intuitive Surgical, Inc. (ISRG) gained 6.11 to 490.71. Baidu, Inc. (BIDU) ran 6.19 to 269.78, and Facebook, Inc. (FB) advanced 2.44 to 191.54.

Other stocks to the upside included Exact Sciences Corporation (EXAS) up 1.59 to 64.85, Criteo S.A. (CRTO) up 1.07 to 28.92, Pluralsight, Inc. (PS) 1.88 to 27.32, PTC Inc. (PTC) 4.86 to 91.85, iQIYI, Inc. (IQ) 1.69 to 34.51, and Teladoc, Inc. (TDOC) 1.10 to 54.70.

On the downside, Booking Holdings Inc. (BKNG) was down 12.25 to 2124.29, Apple Inc. (AAPL) down 47 cents to 191.23, and NVIDIA Corporation (NVDA) down 1.66 to 260.62.

Biotech’s had a tough session on Monday. The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 1.38 to 98.24, bluebird bio, Inc. (BLUE) down 2.25 to 170.90, Nektar Therapeutics (NKTR) 1.12 to 53.02, and CRISPR Therapeutics AG (CRSP), on a negative article, 8.58 to 59.57.

Checking TheTechTrader.com percent-gain leaderboard  Nano Dimension Ltd. (NNDM) jumped 1.35, or 101.4%, to 2.68, on 40 million shares. RF Industries, Ltd. (RFIL) popped 2.10, or 34%, to 8.35, on 3 million shares. Correvio Pharma Corp. (CORV) thrust 1.00, or 48%, to 3.08, on 5.7 million shares.

Eloxx Pharmaceuticals, Inc. (ELOX) gained 1.60, or 9%, to 19.04. Sempra Energy (SRE) snapped back 15.76, or 15 1/2%, to 117.19, on 12 million shares. Xunlei Limited (XNET) bounced 1.87, or 13 1/2%, to 15.68, on 4.4 million shares. Huami Corporation (HMI) climbed 2.07, or 17%, to 14.06, on 1.2 million shares. Evolus, Inc. (EOLS) stair-stepped 3.48, or 14%, to 29.05, on a million shares.

Stepping back and reviewing the hourly chart patterns, the indices were up at the opening, down midmorning, a strong rally ensued between ten-thirty and noon, and then they backed and filled in the afternoon, only to rollover late to take back a big chunk of the gains. Still, it was a positive session on Monday, but barely.

Let’s see what happens tomorrow.

Good Trading! 

Harry  

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