Closing Analysis

Very Positive Session

Closing Technical Market Analysis for Mon December 3rd 2018

The stock market had a strong bullish day on Monday on positive trade talks. The indices gapped up huge, and then sold off into the early afternoon when they bottomed with the Nasdaq 100 making a lower-low and the S&P 500 making the higher-low. A positive divergence which created a rally back to the close to bolster the day’s gains.

Net on the day, the Dow was up 287.97 at 25,826.43, about 160 points off the high. The S&P 500 was up 30.20 at 2790.37, 10 points off the high. The Nasdaq 100 was up 113.12 at 7062.13, 45 points off the high.

Advance-declines were a little less than 3 to 1 positive on the New York Stock Exchange, and 2 to 1 positive on the Nasdaq. Up/down volume was better than 3 to 1 positive on New York, total volume of over 4 billion shares traded. The Nasdaq traded 2 1/2 billion shares and had a 3 1/2 to 1 volume ratio. board was much higher on Monday., Inc. (AMZN) was up 82.19 to 1772.36, Alphabet Inc. (GOOG) up 12.00 to 1106.43, Apple Inc. (AAPL) 6.24 to 184.82, and Netflix, Inc. 4.17 to 290.30.

Tesla, Inc. (TSLA) jumped 8.01 to 358.49, NVIDIA Corporation (NVDA) gained 6.61 to 170.04, Intuitive Surgical, Inc. (ISRG) ran 18.06 to 548.93. Baidu, Inc. (BIDU) was up 3.05 to 191.33, First Solar, Inc. (FSLR) up 1.95 to 46.40, and Microsoft Corporation (MSFT) 1.20 to 112.09.

The Direxion Daily S&P Biotech Bull 3X ETF (LABU) climbed 6.29 to 57.32, Tandem Diabetes Care, Inc. (TNDM) up 1.46 to 38.28, and Exact Sciences Corporation (EXAS) 4.68 to 82.66.   SPDR S&P Biotech ETF (XBI) ran up 3.24 to 84.89.

Other stocks to the upside included California Resources Corporation (CRC) up 1.00 to 24.94, Teladoc, Inc. (TDOC) 2.43 to 64.88, Square, Inc. (SQ) 2.11 to 71.95, MongoDB, Inc. (MDB) 2.08 to 84.98, Roku, Inc. (ROKU) 1.42 to 42.17, and Twitter, Inc. (TWTR) 2.21 to 33.66.

Checking percent-gain leaderboard, New Age Beverages Corporation (NBEV) popped 42 cents, or 9%, to 5.05, on 25 million shares.

Biotech’s had a huge day with many point-plus gainers on Monday. Global Blood Therapeutics, Inc. (GBT) snapped back 15.08, or 48%, to 46.62, on 12 million shares. Apellis Pharmaceuticals, Inc. (APLS) jumped 2.72, or 18%, to 18.06. Biohaven Pharmaceutical Holding Company Ltd. (BHVN) climbed 8.63, or 25%, to 42.62, om 1.85 million shares. Advanced Micro Devices, Inc. (AMD) advanced 2.41, or 11%, to 23.71, on nearly 149 million shares. Vanda Pharmaceuticals Inc. (VNDA) moved up 6.43, or 26%, to 31.47, on 3.9 million shares. Clovis Oncology, Inc. (CLVS) eked out 1.87, or 11%, to 19.08, on 9.2 million shares. Fate Therapeutics, Inc. (FATE) bounced 1.61, or 10 1/2%, to 16.97, on 1.3 million shares. Guardant Health, Inc. (GH) climbed 10.21, or 29%, to 45.94, on 2 million shares.

Sprouts Farmers Market, Inc. (SFM) moved up 2.10, 9%, to 25.12, on 6.6 million shares. Tesaro, Inc. (TSRO) had an interesting chart, up 27.12, or 58 1/2%, to 73.50, on 44 million shares. . Wynn Resorts, Limited (WYNN) popped 10.39, or 9 1/2%, to 119.79, on 5.95 million shares. Cronos Group Inc. (CRON) gained 1.02, or 11%, to 10.17, on over 44 million shares.

Among other gainers, The Boeing Company (BA) was up 13.20 to 359.96, Caterpillar Inc. (CAT) up 3.28 to 138.95,  argenx SE (ARGX) 13.05 to 109.82, and RH (RH) 7.51 to 123.65.

Stepping back and reviewing the hourly chart patterns, the indices had an explosive gap up at the opening, then a 5-wave corrective pullback, a 3-wave rally with a pullback again in the afternoon to retest the S&P 500 that was successful. They rallied again late in the day to finish with a positive session to start the week.

Let’s see what happens tomorrow.

Good Trading! 


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