Closing Analysis

Steep Losses, Afternoon Rally, 50% Retrace

Closing Technical Market Analysis for Mon March 4th 2019

The markets suffered steep losses early in the session on Monday. After a big gap up on trade news, they reversed sharply. The Nasdaq 100 reached over 7200 to 7205.94, at one point in the day, only to plunge to 7073.40, 132 points. The S&P 500 reached 2816.88, and then dropped to 2767.66, nearly 50 points. It was a steep drop for the indices, but they managed to stabilize midday, rallied in the afternoon, and came back nicely with about a 50% retrace.

Net on the day, the Dow was down 206.67 at 25,819.65. The S&P 500 was down 10.88 to 2792.81. The Nasdaq 100 was down .74 to 7150.83.

Advance-declines managed to come back after being 4 to 1 negative, closing at 4 to 3 negative on the New York Stock Exchange, and 19 to 12 negative on the Nasdaq. Up/down volume was 11 to 8 negative on New York, total volume 3.8 billion shares traded. The Nasdaq traded 2 1/2 billion shares and had a 14 to 11 volume ratio.

TheTechTrader.com board was very mixed on Monday, but there were quite a few gainers. Amazon.com, Inc. (AMZN) was up 24.44 to 1696.17, Alphabet Inc. (GOOG) up 6.81 to 1147.80, Apple Inc. (AAPL) up just 88 cents to 175.85, and Facebook, Inc. (FB) up 5.09 to 167.37.

Other stocks to the upside included uniQure N.V. (QURE) up 2.08 to 59.39, and Acacia Communications, Inc. (ACIA) up 1.33 to 55.52.

Point-plus losers included Netflix, Inc. (NFLX) down 6.38 to 351.04, Tesla, Inc. (TSLA) down 9.43 to 285.36, Intuitive Surgical, Inc. (ISRG) 8.62 to 549.93, Baidu, Inc. (BIDU) 1.17 to 160.92, Square, Inc. (SQ) 2.80 to 74.66, Teladoc, Inc. (TDOC) 4.43 to 63.12, Etsy, Inc. (ETSY) 3.78 to 68.99, Xilinx, Inc. (XLNX) 3.83 to 122.81, Roku, Inc. (ROKU) 2.03 to 67.05, Evolus, Inc. (EOLS) 1.39 to 26.26, salesforce.com, inc. (CRM) 6.03 to 158.50, and GrubHub Inc. (GRUB) 5.03 to 77.99.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 1.94 to 62.22.

Checking TheTechTrader.com percent-gain leaderboard, China Internet Nationwide Financial Services Inc. (CIFS) exploded 1.71, or 53%, to 4.96, on 45 million shares. Blink Charging Co. (BLNK) thrust 44 cents, or 13%, to 3.89, on 1.8 million shares. Digital Ally, Inc. (DGLY) bounced 65 cents, or 15 1/2%, to 4.85. Dermira, Inc. (DERM) spiked to 9.59, before pulling back and closing up 69 cents, or 8%, to 9.24, on 1.3 million shares. Arcadia Biosciences, Inc. (RKDA) advanced 55 cents, or 8%, to 7.76, on 3.7 million shares.

Anavex Life Sciences Corp. (AVXL) climbed 31 cents, or 14%, to 2.59, on 1.2 million shares. Cool Holdings, Inc. (AWSM) carved out 67 cents, or 26%, to 3.23, on nearly a million shares. Adverum Biotechnologies, Inc. (ADVM) eked out 53 cents, or 12%, to 4.92, on 1 million shares.

Key Energy Services, Inc. (KEG) climbed 1.08, or 40%, to 3.76, on 1.25 million shares. JMU Limited (JMU) blasted 1.65, or 174%, to 2.60, on 24 million shares.

Voyager Therapeutics, Inc. (VYGR) popped 1.69, or 10%, to 18.19, on 1.3 million shares. Ascendis Pharma (ASND) ran 51.29, or 74%, to 120.60, on 5.3 million shares. eGain Corporation (EGAN) gained 1.00, or 9%, to 12.20. Cardiovascular Systems, Inc. (CSII) snapped back 3.75, or 10.4%, to 39.90, on 2.1 million shares. PolarityTE, Inc. (PTE) pushed ahead 2.14, or 17%, to 14.64.

Among other gainers, REGENXBIO Inc. (RGNX) jumped 2.76 to 56.62.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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