Closing Analysis

Strong, Positive Day

Closing Technical Market Analysis for Thu March 21st 2019

The markets had an exceptional up-day on Thursday. The day started out with a gap down, they immediately reversed and then rallied all session, and sharply so. At the end of the day, they had a half-hour consolidation that didn’t really pull back much, and closed positive on the day.

Net on the day, the Dow was up 216.84 at 25,962.51. The S&P 500 was up 30.65 to 2854.88. The Nasdaq 100 was up a whopping 112.52 at 7493.27.

Advance-declines were 21 to 8 positive on the New York Stock Exchange, and 3 to 2 positive on the Nasdaq. Up/down volume was a little less than 2 to 1 positive on New York, total volume 3.5 billion shares traded. The Nasdaq traded 2.4 billion shares and had a better than 2 to 1 positive volume ratio.

TheTechTrader.com board was mostly all green on Thursday. Amazon.com, Inc. (AMZN) was up 21.99 to 1819.26, Alphabet Inc. (GOOG) up 7.57, Apple Inc. (AAPL) 6.93 to 195.09, and over 196 at one point, Netflix, Inc. (NFLX) 2.65 to 377.08, and Facebook, Inc. (FB) had a fractional gain of 64 cents to 166.08.

Microsoft Corporation (MSFT) popped 2.70 to 120.22, the first time ever getting over 120.00, NVIDIA Corporation (NVDA) ran 9.54 to 183.94, and Intuitive Surgical, Inc. (ISRG) climbed 8.62 to 577. Baidu, Inc. (BIDU) gained 1.60 to 171.77.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 3.03 to 63.25, and Nutanix, Inc. (NTNX) gained 1.51 to 42.80.

Other stocks to the upside included Square, Inc. (SQ) up 3.27 to 78.53, Teladoc, Inc. (TDOC) up 1.29 to 63.28, DocuSign, Inc. (DOCU) 1.70 to 57.08, Roku, Inc. (ROKU) 1.97 to 66.94, and Xilinx, Inc. (XLNX) 3.74 to 130.05.

There were no point-plus losers on Thursday.

Checking TheTechTrader.com percent-gain leaderboard, Electrameccanica Vehicles Corp. (SOLO) bounced 63 cents, or 15%, to 4.89, on 12 million shares. OPKO Health, Inc. (OPK) moved up 26 cents, or 11%, to 2.72, on 10.6 million shares. ENDRA Life Sciences Inc. (NDRA) had a volatile day, up 39 cents, or 13%, to 3.29, on 1.2 million shares.

SPI Energy Co., Ltd. (SPI) opened at the high for the day at 7.32, pulled back but still closed up 1.59, or 61%, to 4.20, on 14 million shares. Sorrento Therapeutics, Inc. (SRNE) thrust 1.74, or 50%, to 5.23, on 16 million shares.

Advanced Micro Devices, Inc. (AMD) gained 2.19, or 9%, to 27.89, on 127 million shares. Axsome Therapeutics, Inc. (AXSM) climbed 1.23, or 10%, to 13.24, on 1.9 million shares. Micron Technology, Inc. (MU) popped 3.86, or 10%, to 43.99, on 85 million shares. Conagra Brands, Inc. (CAG) advanced 2.92, or 13%, to 25.82, on 28.4 million shares.

Among other gainers, Qorvo, Inc. (QRVO) was up 4.77 to 73.89, Jazz Pharmaceuticals plc (JAZZ) up 2.45 to 136.03, Darden Restaurants, Inc. (DRI) 7.46 to 116.11.

Stepping back and reviewing the hourly chart patterns, the indices gapped down, turned around immediately, and ran all day in rising channels, and a very strong session.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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