Closing Analysis

Stocks Bounce Off Lows, but Still Closes Negative

Closing Technical Market Analysis for Thu May 9th 2019

Markets had another volatile down day on Thursday, but stocks came off the lows and recovered at bit after Trump hinted that trade deal with China was still possible. The day started out with gaps down, they came down lower, reached midmorning lows at 2844.12 S&P 500 and 7479.25 Nasdaq 100. They formed bear flags and wedges, popped slightly to 2848.98 S&P 500 and 7524.28 Nasdaq 100, pulled back slightly, and rallied into the noon hour. During the noon hour, indices continued to rise as Trump comments regarding China deal a possibility, and then accelerated higher after breaking through key initial resistance, reaching session highs at 7605.03 Nasdaq 100, but not so S&P 500. Nasdaq 100 formed ascending bull wedges, rallied, tested key initial support, rolled over, a lite snapback occurred, they pulled back a bit, and bounced into the close.

Net on the day, the Dow was down 138.97 at 25,828.36. The S&P 500 was down 8.70 at 2870.72. The Nasdaq 100 was down 34.80 at 7582.75.

Up/down volume was 2 to 1 negative on New York, total volume 3 billion shares traded. The Nasdaq traded 2 billion shares and had a 2 to 1 negative volume ratio.

TheTechTrader.com board was mostly negative on Thursday. Large-cap Nasdaq Generals have had a rough four days so far this week. Amazon.com, Inc. (AMZN) was down another 17.90 to 1899.87, Alphabet Inc. (GOOG) down 3.89 to 1162.38, Apple Inc. (AAPL) 2.18 to 200.72, Facebook, Inc. (FB) 89 cents to 188.65, and Netflix, Inc. (NFLX). Intel Corporation (INTC) dropped 2.62 to 46.62.

Tesla, Inc. (TSLA) lost 2.86 to 241.98, NVIDIA Corporation (NVDA) gave back 3.73 to 170.19, and First Solar, Inc. (FSLR) dropped 1.41 to 58.92.

Other stocks to the downside included Etsy, Inc. (ETSY) down 7.32 to 60.76, Beyond Meat, Inc. (BYND) down 3.98 to 68.27, and Digimarc Corporation (DMRC) 3.16 to 57.76. Stamps.com Inc. (STMP) cratered 46.49, over 55%, to 36.90.

There were a few gainers today. Overstock.com, Inc. (OSTK) was up 1.35 to 13.43, Nektar Therapeutics (NKTR) up 2.47 to 35.45, Arrowhead Pharmaceuticals, Inc. (ARWR) 1.12 to 19.45, Upland Software, Inc. (UPLD) 2.20 to 46.49, Career Education Corporation (CECO) 1.36 to 19.31, Tapestry, Inc. (TPR) 2.61 to 33.36, and Elanco Animal Health Incorporated (ELAN) 1.57 to 32.96.  

IPO HeadHunter Group (HHR) was up 2.25 to 15.75 (17%), IPO Nextcure Inc. (NXTC) up 4.90 to 19.90 (33%), IPO South Plains Financial Inc. (SPFI) just 21 cents to 17.71, but IPO Axcella Health Inc. (AXLA) was down 6.20 to 13.80.

Checking TheTechTrader.com percent-gain leaderboard, Precipio, Inc. (PRPO) popped 59 cents, or 10%, to 6.73, on 1.6 million shares.

Roku, Inc. (ROKU), on earnings, stair-stepped 18.25, or 28%, to 83.17, on over 56 million shares. NV5 Global, Inc. (NVEE) jumped 10.17, or 15%, to 76.23. Copa Holdings, S.A. (CPA) ran 15.98, or 20%, to 97.35, Kratos Defense & Security Solutions, Inc. (KTOS) gained 1.80, or 11%, to 17.81, on 2.6 million shares.

Harsco Corporation (HSC) climbed 4.38, or 20%, to 26.44, on 22 million shares. ShockWave Medical, Inc. (SWAV) snapped back 5.81, or 14%, to 48.66. EMC Insurance Group Inc. (EMCI) ran 3.69, or 11%, to 35.98. Flexion Therapeutics, Inc. (FLXN) bounced 1.87, or 19%, to 11.55, on 2.4 million shares.

Among other gainers, Atlassian Corporation Plc (TEAM) was up 7.96 to 125.13, cvx up 3.69 to 121.19, and Lockheed Martin Corporation (LMT) up 5.18 to 339.36.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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