Closing Analysis

Spectacular Day for Wall Street

Closing Technical Market Analysis for Wed January 30th 2019

The market had an exceptionally strong day on Wednesday based on very positive earnings reports and big expectations by the large-cap stocks. The day started out with gaps up, they pulled back in wedges, and consolidated midday just before the FOMC meeting. When the FOMC announced there would be no rate increases, the market went ballistic. They ran up, went into a 5-wave advance that exploded into the last hour. At one point, the Nasdaq 100 reached 6826.92 and the S&P 500 2690.44. They pulled back in falling wedges, but in the last five minutes they popped again to firm up the close.

Net on the day, the Dow was up 434.90 at 25,014.86, 90 points off the high. The S&P 500 was up 41.05 at 2681.05, 9 points off the high. The Nasdaq 100 was up 175.12 at 6807.91, 19 points off the high.

Advance-declines were 4 to 1 positive on the New York Stock Exchange, and 2 1/2 to 1 positive on the Nasdaq. Up/down volume was 4 to 1 positive on New York, total volume 3.9 billion shares traded. The Nasdaq traded 2 1/2 billion shares and had a 3 1/2 to 1 volume ratio.

TheTechTrader.com board was very green on Wednesday. Amazon.com, Inc. (AMZN) was up 76.55 to 1670.43, Alphabet Inc. (GOOG) up 28.44 to 1089.06, Apple Inc. (AAPL) 10.57 to 165.25, Netflix, Inc. (NFLX) 11.76 to 340.66, Facebook, Inc. (FB) 6.23 to 150.42, and 19 points higher in after hours on earnings.

Tesla, Inc. (TSLA) jumped 11.31, NVIDIA Corporation (NVDA) gained 5.79 to 137.39, and Intuitive Surgical, Inc. (ISRG) advanced 14.23 to 508.48. Microsoft Corporation (MSFT) bounced 3.44 to 106.38. Intel Corporation (INTC) ran 1.00 to 45.54. Baidu, Inc. (BIDU), climbing all day, was up 4.07 to 169.34.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) snapped back 3.59 to 47.37, Exact Sciences Corporation (EXAS) up 2.29 to 87.91, and Tandem Diabetes Care, Inc. (TNDM) 1.79 to 43.24.

Other stocks to the upside included Square, Inc. (SQ) up 2.97 to 71.53, Teladoc, Inc. (TDOC) up 1.31 to 62.07, DocuSign, Inc. (DOCU) 1.07 to 49.37, Xilinx, Inc. (XLNX) 3.49 to 112.88, California Resources Corporation (CRC) 1.00 to 20.60, Cree, Inc. (CREE) 1.39 to 49.42, AbbVie Inc. (ABBV) 1.59 to 79.06, and Valero Energy Corporation (VLO) 2.14 to 83.28.

To the downside, point-plus losers included Tilray, Inc. (TLRY) down 1.58 to 77.48, Tupperware Brands Corporation (TUP) down 10.46 to 27.67, and Ciena Corporation (CIEN) down 1.82 to 37.58.

Checking TheTechTrader.com percent-gain leaderboard, Titan Medical Inc. (TMDI) bounced 74 cents, or 24%, to 3.84.

Co-Diagnostics, Inc. (CODX), on positive financial news, exploded 1.13, or 102%, to 2.24, on 35 million shares. China SXT Pharmaceuticals, Inc. (SXTC) climbed 1.87, or 44 1/2%, to 6.07, on 5.3 million shares.

Stryker Corporation (SYK) jumped 18.32, or 11%, to 179.39, on 5.4 million shares. Royal Caribbean Cruises Ltd. (RCL) climbed 8.93, or 8%, to 120.98, on 4.8 million shares. Sarepta Therapeutics, Inc. (SRPT) climbed straight up 14.12, or 12%, to 129.93, on 1.8 million shares. Mercury Systems, Inc. (MRCY) thrust 7.64, or 15%, to 58.26, on 1.8 million shares. Conn's, Inc. (CONN) 1.47, or 8%, to 20.35, on 3.3 million shares. Cleveland-Cliffs Inc. (CLF) moved up 1.63, or 18%, to 10.82, on 37.5 million shares. Advanced Micro Devices, Inc. (AMD) gained 3.84 or 20%, to 23.09, on 210 million shares.

Among other gainers, iRobot Corporation (IRBT) was up 7.02 to 91.02, Take-Two Interactive Software, Inc. (TTWO) up 1.79 to 102.60, Oshkosh Corporation (OSK) 1.82 to 72.78, The Boeing Company (BA) 22.81 to 387.72, Automatic Data Processing, Inc. (ADP) 5.41 to 139.41, ServiceNow, Inc. (NOW) 9.18 to 194.00, Mellanox Technologies, Ltd. (MLNX) 5.87 to 87.54, Visa Inc. (V) 2.60 to 137.60, and Wynn Resorts, Limited (WYNN) 3.80 to 120.48.

The Direxion Daily MSCI Brazil Bull 3X ETF (BRZU) ran 2.61 to 38.62 and the iShares MSCI Brazil Capped ETF (EWZ) was up 1.17 to 44.61.

Stepping back and reviewing the hourly chart patterns, the indices gapped, consolidated, and moved up in 5-wave advances, pulled back in the last hour, and then rallied in the last few minutes to firm up the close and have a spectacular day for the market.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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