Closing Analysis

Trump’s Latest Comments on China Impacts Market

Closing Technical Market Analysis for Tue July 30th 2019

Markets had another sloppy down day on Tuesday, opening slightly higher, but still to the downside. Midmorning they tested the highs, couldn’t get through, pulled back, and consolidated the rest of the morning. Midafternoon they ran up to session highs on both indices, and in the last 15 minutes, they tested support, and when they couldn’t get through, they popped to the upside, but pulled back slightly into the close to close down on the day.

Net on the day, the Dow was down 23.33 at 27,198.02. The S&P 500 was down 7.79 at 3013.18. The Nasdaq 100 was down 36.61 at 7952.47.

Advance-declines were 3 to 2 positive on the New York Stock Exchange and a little more than 3 to 2 positive on the Nasdaq. Up/down volume was 3.4 to 1 positive of New York, total volume 3 billion shares traded. The Nasdaq traded 1.8 billion and had a 2 1/4 to 1 positive volume ratio. board was very red on Tuesday, but there were some gainers on our board. To the upside, point-plus gainers included Facebook, Inc. (FB) up 1.10 to 197.04, Tesla, Inc. (TSLA) up 6.49 to 242.26, and Intuitive Surgical, Inc. (ISRG) 2.03 to 531.64.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) jumped 2.06 to 47.75.

Other stocks to the upside included Teladoc, Inc. (TDOC) up 1.61 to 70.11, Incyte Corporation (INCY) 5.17 to 85.43, Varonis Systems, Inc. (VRNS) 1.91 to 71.29, StoneCo Ltd. (STNE) 1.25 to 35.79, Skyline Champion Corporation (SKY) 1.87 to 29.17, CrowdStrike Holdings, Inc. (CRWD) 6.77 to 94.00, and Glaukos Corporation (GKOS) 2.24 to 78.88.

To the downside,, Inc. (AMZN) was down 14.04 to 1898.41, Alphabet Inc. (GOOG) down 14.27 to 1225.14, Apple Inc. (AAPL) 90 cents to 208.78, and Netflix, Inc. (NFLX) 6.77 to 235.93.

In addition, Dorman Products, Inc. (DORM) was down 73.05, Under Armour, Inc. (UAA) down 3.37 to 24.07, GrubHub Inc. (GRUB) 9.80 to 69.93, CarMax, Inc. (KMX) 3.54 to 87.80, Shopify Inc. (SHOP) 5.39 to 314.32, and Beyond Meat, Inc. (BYND) 27.37 to 194.76.

Checking percent-gain leaderboard, there were many point-plus percent-gainers on Tuesday. Valeritas Holdings, Inc. (VLRX) ran 39 cents, or 16%, to 2.89, on 6.2 million shares. On Deck Capital, Inc. (ONDK) gained 56 cents, or 18%, to 3.60, on 2.4 million shares. Southwestern Energy Company (SWN) climbed 28 cents, or 15%, to 2.19, on 40 million shares. Nabors Industries Ltd. (NBR) bounced 63 cents, or 30%, to 2.73, on 27 million shares. Wrap Technologies, Inc. (WRTC) thrust 92 cents, or 23%, to 4.87.

Amkor Technology, Inc. (AMKR) popped 1.60, or 20%, to 9.78, on 3.7 million shares. LSB Industries, Inc. (LXU) snapped back 1.22, or 31%, to 5.19, on 3.2 million shares. CNX Resources Corporation (CNX) closed up 1.63, or 26%, to 7.82, on 20.2 million shares.

Medpace Holdings, Inc. (MEDP) jumped 11.93, or 18%, to 79.61, on 2.65 million shares. California Resources Corporation (CRC) advanced 1.38, or 10%, to 15.40, on 2 million shares. Wabtec Corporation (WAB) stair-stepped up 6.72, or 10%, to 77.82, on 3.7 million shares. Impinj, Inc. (PI) climbed 4.61, or 13%, to 39.94, on 1.1 million shares. Neurocrine Biosciences, Inc. (NBIX) moved up 8.98, or 10%, to 95.95, on 3.7 million shares. Zebra Technologies Corporation (ZBRA) ramped 28.78, or 15%, to 218.20, on 1.4 million shares. RingCentral, Inc. (RNG) gained 13.96, or 11%, to 140.11, on 3.4 million shares. OneMain Holdings, Inc. (OMF) eked out 6.30, or 18%, to 42.07, on 2.7 million shares.

There were many more point-plus percent-gainers, but too many to mention them all here.

Among other gainers, The Procter & Gamble Company (PG) was up 4.41 to 120.41, RH (RH) up 7.81 to 139.99, Martin Marietta Materials, Inc. (MLM) 22.35 to 246.34, and The Trade Desk, Inc. (TTD) 4.77 to 265.13.

Let’s see what happens tomorrow.

Good Trading! 


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