Closing Analysis

Spectacular Bullish Session

Closing Technical Market Analysis for Thu December 27th 2018

The markets had an incredible, volatile day on Thursday. The day started out as the indices gave back fifty percent of Wednesday’s huge rally, the Dow down more than 600 points, at one point in the day. The S&P 500 dropped dramatically as well as did the Nasdaq 100 in 5-waves decline. By mid-afternoon, they reached just under 6050 on the Nasdaq 100 and under 2400 on the S&P 500, which completed 5 waves down intraday and set up the possibility of a rally back even a strong one. We got exactly that! The Nasdaq 100 jumped from 6043 to 6289, 245 points right into the close, closing at the highs for the day and above yesterday’s closing as well. That was one hell of a rally! The S&P 500 went from 2438 to 2388, 50 points straight up, also closing at the highs for the day going away.

Net on the day, the Dow was up 260.37 at 23,138.82, 900 points off the low. The S&P 500 was up 21.13 at 2488.83. The Nasdaq 100 was up 25.54 at 6288.30.

Advance-declines were 16 to 13 1/2 positive on the New York Stock Exchange, and 1640 to 1456 positive on the Nasdaq. Up/down volume was 24 to 15 positive on New York, total volume of 4 billion shares traded. The Nasdaq traded 2 1/3 billion shares and had a 5 to 3 volume ratio.

TheTechTrader.com board was mixed on Thursday. Some stocks came way off the lows, other didn’t finish positive. Amazon.com, Inc. (AMZN) was down 9.26 to 1461.64, Apple Inc. (AAPL) down 1.02 to 156.15, Tesla, Inc. (TSLA) 9.96 to 316.13, NVIDIA Corporation (NVDA) 1.93 to 131.17, and Baidu, Inc. (BIDU) 1.46 to 161.58.

On the plus side, Alphabet Inc. (GOOG) was up 4.42 to 1043.88, and Netflix, Inc. (NFLX) up 1.90, 15 points off the low. Facebook, Inc. (FB) was trailing behind, up just 34 cents to 134.52. Intuitive Surgical, Inc. (ISRG) bounced 6.72 to 468.70, reaching as high as 468.99 earlier in the day.

Other point-plus gainers included new swing trade Valero Energy Corporation (VLO) up 1.32 to 74.63, finishing 3 points off the low.

Checking TheTechTrader.com percent-gain leaderboard, Sphere 3D Corp. (ANY) jumped 73 cents, or 35%, to 2.84, or 1.9 million shares, reaching as high as 3.69 earlier in the day. LiveXLive Media, Inc. (LIVX) run 76 cents, or 18%, to 4.91.

BioXcel Therapeutics, Inc. (BTAI) popped 1.95, or 81%, to 4.36, 2.7 million shares, 8100% more volume than average. It did most of its upside damage in the first half, then consolidated and bull coiled all day. We’ll be watching that one for Friday. Energous Corporation (WATT) peaked out at 9.59 before pulling back and sliding back sharply by 2.46, finishing +  54%, to 7.04, on 41 million shares, 80 times average volume. MOGU Inc. (MOGU) climbed 5.48, or 30%, to 24.07, and closed at its all-time high. NF Energy Saving Corporation (NFEC) spiked to 19.21 early on in the day, pulled back and rode the waves, up 2.00, or 13%, to 16.99.

The ProShares Ultra VIX Short-Term Futures (UVXY) snapped back 4.89 to 86.38, and the VelocityShares Daily 2x VIX ST ETN (TVIX) gained 6.20 to 76.56.

Stepping back and reviewing the hourly chart patterns, after gapping down and moving down in 5-waves decline into early afternoon on Thursday, the indices started a rally that exploded much like Wednesday’s late rally, finishing at the high for the day and new highs for the rally.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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