Closing Analysis

Solid Session

Closing Technical Market Analysis for Wed July 12th 2017

It was a big day for Wall Street today. The indices opened with a gap up, they were strong in the morning, consolidated midsession, and ran up again in the afternoon. The S&P 500 trailed a little, but it was a solid session, even though there was a little bit of a late pullback that brought them off the highs.

Net on the day, the Dow was up 123.07 at 21,532.14, reaching a new all-time high at 21,580. The S&P 500 was up 17.72 at 2443.25, 2 1/2 points off its high for the day. The Nasdaq 100 was up 69.15 at 5778.95, 6 points off its high.

Advance-declines were 3 1/2 to 1 positive on the New York Stock Exchange, and 3 to 1 positive on the Nasdaq. Up/down volume was 3 to 1 positive on New York, total volume of 3.1 billion shares traded. The Nasdaq traded 1 3/4 billion shares and had a 2 to 1 positive volume ratio.

The vast majority on board were green again today. (PCLN) was up 17.03 to 1946.18, Alphabet Inc. (GOOG) up 13.74 to 943.83, Apple Inc. (AAPL) up 21 cents to 145.74,, Inc. (AMZN) 12.38 to 1006.51, Netflix, Inc. (NFLX) 4.42 to 158.75.

Baidu, Inc. (BIDU) gained 2.35 to 186.76, and Facebook, Inc. (FB) popped 3.63 to 158.90.

Tesla Motors, Inc. (TSLA) jumped another 2.30 to 329.52.

Solar stocks had a good day today. First Solar, Inc. (FSLR) was up 1.98 to 41.79, and SunPower Corporation (SPWR) bounced 1.12 to 10.16, among other solar’s.

Biotech stocks also did well today. Achaogen, Inc. (AKAO) was up 1.97 to 24.90, Calithera Biosciences, Inc. (CALA) up 2.00 to 20.00, and Exelixis, Inc. (EXEL) up 1.19 to 26.61.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) ran 1.86 to 66.26.

NVIDIA Corporation (NVDA) was up 6.63 to 162.51.

Checking percent-gain leaderboard, Ceragon Networks Ltd. (CRNT) advanced 32 cents, or 13%, to 2.85, on 1.3 million shares traded. Cryoport, Inc. (CYRX) popped 61 cents, or 13%, to 5.47. Healthcare Services Group, Inc. (HCSG), which we traded today, climbed 5.10, or 11%, to 51.72, on 1.8 million shares traded.

NRG Energy, Inc. (NRG) blasted 4.79, or 29%, to 21.09, on 53.5 million shares traded, on a major restructuring.

Among other gainers, Restoration Hardware Holdings, Inc. (RH) was up 5.31 to 67.24.

Brazilian stocks did well today. The Direxion Daily Brazil Bull 3X ETF (BRZU) bounced 2.63 to 31.15

Stepping back and reviewing the hourly chart patterns, the indices gapped up at the opening, ran up pretty much all day, until the last hour when they pulled back slightly on profit taking.

Let’s see what happens tomorrow.

Good Trading!


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