Closing Analysis

Tech Stocks Give Market Much-Needed Boost

Closing Technical Market Analysis for Tue July 9th 2019

The stock market major indices finished with a mixed session at the close on Tuesday.They opened sharply to the downside for the third day in a row, but rallied back 19 points on the S&P 500 and more than 85 points on the Nasdaq 100  The S&P 500 reached early highs at 2974.22, pulled back sharply to morning lows at 2963.44, rallied, formed vertical wedges, and then went into a long, 5-wave ascending formation. By mid morning, the S&P 500 reached 2975.71, and by noon it was at 2974.76. The Nasdaq 100, following a very similar pattern as the S&P 500, made a noon high at 7814.99. They rolled over, platformed, and moved up in coils and consolidated again all afternoon. Then they rolled over, but spiked up in the last 10 minutes rallying to highs for the day as the NDX & SPX closed in the positive column.

Net on the day, the Dow was down 22.65 at 26,783.49. The S&P 500 was up 3.68 at 2979.63. The Nasdaq 100 was up 41.07 at 7826.86.

Advance-declines were 123 issues positive on the New York Stock Exchange and 122 issues positive on the Nasdaq. Up/down volume was 3 to 1 positive of New York, total volume 3 billion shares traded. The Nasdaq traded 1.8 billion and had little more than a 3 to 2 positive volume ratio.

TheTechTrader.com board was mixed on Tuesday, but the Nasdaq Generals had a good day. Amazon.com, Inc. (AMZN) was up 35.98 to 1988.30, Alphabet Inc. (GOOG) 8.48 to 1124.83, Apple Inc. (AAPL) 1.22 to 201.24, Facebook, Inc. (FB) 3.45 to 199.21, and Netflix, Inc. (NFLX) 3.77 to 379.93.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) climbed 2.15 to 48.67.

Other stocks to the upside that we follow included Square, Inc. (SQ) up 4.60 to 78.03, Nextcure Inc. (NXTC) up 1.22 to 16.95, CareDx, Inc (CDNA) 3.29 to 38.58, Etsy, Inc. (ETSY) 2.85 to 66.86, Eidos Therapeutics, Inc. (EIDX) 2.66 to 39.17, Anaplan, Inc. (PLAN) 1.87 to 55.03, e.l.f. Beauty, Inc. (ELF) 1.26 to 15.46, eHealth, Inc. (EHTH) 3.77 to 92.04, and Rapid7, Inc. (RPD) 1.09 to 60.44.

To the downside, point-plus losers included Intuitive Surgical, Inc. (ISRG) down 4.89 to 528.27, Chewy, Inc. (CHWY) down 1.12 to 33.28, and Soliton, Inc. (SOLY) down 1.70 to 16.80.

Checking TheTechTrader.com percent-gain leaderboard, Electrameccanica Vehicles Corp. (SOLO) ran 82 cents, or 3.14, or 35%, to 8.6. Pareteum Corporation (TEUM) popped 30 cents, or 10%, to 3.24, on 6 million shares. ReWalk Robotics Ltd. (RWLK) eked ou9t 57 cents, or 13%, to 1.1 million shares.

Camber Energy, Inc. (CEI) exploded 5.45, or 268%, to 7.48, on 53 million shares.

Acacia Communications, Inc. (ACIA) jumped 16.85, 35%, to 64.91, CareDx, Inc (CDNA) stair-stepped its way 3.19, or 9%, to 38.58.

Among other gainers, The Trade Desk, Inc. (TTD) was up 1.49 to 241.17, L3Harris Technologies, Inc. (LHX) up 6.58 to 191.26, Sarepta Therapeutics, Inc. (SRPT) 4.23 to 150.51, Splunk Inc. (SPLK) 1.95 to 132.36, Palo Alto Networks, Inc. (PANW) 5.47 to 215.30, Atlassian Corporation Plc (TEAM) 2.67 to 140.60, EPAM Systems, Inc. (EPAM) 2.34 to 187.01, and ServiceNow, Inc. (NOW) 5.02 to 298.02.

Let’s see what happens tomorrow.

Good Trading! 

Harry


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