Closing Analysis

Solid Mid-Week Session

Closing Technical Market Analysis for Wed March 13th 2019

The markets had a very strong morning on Wednesday, with a 5-wave move that took them to rally highs, reaching 7293 Nasdaq 100. The S&P 500 cracked 2800 to reach 2821.24. At that point in early afternoon, they started a rollover, formed a wedge, and made lower-lows, and closed at the afternoon lows going away.

Net on the day, the Dow was up 148.23 at 25,702.89. The S&P 500 was up 19.40 to 2810.92. The Nasdaq 100 was up 55.70 to 7256.98.

Advance-declines were 20 to 9 positive on the New York Stock Exchange, and a solid 18 to 11 positive on the Nasdaq. Up/down volume was 3 1/2-4 to 1 positive on New York, total volume 3.7 billion shares traded. The Nasdaq traded 2.3 billion shares and had a 14 to 8 positive volume ratio.

TheTechTrader.com board very active and very green. Amazon.com, Inc. (AMZN) was up 17.71 to 1690.81, Alphabet Inc. (GOOG) closed nearly flat, up just 12 cents to 1193.32, Apple Inc. (AAPL) up 80 cents to 181.71, Facebook, Inc. (FB) 1.45 to 173.37, and Netflix, Inc. (NFLX) 4.94 to 361.21.

Tesla, Inc. (TSLA) gained 5.60 to 288.96, NVIDIA Corporation (NVDA) ran 6.10 to 168.62, and Intuitive Surgical, Inc. (ISRG) popped 7.03 to 557.16. Baidu, Inc. (BIDU) advanced 1.18 to 168.17.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 3.34 to 63.09, Nektar Therapeutics (NKTR) up 1.45 to 37.66, Tandem Diabetes Care, Inc. (TNDM) 2.19 to 71.42, and Aerie Pharmaceuticals, Inc. (AERI) 2.15 to 47.97.

Other stocks to the upside included Square, Inc. (SQ) up 1.12 to 77.89, Teladoc, Inc. (TDOC) up 2.08 to 60.17, Nutanix, Inc. (NTNX) 1.18 to 38.37, California Resources Corporation (CRC) 1.41 to 23.96, and Momo Inc. (MOMO) 1.35 to 37.79.

On the downside, Etsy, Inc. (ETSY) dropped 1.00 to 70.15, and Roku, Inc. (ROKU) got smashed for nearly 10 points, down 9.98 to 60.74.

Checking TheTechTrader.com percent-gain leaderboard, Conatus Pharmaceuticals Inc. (CNAT) popped 59 cents, or 26%, to 2.89 on 5 million shares. Pareteum (TEUM) ran 88 cents, or 22 1/2%, to 4.79, on 18.5 million shares. Clean Energy Fuels Corp. (CLNE) thrust 65 cents, or 29%, to 2.92, on 8.3 million shares. Lexicon Pharmaceuticals, Inc. (LXRX) closed up 69 cents, or 10%, to 7.86, on 1.6 million shares. Everi Holdings Inc. (EVRI) gained 92 cents, or 11 1/2%, to 8.89, on 5 million shares.

Akari Therapeutics, Plc (AKTX), on positive drug news, soared 4.08, or 224%, to 5.90, on 79 million shares.

Diffusion Pharmaceuticals Inc. (DFFN), also on positive drug news, popped 1.13, or 23%, to 6.00, on 1.45 million shares.  Aurora Cannabis Inc. (ACB) gained 1.11, or 14%, to 9.07, on 132 million shares.

Guardant Health, Inc. (GH) climbed 20.45, or 28%, to 94.45, on 3.6 million shares. Natera, Inc. (NTRA) bounced 3.18, or 19%, to 19.84, on 2.9 million shares. Team, Inc. (TISI), an industrial service provider, on earnings, bounced 1.84, or 11%, to 18.84. Cara Therapeutics, Inc. (CARA) climbed 2.05, or 12%, to 19.48, on 3.5 million shares. Vera Bradley, Inc. (VRA) snapped back 2.44, or 22%, to 13.62, on 3.2 million shares.

Among other gainers, PayPal Holdings, Inc. (PYPL) was up 1.81 to 99.31, and Whiting Petroleum Corporation (WLL) up 1.81 to 25.52.

Stepping back and reviewing the hourly chart patterns, the indices gapped on Wednesday, ran up in 5 waves, and then pulled back in three waves at the end of the day. A solid session but closed substantially off the highs. A good mid-week session, nevertheless.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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