Closing Analysis

Stocks Retreat after Powel Dampened Rate-Cut Hopes

Closing Technical Market Analysis for Thu May 2nd 2019

Markets had a mixed, volatile session on Thursday, opening with gaps and what appeared to be a follow-through from Wednesday’s selloff, reaching early morning highs on the S&P 500 at 2931.68, and 7791.51 Nasdaq 100. But they immediately rolled over, came down in wedges, and by the noon hour the S&P 500 reached session lows at 2900.50, and 7672.54 Nasdaq 100. They moved back up in wedges, made a pullback retest, when that was successful, they rallied, the indices breaking out, couldn’t get through resistance, came down, consolidated, rolled over and bounced into the close, closing down on the day.

Net on the day, the Dow was down 122.35 at 26,307.79. The S&P 500 was down 6.21 to 65.75. The Nasdaq 100 was down 27.79 to 7724.06.

New York Stock Exchange total volume was 3.5 billion shares traded, and the Nasdaq traded 2.2 billion shares.

TheTechTrader.com board was mixed on Thursday. There were manty gainers as well as losers on our board. Tesla, Inc. (TSLA) jumped 10.09 to 244.10, NVIDIA Corporation (NVDA) up 2.72 to 183.19, and Intuitive Surgical, Inc. (ISRG) 5.06 to 502.11.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) bounced 1.61 to 47.47.

Other stocks to the upside included Polaris Industries Inc. (PII) up 4.04 to 101.99, Qualys, Inc. (QLYS) up 1.26 to 91.77, Cardiovascular Systems, Inc. (CSII) 2.08 to 37.51, Chegg, Inc. (CHGG) 1.13 to 35.87, Moderna, Inc. (MRNA) 1.94 to 28.34, Advanced Micro Devices, Inc. (AMD) 1.48 to 28.29, Skyworks Solutions, Inc. (SWKS) 2.31 to 90.79, Lyft, Inc. (LYFT) to 2.75 to 61.50, and Shopify Inc. (SHOP) 10.38 to 255.54, just to mention a few.

To the downside, point-plus losers included Amazon.com, Inc. (AMZN) down 10.70 to 1900.82, Alphabet Inc. (GOOG) down 5.47 to 1162.61, Apple Inc. (AAPL) 1.37 to 209.15, and Facebook, Inc. (FB) 50 cents to 192.53. Microsoft Corporation (MSFT) dropped 1.67 to 126.21, and First Solar, Inc. (FSLR) gave back 1.01 to 59.86.

In addition, Hilton Worldwide Holdings Inc. (HLT) was down 1.37 to 91.23, YETI Holdings, Inc. (YETI) down 2.98 to 30.94, Square, Inc. (SQ) 5.88 to 67.74, Veracyte, Inc. (VCYT) 1.00 to 24.17, Canopy Growth Corporation (CGC) 2.22 to 48.46, and Now 7.73 to 262.67.

Checking TheTechTrader.com percent-gain leaderboard, Qudian Inc. (QD) gained 80 cents, or 11%, to 8.31, on 15.2 million shares. Quotient Limited (QTNT) popped 97 cents, or 12%, to 8.97. Antares Pharma, Inc. (ATRS) climbed 24 cents, or 9%, to 2.98, on 1.8 million shares. Appliance Recycling Centers of America, Inc. (ARCI) ran up 52 cents, or 12%, to 4.95.

Zynex, Inc. (ZYXI) closed up 69 cents, or 11 1/2%, to 6.68. Ryerson Holding Corporation (RYI) snapped back 86 cents, or 10%, to 9.80. InspireMD, Inc. (NSPR) spiked up in the morning, came down, and closed up 49 cents, or 10%, to 5.56, on 8 million shares. Diffusion Pharmaceuticals Inc. (DFFN) exploded 2.82, or 92%, to 5.90, on 12.5 million shares.

IPO Beyond Meat, Inc. (BYND) exploded 40.75, or 163%, to 65.75, on 23 million shares.

ARCA biopharma, Inc. (ABIO) thrust 2.40, or 23%, to 12.65, on 11 million shares. Digimarc Corporation (DMRC) snapped back 14.82, or 45%, to 47.92, on 1.9 million shares. William Lyon Homes (WLH) advanced 2.21, or 13%, to 19.47, on 1.9 million shares.

Among other gainers, Zoom Video Communications, Inc. (ZM) was up 2.74 to 75.50, Cree, Inc. (CREE) up 1.41 to 66.17, Puma Biotechnology, Inc. (PBYI) 1.42 to 32.79, Shake Shack Inc. (SHAK) 1.91 to 62.91, and Avis Budget Group, Inc. (CAR) 1.11 to 36.11.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


Harry Boxer For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary.

 


©2001-2019 TheTechnicalTrader (www.thetechtrader.com), a publication of AdviceTrade, Inc. All rights reserved.