Closing Analysis

Stocks Climb Higher as U.S./Mexico Tariff Deal Changes

Closing Technical Market Analysis for Mon June 10th 2019

Markets had a fantastic day on Monday on news that U.S. gave up plans to impose tariffs on Mexico, along with the hope that the U.S. and China will soon come to some resolution regarding tariffs. The day started out with gaps to the upset, and then they ran up nearly all day. Indices popped and consolidated most of the day, with a huge run up to session highs at 2904.77 S&P 500 and 7573.00 Nasdaq 100 just before the noon hour. At that point, they rolled over, moved 5 waves down, ran up, consolidated, rolled over again, made lower lows, and reached support at 2886.89 S&P 500 and 7502.06 Nasdaq 100. The S&P 500 and Nasdaq 100 moved back up, formed rising wedges at resistance, backed off, and came down in vertical wedges. With a little less than a half hour to go, they came down, tested support, consolidated, rolled over and closed near the lows. It was a very positive close, although they gave back much of the earlier gains.

Net on the day, the Dow was up 78.74 at 26,062.68, 148 points off the high. The S&P 500 was up 13.39 at 2886.73, 18 points off the high. The Nasdaq 100 was up 84.64 at 7501.93, 71 points off its high.

Advance-declines were 3 to 1 positive on the New York Stock Exchange and 2 to 1 positive on the Nasdaq. Up/down volume was 8 to 1 positive of New York, total volume 3 billion shares traded. The Nasdaq traded 2 billion shares and had an almost 2 1/2 to 1 positive volume ratio.

TheTechTrader.com board had a very good day on Monday. Amazon.com, Inc. (AMZN) was up 56.60 to 1860.63, Alphabet Inc. (GOOG) up 14.34 to 1080.38, Apple Inc. (AAPL) up 2.43 to 192.58, and Facebook, Inc. (FB) 1.47 to 174.82. Microsoft Corporation (MSFT) gained 1.20 to 132.60.

Tesla, Inc. (TSLA) jumped 8.38 to 212.88, NVIDIA Corporation (NVDA) advanced 2.93 to 148.43, and Intuitive Surgical, Inc. (ISRG) popped 10.68 to 509.72. Baidu, Inc. (BIDU) ran 1.95 to 111.76.

To the upside, point-plus gainers included Cree, Inc. (CREE) up 2.26 to 59.39, DexCom, Inc. (DXCM) up 12.46 to 138.44, Soliton, Inc. (SOLY) up 1.70 to 17.90, Shutterfly, Inc. (SFLY) 1.30 to 50.25, Novo Nordisk A/S (NVO) 1.88 to 51.21, QUALCOMM Incorporated (QCOM) 1.85 to 70.54, Etsy, Inc. (ETSY) 1.42 to 65.31, and Daqo New Energy Corp. (DQ) 3.34 to 45.72, along with many others.

To the downside, point-plus losers included Netflix, Inc. (NFLX) down 8.86 to 352.01, and Tandem Diabetes Care, Inc. (TNDM) down 4.78 to 66.92.

Checking TheTechTrader.com percent-gain leaderboard, Hi-Crush Inc. (HCR) bounced 67 cents, or 37%, to 2.49, on 3.4 million shares. Pareteum Corporation (TEUM) advanced 42 cents, or 16%, to 3.00. Workhorse Group Inc. (WKHS) gained 57, or 25%, to 2.85, on 14 14 million shares.

Beyond Meat, Inc. (BYND) moved up 29.45, or 21%, to 168.10, on 25 million shares. Provention Bio, Inc. (PRVB) jumped 9.44, or 217%, 13.79, on 26 million shares. Tilray, Inc. (TLRY) closed 4.34, or 11%, to 43.14, on 7.3 million shares. Kodiak Sciences Inc. (KOD) eked out 1.31, or 13%, to 11.60. Vuzix Corporation (VUZI) popped 92 cents, or 45%, to 2.95, on 5.1 million shares.

Among other gainers, Raytheon Company (RTN) was up 1.28 to 187.19, Constellation Brands, Inc. (STZ) up 3.56 to 191.96, Analog Devices, Inc. (ADI) up 106.55 to 5.96, Alteryx, Inc. (AYX) 2.66 to 97.81, The Trade Desk, Inc. (TTD) 4.84 to 249.88, Alibaba Group Holding Limited (BABA) 5.62 to 159.85, Splunk Inc. (SPLK) 7.17 to 118.51, and Zoom Video Communications, Inc. (ZM) 7.95 to 102.00.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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