Closing Analysis

Stocks Climb as Trade Remains in Focus

Closing Technical Market Analysis for Tue July 2nd 2019

The stock market had a volatile day on Tuesday as they opened slightly lower after the S&P 500 saw record highs on Monday spurred on by optimism over trade with China. They rallied to morning highs at 2969.87 S&P 500 and 7782.13 Nasdaq 100. The volatility continues throughout the morning, and just after the noon hour, they took a slide down to the lows at 2955.92 S&P 500 and 7746.01. They rallied back up, consolidating, testing support on the S&P 500, did not get through, but rallied to new highs on the Nasdaq 100. They bounced around, and with 2 minutes to go, both indices rolled over ever so slightly, and closed slightly off the high. It was a good day for Wall Street.

Net on the day, the Dow was up 69.25 at to 26,789.68. The S&P 500 was up 8.68 at 2973.01. The Nasdaq 100 was up 31.69 at 7799.82.

Advance-declines were 265 issues positive on the New York Stock Exchange and 2 1/4 to 1 negative on the Nasdaq. Up/down volume was 5 to 1 positive on New York, total volume 3 billion shares traded. The Nasdaq traded 1.9 billion and had a 2 to 1 positive volume ratio.

TheTechTrader.com board was mixed on Tuesday. Amazon.com, Inc. (AMZN) was up 12.12 to 1934.31, Alphabet Inc. (GOOG) up 13.30 to 1111.25, Apple Inc. (AAPL) 1.18 to 202.73, and Facebook, Inc. (FB) 2.00 to 195.00. Baidu, Inc. (BIDU) gained 1.34 to 119.35

Other stocks to the upside included Roku, Inc. (ROKU) up 1.68 to 93.05, Ionis Pharmaceuticals, Inc. (IONS) up 1.21 to 66.01, Anaplan, Inc. (PLAN) 2.03 to 52.40, Zscaler, Inc. (ZS) 2.35 to 78.96, Revilve Group (RVLV) 2.00 to 34.79, Cars.com Inc. (CARS) 1.17 to 21.03, Kratos Defense & Security Solutions, Inc. (KTOS) 1.04 to 23.82, Kirkland Lake Gold Ltd. (KL) 1.61 to 43.12, Smartsheet Inc. (SMAR) 2.09 to 51.61, and Avalara, Inc. (AVLR) 2.63 to 78.20, were among others.

To the downside, point-plus losers included Tesla, Inc. (TSLA) down 2.62 to 224.55, but up 15.05 (7%) in after hours, NVIDIA Corporation (NVDA) down 3.94 to 162.23, Valero Energy Corporation (VLO) 3.55 to 80.70, and Tilray, Inc. (TLRY) 1.91 to 47.39.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) lost 1.10 to 49.84.

Checking TheTechTrader.com percent-gain leaderboard, Eros International Plc (EROS) popped 28 cents, or 18 1/2%, to 1.78, on 21 million shares. Ovid Therapeutics Inc. (OVID) advanced 21 cents, or 9%, to 2.52, on 4.2 million shares.

Maxar Technologies Inc. (MAXR) ran 1.38m or 17 1/2%, to 9.31, on 8.5 million shares.

Overstock.com, Inc. (OSTK) bounced 1.62, or 13%, to 14.32, on 6.6 million shares. Amarin Corporation plc (AMRN) climbed 3.13, or 16%, to 22.37, on 42 million shares. Dova Pharmaceuticals, Inc. (DOVA) thrust 1.91, or 13%, to 16.21, on 1.3 million shares.

Among other gainers, Splunk Inc. (SPLK) was up 3.11 to 128.44.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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