Closing Analysis

Sharp Turn-Around Reaps Positive Gains

Closing Technical Market Analysis for Wed August 7th 2019

The stock market had a mixed, volatile session on Wednesday. Indices gapped down at the opening, pulled back, and wedged their way higher to midmorning highs. As the noon hour approached, they came down in falling wedges, and then turned around, and moved up steadily. In the last 20 minutes, they reached highs for the session, pulled back slightly, bounced, and then pulled back into the close to close with gains on the day.  

Net on the day, the Dow was down 22.45 at 26,007.07. The S&P 500 was up 2.21 at 2883.98. The Nasdaq 100 was up 30.58 at 7551.90.

Advance-declines were 233 issues negative on the New York Stock Exchange and 52 issues negative on the Nasdaq. Up/down volume was nearly 2 to 1 negative of New York, total volume 4.2 billion shares traded. The Nasdaq traded 2.3 billion and had a 2 1/2 to 1 negative volume ratio.

TheTechTrader.com board was mixed on Wednesday, but there were a lot of gainers. To the upside, point-plus gainers included Amazon.com, Inc. (AMZN) was up 5.57 to 1793.40, Alphabet Inc. (GOOG) up 4.04 to 1173.99, Apple Inc. (AAPL) 2.04 to 199.04,

Tesla, Inc. (TSLA) jumped 2.67 to 233.42, NVIDIA Corporation (NVDA) advanced 1.54 to 153.89, and Intuitive Surgical, Inc. (ISRG) bounced 1.59 to 505.36.

Other stocks to the upside included Roku, Inc. (ROKU) up 2.49 to 100.97, CVS Health Corporation (CVS) up 4.03 to 58.12, Horizon Pharma Public Limited Company (HZNP) 2.84 to 26.49, The Wendy's Company (WEN) 1.48 to 19.58, Ionis Pharmaceuticals, Inc. (IONS) 3.61 to 67.68, Microchip Technology Incorporated (MCHP) 3.36 to 88.42, Enphase Energy, Inc. (ENPH) 2.07 to 30.78, and Fiverr International Ltd. (FVRR) 2.28 to 26.85.

To the downside, point-plus losers included Netflix, Inc. (NFLX) down 5.81 to 304.29, Athenex, Inc. (ATNX) down 3.84 to 15.14, CyberArk Software Ltd. (CYBR) 11.08 to 116.12, CrowdStrike Holdings, Inc. (CRWD) 1.02 to 84.22, Adient plc (ADNT) 1.09 to 24.36, and Inogen, Inc. (INGN) 12.86 to 43.32.

Checking TheTechTrader.com percent-gain leaderboard, Smart Sand, Inc. (SND) eked out 33 cents, or 16%, to 2.35, on 2.3 million shares. Montage Resources Corporation (MR) bounced 72 cents, or 27%, to 3.40, on 1.6 million shares. Evolent Health, Inc. (EVH) advanced 87 cents, or 15%, to 6.69, on 6.7 million shares. Maxar Technologies Inc. (MAXR) stair-stepped 84 cents, or 12%, to 8.01, on 3.8 million shares.  

Flexion Therapeutics, Inc. (FLXN) ran 1.07, or 12%, to 10.21, on 1.4 million shares. Allakos Inc. (ALLK) ran 8.03, or 10%, to 87.50, on 4.9 million shares. Workiva Inc. (WK) jumped 7.07, or 13%, to 62.28. SolarEdge Technologies, Inc. (SEDG) thrust 16.12, or 25%, to 80.30, on 5.5 million shares. Weight Watchers International I (WW) exploded 8.96, or 43%, to 29.97, on 21 million shares. IAC/InterActiveCorp (IAC) ramped 25.10, or 11%, to 258.28, on 1.7 million shares.

Among other gainers, Take-Two Interactive Software, Inc. (TTWO) was up 4.84 to 129.40, GW Pharmaceuticals plc (GWPH) up 13.95 to 166.37, and HubSpot, Inc. (HUBS) 21.86 to 186.78.

Let’s see what happens tomorrow.

Good Trading! 

Harry


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