Closing Analysis

Stocks Close Higher after FOMC Meeting

Closing Technical Market Analysis for Wed April 10th 2019

The stock market opened to the upside on Wednesday as futures were higher. They gapped up, ran up, pulled back midmorning, rallied back up in wedges late morning, consolidated, came down just before the FOMC-meeting, which announced that interest rates will not be increasing anytime soon. They then took off and closed near the highs for the day.

Net on the day, the Dow was up 6.58 at 26,157.16. The S&P 500 was up 10.01 at 2888.21, 1 point off the high. The Nasdaq 100 was up 39.47 at 7607.96, 5 points off the high.

Advance-declines were 2, almost 3 to 1 positive on the New York Stock Exchange, and 2 to 1 positive on the Nasdaq. New York had a volume of 3 billion shares traded. The Nasdaq traded 2.3 billion shares.

TheTechTrader.com board was mostly positive on Wednesday. Amazon.com, Inc. (AMZN) was up 11.49 to 1847.33, Alphabet Inc. (GOOG) up 4.91 to 1202.16, Apple Inc. (AAPL) up 1.12 to 200.62, and Facebook, Inc. (FB) just 24 cents to 177.82.

Tesla, Inc. (TSLA) jumped 3.75 to 276.06, NVIDIA Corporation (NVDA) ran 2.84 to 192.10, and Intuitive Surgical, Inc. (ISRG) 6.51 to 585.89. First Solar, Inc. (FSLR) had a very good day, running up 4.64 to 60.77.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 2.72 to 64.02.

Other stocks to the upside included Etsy, Inc. (ETSY) up 1.52 to 68.21, DocuSign, Inc. (DOCU) up 2.33 to 55.91, PriceSmart, Inc. (PSMT) 4.37 to 63.97, Tata Motors Limited (TTM) 1.00 to 15.76, Stamps.com Inc. (STMP) 1.27 to 79.59, Valero Energy Corporation (VLO) 3.32 to 88.43, along with a lot of fractional gainers.

The iShares Russell 2000 ETF (IWM) advanced 2.11 to 157.31.

To the downside, point-plus losers included Baidu, Inc. (BIDU) down 3.96 to 177.04, Lyft, Inc. (LYFT) down 7.32 to 60.12, Gilead Sciences, Inc. (GILD) 1.31 to 67.40, and Discovery, Inc. (DISCA) 1.75 to 30.59.

Checking TheTechTrader.com percent-gain leaderboard, Safe-T Group Ltd (SFET) reached to a high of 3.90 early on, pulled back and closed up 25 cents, or 9 1/2%, to 2.87, on 4.2 million shares. Boxlight Corporation (BOXL) climbed 38 cents, or 13%, to 3.27, on a million shares. Riot Blockchain, Inc. (RIOT) eked out 46 cents, or 10%, to 4.89, on 2.2 million shares. Bitcoin Investment Trust (GBTC) popped 68 cents, or 10%, to 7.32, on 6. million shares.

ATA Inc. (ATAI), a Chinese education service company, thrust 1.73, or 82%, to 3.85, on 52 million shares.

Guardant Health, Inc. (GH) climbed 7.1, or 12%, to 73.99, 3.5 million shares.  

Among other gainers, Tempur Sealy International, Inc. (TPX) was up 4.1 to 63.66, Gray Television, Inc. (GTN) up 1.33 to 24.54, and Splunk Inc. (SPLK) 4.23 to 133.92.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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