Closing Analysis

Stocks Hit Record High before 4th of July Holiday

Closing Technical Market Analysis for Wed July 3rd 2019

The stock market opened slightly higher on Wednesday and it was mostly a consolidation day just before the holiday. Indices worked their way higher early and reached midmorning highs on the S&P 500 at 2987.88 and the Nasdaq 100 at 7844.63. They rolled over, took a little dip, rallied back up, and kept on going, both indices closing at the highs for the day.

Net on the day, the Dow was up 179.22 at 26,966.00. The S&P 500 was up 22.81 at 2995.82. The Nasdaq 100 was up 57.87 at 7857.69.

Advance-declines were 2 1/2 to 1 positive on the New York Stock Exchange and 2 to 1 positive on the Nasdaq. Up/down volume was 11 to 1 positive of New York, total volume 1.8 billion shares traded. The Nasdaq traded 1.4 billion and had almost a 4 to 1 positive volume ratio.

TheTechTrader.com board closed early ahead of the holiday, but the stocks looked very good as they headed upward nearly all day. To the upside, Amazon.com, Inc. (AMZN) was up 4.69 to 1939.00, Alphabet Inc. (GOOG) up 10.33 to 1121.58, Apple Inc. (AAPL) 1.68 to 204.41, Facebook, Inc. (FB) 2.20 to 197.20, and Netflix, Inc. (NFLX) 6.29 to 381.72.

Tesla, Inc. (TSLA) jumped 10.35 to 234.90, and Intuitive Surgical, Inc. (ISRG) climbed 7.66 to 537.18.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) gained 2.20 to 52.08.

Other stocks to the upside included Etsy, Inc. (ETSY) up 1.64 to 64.28, Anheuser-Busch InBev SA/NV (BUD) up 3.28 to 93.93, The Simply Good Foods Company (SMPL) 1.29 to 26.67, Conagra Brands, Inc. (CAG) 1,59 to 28.26, TRADEWEB MARKETS INC. (TW) 1.38 to 45.50, Kellogg Company (K) 3.36 to 56.67, and GOL Linhas Aéreas Inteligentes S.A. (GOL) 1.24 to 17.94.

There were no point-plus losers on our board on Wednesday.

Checking TheTechTrader.com percent-gain leaderboard, NIO Inc. (NIO) ran 31 cents, or 11%, to 3.13, on 73.5 million shares. One Stop Systems, Inc. (OSS) closed up 43 cents, or 26%, to 2.08, on 4.9 million shares. AquaBounty Technologies, Inc. (AQB) thrust 40 cents, or 13%, to 3.48.

Melinta Therapeutics, Inc. (MLNT) bounced 1.20, or 18% to 7.89, on 2.3 million shares. Karyopharm Therapeutics Inc. (KPTI) on 14 million shares traded, advanced 2.36, or 36%, to 8.90.

Among other gainers, Cincinnati Financial Corporation (CINF) was up 2.20 to 107.61, Okta, Inc. (OKTA) up 1.52 to 127.50, Beyond Meat, Inc. (BYND) 1.79 to 151.50, and McKesson Corporation (MCK) up 4.88 to 140.74.

Let’s see what happens tomorrow.

Good Trading! 

Harry 


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