Closing Analysis

Strong Run for The Indices on Monday

Closing Technical Market Analysis for Mon July 9th 2018

It was a strong start to the week for the stock market on Monday. The market gapped up, pulled back, and consolidated all day on the Nasdaq 100. The S&P 500 made higher highs as it kept pushing and pushing until finally it took the Nasdaq 100 and popped. The Nasdaq 100 was strong in the last hour, exploding to close at the session highs.

Net on the day, the Dow was up 320.11 at 24,776.59, not far from the highs for the day. The S&P 500 was up 24.35 at 2784.17, pennies from its high. The Nasdaq 100 was up 68.67 at 7276.00.

Advance-declines were 18 to 10 positive on the New York Stock Exchange, and 18 to 10 positive on the Nasdaq. Up/down volume was 2 1/2 to 1 positive on New York, total volume of 2.9 billion shares traded. The Nasdaq traded 1.8 billion shares and had a 2 1/2 to 1 positive volume ratio.

TheTechTrader.com board was mixed on Monday, but the Nasdaq 100 Generals had a few large gainers.

Alphabet Inc. (GOOG) was up 13.88 to 1154.05, Apple Inc. (AAPL) up 2.61 to 190.58, Amazon.com, Inc. (AMZN) 28.39 to 1739.02, and Netflix, Inc. (NFLX) 10.72 to 418.97, not far from the highs for the day.

Tesla Motors, Inc. (TSLA) jumped 9.61 to 318.51, NVIDIA Corporation (NVDA) gained 1.92 to 249.25, and Intuitive Surgical, Inc. (ISRG) ran 3.96 to 499.42, reaching over 500.00 for the first time ever.

Baidu, Inc. (BIDU) was up 10.20 to 261.97, and Facebook, Inc. (FB) advanced 1.51 to 204.74.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) dropped 69 cents to 109.82, however, bluebird bio, Inc. (BLUE) was up 3.05 to 173.00.

Other stocks to the upside, Teladoc, Inc. (TDOC) up 1.80 to 65.15, Turtle Beach Corporation (HEAR) up 1.61 to 23.52, Syntel, Inc. (SYNT) 1.86 to 37.77, and Wynn Resorts, Limited (WYNN) 3.27 to 160.13.

On the downside, Booking Holdings Inc. (BKNG) was down 5.29 to 2081, Collegium Pharmaceutical, Inc. (COLL) down 1.88 to 19.26, and Twitter, Inc. (TWTR) 2.55 to 44.10.

Checking TheTechTrader.com percent-gain leaderboard, Staffing 360 Solutions, Inc. (STAF) popped 4.13, or 301%, to 5.50, on 23 million shares. Benitec Biopharma Limited (BNTC) bounced 1.11, or 50%, to 3.35, on 4.6 million shares.  MabVax Therapeutics Holdings, Inc. (MBVX) ran 87 cents, or 147 1/2%, to 1.46, on 22 million shares. Groupon, Inc. (GRPN) reached a high right out of the gate this morning to 4.96, before pulling back and closing up 47 cents, or 11%, to 4.83, on 62.34 million shares. SemiLEDs Corporation (LEDS) climbed 1.68, or 40%, to 5.88, on 2.7 million shares. Gevo, Inc. (GEVO) thrust 74 cents, or 19%, to 4.72, on 4.1 million shares.Pretium Resources Inc. (PVG) closed up 1.18, or 15%, to 9.28, on 6.8 million shares. Depomed, Inc. (DEPO) climbed 1.35, or 19%, to 8.34, on 6.7 million shares.

Helen of Troy Limited (HELE) ran 12.90, or 13%, to 114.86, on 2.1 million shares. HUYA Inc. (HUYA), recent IPO, up 5.15, or 18%, to 33.69, on 11 million shares. Innovate Biopharmaceuticals, Inc. (INNT) ran 2.79, or 14%, to 23.22.

Stepping back and reviewing the hourly chart patterns, the indices gapped up at the opening, pulled back slightly on the Nasdaq 100 by midday, and then rallied in the afternoon to close with a spectacular run on both indices. It was a great start to the week.

Let’s see what happens tomorrow.

Good Trading! 

Harry  


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